2 Quiz - 1. Which of the following is not one of the five...

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1. Which of the following is not one of the five fundamental questions? A) What prices will be charged for goods and services? B) Who will get the goods and services? C) What goods and services will be produced? D) How will the system promote progress? 2. (Consider This) In 1996 McDonald's introduced its Arch Deluxe hamburger, which failed to catch on with the public and was subsequently dropped from the menu. This failure illustrates the idea of: A) consumer sovereignty. B) technological change. C) downsloping demand. D) specialization. 3. Which of the following is a limitation of the simple circular flow model? A) product markets are ignored. B) resource markets are ignored. C) the determination of product and resource prices is not explained. D) households are included, but not businesses. 4. Which of the following is one of the Five Fundamental Questions? A) Which products will be in scarce supply and which in excess supply?
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This note was uploaded on 04/22/2010 for the course ECO 112 taught by Professor Smith during the Spring '10 term at Bowling Green.

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2 Quiz - 1. Which of the following is not one of the five...

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