Which of the Following Statements Is False

question 186

Multiple Choice

Which of the following statements is false?

• A) In a free-market system, the basic economic questions are answered without the help of a central government plan or directive.
• B) Individuals guided by their own self-interest will produce products and services that other people want.
• C) The basic coordinating mechanism in a free-market system is quantity adjustments toward equilibrium.
• D) In a free-market system, competition forces firms to adopt efficient production techniques.

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Definitions:

UCC

A complete collection of regulations that oversee business dealings within the United States, known as the Uniform Commercial Code.

Stop-Payment Order

A request made to a bank by an account holder to not pay out on a check or transaction previously issued or authorized.

Liability

Legal responsibility for one's actions or inactions, particularly in causing harm to others or to property, which may result in civil or criminal penalties.

UCC

Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.