The Term Dollar Votes in a Market System Means

question 53

Multiple Choice

The term dollar votes in a market system means

• A)inflation will occur if consumers don't spend wisely.
• B)voters may be offered dollars to help elect certain political candidates.
• C)government is responsible for determining what will be considered legal tender.
• D)consumers "vote" for certain products to be produced by how they spend their incomes.

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Definitions:

Price Floor

A government- or authority-imposed price control or limit on how low a price can be charged for a product, service, or commodity.

Quantity Supplied

The supply of a product or service that vendors are willing and capable of providing at a specific price during a definite period.

Price

The financial requirement, expectation, or contribution made for the procurement of an item.

Demand

How much of a service or good that individuals are ready and financially capable of buying at several price points over a certain period.