1. Consumers express self-interest when they:a. Collect financial profits.b. Find for jobs with the highest possible wages.c. Reduce business losses.d. Look for the lowest price for a product.

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Specialization and trade are helpful to culture because:a. Scarce resources are utilized an ext efficiently.b. A department of job lowers prices because that products.c. The output of economic goods might be increased with no increase in resources.d. Every one of the over are correct.
Which is a significant feature of the market system?a. Main planning by federal government to administer goods and servicesb. Government collection prices in every marketsc. Reallocation the all sources from exclusive to publicly usesd. The right to own private property and also control resource use
The economic situation of phibìc Korea would finest be share as:a. A sector system.b. A command system.c. A capitalist economy.d. A laissez-faire economy.
A an easy characteristic that a command device is that:a. Free markets are never ever permitted in a command economy.b. Federal government owns most financial resources.c. Government planners pat a restricted role in deciding what products will it is in produced.d. Salaries paid to labor are hig
The personal ownership of home resources and use of prices to direct and also coordinate economic task is characteristic of:a. Communism.b. A sector system.c. Socialism.d. A command system.
Which statement is correct?a. Producers are "kings" in a industry economy because they identify what is produced.b. Flexibility of an option and enterprise room essential elements of the sector system.c. The operation of a sector system ultimately results in an equal distribution of income.d. The industry system is efficient at allocation of resources, but not customer goods to their most valued uses.
Advantages of specialization execute not include:a. Increased capability to use the division of labor.b. Less interdependence.c. Boosted production of economic goods v no rise in resources.d. The an ext efficient usage of scarce resources.
Which problem will encourage competition?a. The flexibility of sellers and also buyers to enter or departure an industryb. A small number of buyers and also sellers in a marketc. The federal government serving as the just supplier of products to consumersd. Government licensing demands in order to get in an industry
Which is not among the Four an essential Questions?a. Exactly how should the device promote progress?b. That is to get the output of the system?c. What goods and also services need to be created by government?d. Just how will goods and services it is in produced?
Economic equipment differ follow to what two main characteristics?a. Amount of output produced, and also who obtain the output.b. The system of government, and the quantity of natural resources available.c. Who produces the output, and what an innovation is provided to create it.d. Property of resources, and methods that coordinating economic activity.
Consider a barter instance where you have pens and you desire pencils. To achieve your target there need to be a(n):a. Use of funding goods.b. Entry and also exit indigenous the market. C. Coincidence of wants.d. Huge number the sellers
Consumer sovereignty and also "dollar votes" are most related come which basic question around a competitive market system?a. Just how will the goods and also services be produced?b. How will the mechanism promote progress?c. Who will obtain the goods and services?d. What goods and also services will be produced?
A competitive economic climate assumes the presence in each sector of a:a. Large number of tiny firms facing a few large buyers.b. Couple of large firms dealing with a large number of small buyers.c. Big number of small firms facing a big number of tiny buyers.d. Few small firms dealing with a few small buyers.

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Which statement finest describes a command economy?a. The production and also allocation the goods and also services is established primarily through markets.b. The manufacturing of goods and services is determined primarily through markets, yet the allocation of goods and services is determined primarily by government.c. The production and allocation the goods and also services is determined primarily through government.d. The manufacturing of goods and also services is figured out primarily by government, yet the allocation that goods and also services is figured out primarily by markets.
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