The System of Resource Allocation in the United States Is

question 37

Multiple Choice

The system of resource allocation in the United States is a

• A) pure market system
• B) market system with elements of tradition and command
• C) market system with elements of tradition,but not command
• D) traditional system with elements of market,but not command
• E) pure tradition system

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Definitions:

Normal Rate

A standard or usual level of financial return on investment or interest on loans.

Supply

The total amount of a product or service that is available to consumers at a given price over a specific period.

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activity.

Industry Supply Curve

A graphical representation showing the relationship between the price of a good and the total output of the industry at various prices.