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CH 3 - The Micro Economy Today by Schiller

CH 3 - The Micro Economy Today by Schiller - ch3 Student 1...

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ch3 Student: _______________________________________________________________________________________ 1. Who participates in markets? A. Business firms. B. Business firms and consumers. C. Consumers and government agencies. D. Business firms, consumers, and government agencies. 2. The goals of market participants include the maximization of: A. Utility, profits, and the general welfare of society. B. Rent, wages, profit, and interest. C. Land, labor, capital, and entrepreneurship. D. Resource constraints, budget constraints, and legal constraints. 3. One of the basic goals that explain most market activity is: 4. The goals of the market participants are the maximization of: 5. The goal of the consumer in a market economy is to use their limited income to buy: 6. The goal of the business firms in a market economy is to maximize: A. Profits. B. Sales. C. Consumer utility. D. Welfare.
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7. The goal of the supplier of a product or service in a market economy is: 8. People benefit by participating in the market because: 9. Which of the following are reasons why individual consumers participate in the market?
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