Chapter 07 - Price System - Chapter 7 The Price System Signals Speculation and Prediction 1 The immense cooperation that links worldwide markets can

Chapter 07 - Price System - Chapter 7 The Price System...

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Chapter 7 - The Price System: Signals, Speculation, and Prediction 1.The immense cooperation that links worldwide markets can best be described as: a. involuntary and undirected.b. involuntary and directed.c. voluntary and undirected.d. voluntary and directed. 2. Individual market participants are willing to play their role in the complex worldwide markets because it ________ in their own self-interest and the full story of any one product is ________ to understand. a. is; easy b. is; too complex c. is not; easy d. is not; too complex 3.If the price for airplane tickets to Hawaii increase due to a decrease in supply what is the likely impact on the market for hotel rooms in Hawaii? 4.One method of solving the great economic problem of arranging our limited resources to satisfy infinite wants is the central planning approach. Which of the following are primary problems with central planning?
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