test - Quiz 1(ch.1 ch. 5) MC question (10 marks) 1. Which...

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MC question (10 marks) 1. Which of the following markets in Hong Kong rely heavily on price mechanism to solve the three basic economic problems? (00 Q4) (1) Medical service (2) Education (3) Bank loans (4) Electrical appliances A. (1) and (2) only B. (1) and (4) only C. (2) and (3) only D. (3) and (4) only 2. Nowadays, many people download their favourite songs and pictures through the Internet without paying any fee. To society, these songs and pictures are (02 Q2) A. free goods because there are plenty of songs and pictures on the Internet. B. free goods because their original owners have not received any payments. C. economic goods because the cost involved in using the Internet is negligible. D. economic goods because there are costs involved in producing these songs and pictures. 3. Which of the following statements is a correct description of a market-oriented economy? (05 Q8) A. Most resources are privately owned. B. All economic problems are solved by the price mechanism. C. Income is less evenly distributed than in a command economy. D. There is no non-price competition. 4.
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This note was uploaded on 11/03/2011 for the course ECON 101 taught by Professor Buddin during the Spring '08 term at UCLA.

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test - Quiz 1(ch.1 ch. 5) MC question (10 marks) 1. Which...

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