the product is in short supply relative to the demand , the price will be bid up and some consumers will be eliminated from the market. If, on the other hand, producing more of a commodity results in reducing its cost, this will tend to increase the supply offered by seller-producers, which in tum will lower the price and permit more consumers to buy the product. Thus, price is the regulating mechanism in the Amer- ican economic system .
The important factor in a private-enterprise economy is that individuals are allowed to own productive resources (private propeny) , and they are permitted to hire labor, gain control over natural resources, and produce goods and services for sale at a profit. In the American economy, the concept of private property embraces not only the ownership of productive resources but also certain rights, including the right to determine the price of a product or to make a free contract with another private individual .
51 . In Line 11 , Para 1 , "the desire of individuals to maximize their incomes" means__.
A. Americans are never satisfied with their incomes
B. Americans tend to oventate their incomes
C. Americans want to have their incomes increased
D. Americans want to increase the purchasing power of their incomes
52. The first two &ntences in the second paragraph tell us that__.
A. producers can satisfy the oonsumers by mechanized production
B. consumers can express their demands through producers
C. producers decide the prices of products
D. supply and demand regulate prices
53 . According to the passage, a private-enterprise economy is characterized by__.
A. private property and rights concerned
B. manpower and natural resources control
C. ownership of productive resources
D. free contracts and prices
54. The passage is mainly about__.
A. how American goods are produced
B. how American consumers buy their goods
C. how American economic system works
D. how American businessmen make their profits
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Passage 2
One hundred and thirteen million Americans have at least one bank-issued credit card. They give their owners automatic credit in stores, restaurants, and hotels, at home, across the coun- try, and even abroad, and they make many banking services available as well. More and more of
these credit cards can be read automatically, making it possible to withdraw or deposit money in scattered locations, whether or not the local branch bank is open. For many of us the "cashless society" is not on the horizon-it's already here.
While computers offer these conveniences to consumers , they have many advantages for sell- ers too. Electronic cash registers can do much more than simply ring up sales. They can keep a wide range of records, including who sold what, when, and to whom. This informat
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