Quiz 1 - An empirical investigation of the general price...

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Quiz 1 1. According to economist Donald Boudreaux: Private property eliminates the possibility that resource arrangements will be random 2. The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy. This statement best describes the concept of : Consumer sovereignty 3. The two general types of economic systems that exist today are: Market systems and command systems 4. Which of the following is associated with microeconomics:
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Unformatted text preview: An empirical investigation of the general price level and unemployment rates since 1990 5. Marginal costs exist because: The decision to engage in one activity means forgoing some other activity 6. Economic profits and losses: Are essential to the reallocation of resources from less desired goods to more desired goods 7. A normative statement is one that: Is based on value judgments...
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This note was uploaded on 04/15/2010 for the course ECO 2252 taught by Professor Edward during the Spring '08 term at Troy.

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