The Institution That Coordinates Actions of Consumers and Producers to Establish

question 140

Multiple Choice

The institution that coordinates actions of consumers and producers to establish prices for goods and services is known as:

• A)a market.
• B)a monopoly.
• C)a production possibilities curve.
• D)consumer sovereignty.

---

Definitions:

Federal Income Tax

A charge imposed by the US federal government on the yearly income of persons, companies, trusts, and various legal bodies.

Excise Tax

A tax on the sale or consumption of a specific product or service, often levied at the point of manufacture or sale.

Taxable Income

is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.

Federal Income Tax

A tax imposed by the federal government on personal and corporate income.