Review+questions+3 - Econ 2100: Review Questions 3 Name: _...

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Name: __________________________ Date: _____________ 1. A market economy requires private property rights because these rights: A) insure that people will act in the best interest of others rather than in their own self- interest. B) guarantee an equitable distribution of income. C) insure that market incentives to produce are adequate. D) simplify government economic planning. 2. Market economies are based upon: A) individual planning and individual good will towards others. B) government planning and individual good will towards others. C) government planning and private property. D) individual self-interest and private property. 3. The existence of markets requires that: A) private property rights be allocated and defended by government. B) government guarantee equal treatment for all. C) individuals be concerned with the social good. D) people have identical wants and desires. 4. The system in which businesses make their own production decisions and the market is relied upon to see that these decisions are consistent with society's interest is: A) a market economy. B) socialism. C) feudalism. D) mercantilism. 5. Suppose that consumers would like to purchase 10 million DVDs but only 5 million are available. In order for the market to coordinate the demand and supply for DVDs, the price of DVDs will have to: A) rise. B) fall.
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This note was uploaded on 10/20/2008 for the course ECON 2100 taught by Professor Smith during the Spring '08 term at Georgia State University, Atlanta.

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Review+questions+3 - Econ 2100: Review Questions 3 Name: _...

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