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22.The market systems answer to the fundamental question How

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22.The market system's answer to the fundamental question "How will the system accommodate change?" is essentially:

"Through government leadership and direction."

"Through the guiding function of prices and the incentive function of profits."

"Through training and retraining programs."

"Through random trial and error."

23.If consumer desire for product X increases, all of the following will occur except:

an increase in the profits of industry X.

an increase in the quantity of resources employed by industry X.

an increase in the output of industry X.

a decrease in the quantity of resources employed in industry X.

24.From society's point of view the economic function of profits and losses is to:

promote the equal distribution of real assets and wealth.

achieve full employment and price level stability.

contribute to a more equal distribution of income.

reallocate resources from less desired to more desired uses.
Submitted: 5 years ago.
Category: Homework
Expert:  Bizhelp replied 5 years ago.

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