Week 1 Quiz

Week 1 Quiz - Week 1: Chapters 1-4 - Weekly Quiz Help Week...

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Week 1: Chapters 1-4 - Weekly Quiz Help Week 1 Homework Which of the GRAPHS under Course Home best illustrates the scenarios described below? 1. In a market economy, resources are allocated by: (Points: 5) The centralized decisions of the government The decentralized decisions of many firms and households as they interact in markets for goods and services The centralized decisions of workers' unions and local governments Either supply or demand, but not demand and supply simultaneously 2. The study of how households and firms make decisions and how they interact in specific markets is called: (Points: 5) The invisible hand Circular Flow of Income Production Possibilities Frontier Microeconomics 3. An oncoming hurricane is announced on the evening news. The next morning, many customers go to the stores to buy plywood, but lumber yard owners had already doubled the price of plywood. Although not very happy, customers still buy the plywood. Which graph best explains this story? (Points: 5) Graph A Graph B Graph C Graph D There is not enough information to answer. 4.
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This note was uploaded on 10/30/2011 for the course MAN 6608 taught by Professor Sharonrogers during the Spring '11 term at FIU.

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Week 1 Quiz - Week 1: Chapters 1-4 - Weekly Quiz Help Week...

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