ECON 2301 (Ch.3 Quiz)

ECON 2301 (Ch.3 Quiz) - Quiz Chapter 3 1 A market economy...

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Quiz Chapter 3 1. A market economy answers the question “what” good will be produced by focusing on dollar votes and consumer sovereignty. 2. A market economy answers the question “how will goods be produced by focusing on least-cost method of production. 3. In a market economy, the goods produced go to those who have sufficient income and are willing to pay the price asked for those goods. 4. The economic system of which of the following countries can be treated as an example of a command economy? Cuba 5. In a market economy, resources are allocated by individual decision makers responding to market prices. 6. The use of large amounts of labor relative to capital in an economy indicates labor-intensive production. 7. Countries with high labor costs tent to use more capital rather than labor in the production process. 8. The circular flow of economic activity is a model of the flow of goods, services, and payments between households and firms.
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This note was uploaded on 10/01/2011 for the course ECON 2301 taught by Professor Butler during the Spring '08 term at Blinn College.

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ECON 2301 (Ch.3 Quiz) - Quiz Chapter 3 1 A market economy...

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