1. Prices are an important tool because they: Offer an information generating, g

ID: 3416141 • Letter: 1

Question

1. Prices are an important tool because they:

Offer an information generating, gathering and transmitting process.

Provide information that no single person or entity can know on his/her own.

C.Call up widely dispersed information into one measurable form.

All of the above.

2.All else being equal, as the price of a good rises:

A.Consumers purchase less of that good

B.Consumers purchase more of that good

C.All of the above

3.Government price controls do the following:

A.Cause resources to be allocated to their most efficient use

B.Eliminate the need for competition.

Cause surpluses and shortages

All of the above

Offer an information generating, gathering and transmitting process.

Provide information that no single person or entity can know on his/her own.

C.Call up widely dispersed information into one measurable form.

All of the above.

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