chap 2 - 1.

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1.   In a market economy a significant change in consumers' desire for product X will:    Student Response Value Correct Answer Feedback A. alter the profits or  losses received by  certain firms.      B. cause a reallocation  of scarce resources. 0%       C.  cause some  industries to expand  and others to  contract.      D.  do all of these.      Score: 0/1    2.   The invisible hand refers to the many indirect controls that the Federal government imposes in a market  system.    Score: 1/1    3.   Which of the following is an implication of the circular flow model? 
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  Score: 0/1    4.   The market system's answer to the fundamental question "How will the system promote progress?" is  essentially:    Score: 1/1    5.   (Consider This) Since World War II:   
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Score: 1/1    6.  
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This note was uploaded on 10/19/2009 for the course ECON 2010 taught by Professor Staff during the Spring '08 term at Utah Valley University.

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chap 2 - 1.

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