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Ch.01-1 - Ch.01.$/0,12345 67$ 1...

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Ch.01 ! 1 " # 9 " (63 $ ) %&’()* +,)- ! .$ !/0 +,12345 67$ 1) Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available? 1) _______ A) Producers B) Consumers C) The government D) All of the above 2) Which of the following is correct about the economic decisions consumers, firms, and the government have to make? 2) _______ 3) What forces humans to make tradeoffs? 3) _______ 4) The study of economics arises due to: 4) _______ 5) The government makes all economic decisions in a: 5) _______ A) free economy. B) mixed economy. C) market economy. D) centrally planned economy. 6) What is an economic model? 6) _______ 7) Which of the following is part of an economic model? 7) _______ 8) Which of the following is an example of an economic trade - off that a profit - making firm has to make? 8) _______
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Ch.01 ! 2 " # 9 " (63 $ ) 9) Scarcity: 9) _______ A) is only a problem when a country has too large a population. B) is due to unlimited wants and limited resources. C) is not a problem for the wealthy. D) all of the above. 10) Who receives the most of what is produced in a market economy? 10) ______ 11) The relationship between rainfall and height of grass grown is: 11) ______
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