Quiz 2 Week One - (1) 1. Which of the following is a...

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( 1 ) 1. Which of the following is a distinguishing feature of a command system? private ownershi p of all capital. central planning. heavy reliance on markets. wide- spread dispersion of economic power. ( 1 ) 2. The French term "laissez-faire" means:
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"there is no free lunch." "let it be." "circular flow." "public ownershi p." 3. Competition means that:
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sellers can manipulate market price by causing product scarcities. there are independently- acting buyers and sellers in each market. a product can be purchased at a number of different prices. there is more than one seller in a market. ( 1 ) 4. On the basis of the above information it can be said that:
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no coinciden ce of wants exists between any two states. a coinciden ce of wants exists between Michigan and Washingt on. a coinciden ce of wants exists between Texas and Washingt on. a coinciden ce of wants exists between Michigan and Texas.
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( 1 ) 5. The presence of market failures implies that:
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money is not an effective tool for
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Quiz 2 Week One - (1) 1. Which of the following is a...

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