Quiz 1 (WK1)

Quiz 1 (WK1) - Quiz 1 (WK1) 1. There is a possibility that...

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Quiz 1 (WK1) 1. There is a possibility that a national sales tax will be implemented. Many economists argue that items such as food and clothing should be exempt from such a tax because low-income people spend a greater percentage of their income on these goods than do high-income individuals. This argument is motivated by concerns over (Points: 2) economic growth economic stability efficiency equity 2. A market in which profit opportunities are eliminated almost instantaneously is (Points: 2) a laissez-faire market a capitalist market a socialist market an efficient market 3. Economics is best defined as the study of: (Points: 2) financial decision-making how consumers make purchasing decisions choices made by people faced with scarcity inflation, unemployment, and economic growth 4. Which of the following is the best definition of economics? (Points: 2) the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided the study of how consumers spend their income
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This note was uploaded on 06/15/2010 for the course EC 142DLB taught by Professor Graceonodipe during the Spring '10 term at Park.

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Quiz 1 (WK1) - Quiz 1 (WK1) 1. There is a possibility that...

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