"For Whom Is a Given Mix of Goods and Services

question 131

Multiple Choice

"For whom is a given mix of goods and services to be produced? How, in other words, are the society's outputs to be distributed among its members?" In a market economy, this question is resolved primarily in the:

• A) Public sector through the mechanism of central planning
• B) Business sector through the mechanism of advertising
• C) Private sector through the earning and spending of income
• D) Money market through borrowing and saving by households and businesses

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Definitions:

Phenyl Alanine

An aromatic amino acid known as phenylalanine, important in the biosynthesis of proteins.

Strecker Synthesis

A method for synthesizing amino acids by the reaction of aldehydes with ammonia and hydrogen cyanide.

Racemic Valine

A mixture consisting of equal amounts of the two enantiomers of valine, an amino acid, with no optical activity due to the symmetry.

3-Methylbutanoic Acid

An organic compound with the formula C5H10O2, known for its pungent odor resembling sweat or body odor.