Quiz 1Key

Quiz 1Key - Quiz 1 1 a b c d e 2 a b c d e 3 a b c d e 4 a...

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Quiz 1 1. To an economist, a market refers to a. ~a single group of closely related products. b. a specific location where trade takes place. c. buyers and sellers trading in a particular geographical region. d. buyers living the same area. e. a bazaar where many different things are bought and sold. 2. Property rights _______ a. must be transferable for trade to take place. b. include, but are not limited to, the right to sell, rent, or give away the item. c. are enforceable claims on goods. d. ~All of the above are correct. e. None of the above is correct. 3. Positive economic analysis _____ a. involves value judgments. b. concerns what ought to happen. c. ~addresses factual issues. d. is subjective. e. is personally uplifting and affirmative. 4. Two products are substitutes if _____ a. an increase in the price of one causes buyers to demand less of the other. b. ~an increase in the price of one causes buyers to demand more of the other. c.
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This note was uploaded on 10/06/2008 for the course BUAD 351 taught by Professor Eastin during the Fall '07 term at USC.

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Quiz 1Key - Quiz 1 1 a b c d e 2 a b c d e 3 a b c d e 4 a...

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