In the context of economics, which of the following best describes 'expressed powers'?

• A. The power of money to facilitate exchange in an economy
• B. Powers specifically granted to the government by a constitution or legal document
• C. The ability of consumers to influence market prices through demand
• D. The authority of firms to set prices in a perfectly competitive market

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the term 'expressed powers' in the context of economics and government. These are powers explicitly granted to an entity, typically a government, through a formal document such as a constitution or legal statute.
2. Step 2: Recognize that 'expressed powers' are not related to economic concepts like money's function, consumer influence on prices, or firm pricing strategies in markets.
3. Step 3: Identify that the correct description of 'expressed powers' is the specific legal authority given to a government, which distinguishes it from implied or inherent powers.
4. Step 4: Compare the options given and eliminate those that describe economic functions or market behaviors rather than legal or constitutional authority.
5. Step 5: Conclude that the best description of 'expressed powers' is 'Powers specifically granted to the government by a constitution or legal document.'