Which of the Following Is NOT One of the Five

question 27

Multiple Choice

Which of the following is NOT one of the five elements needed to support a well-functioning market system?

• A) holding the exchange rate fixed
• B) achieving a relatively stable macroeconomic environment
• C) allowing relative prices to reflect relative scarcities
• D) establishing competition

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Definitions:

Division of Labor

The allocation of different tasks or jobs to different people or groups, often to improve efficiency and productivity.

Economic Power

The ability of an entity, such as a country, company, or individual, to influence or control economic activities, markets, or resources, often translating into political or social power.

Learning Organization

An organization that actively encourages, facilitates, and values the continuous learning and development of its members, promoting adaptability and innovation.

Benchmarking

The practice of comparing business processes and performance metrics to industry bests or best practices from other companies.