Ch2 Quiz - 1 A) B) desiredgoods C) D)

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1. Economic profits and losses: A) are both considered by economists to be a part of production costs. B) are essential to the reallocation of resources from less desired goods to more  desired goods. C) have no influence on the composition of the domestic output. D) equalize the distribution of income in the long run. 2. An increase in consumer desire for strawberries is most likely to: A) increase the number of strawberry pickers needed by farmers. B) reduce the supply of strawberries. C) reduce the number of people willing to pick strawberries. D) reduce the need for strawberry pickers. 3. The term laissez-faire suggests that: A) land and other natural resources should be privately owned, but capital should  be publicly owned. B) land and other natural resources should be publicly owned, but capital  equipment should be privately owned. C) government should not interfere with the operation of the economy.
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Ch2 Quiz - 1 A) B) desiredgoods C) D)

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