Macro Quiz 2

Macroeconomics

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1. The pursuit of self-interest: A) is highly detrimental to the market system. B) means the same as "selfishness." C) is reflected in the behavior of firms, but not in the behavior of consumers. D) gives direction to the market system. Question 1 answers Selected Answer: Incorrect B Correct Answer: Correct D Question 2 text Question 2 0 out of 7.7 points Incorrect 3. Specialization in production is economically beneficial primarily because it: A) allows everyone to have a job which they like. B) permits the production of a larger output with fixed amounts of resources. C) facilitates trade by bartering. D) guarantees full employment. Question 2 answers Selected Answer: Incorrect C Correct Answer: Correct B Question 3 text Question 3 0 out of 7.7 points Incorrect 4. When a competitive industry is in equilibrium: A) economic profit will be zero. B) product demand and derived demand are equal.
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C) the economizing problem will have been solved for that industry. D) normal profit will not be realized. Question 3 answers Selected Answer: Incorrect B Correct Answer: Correct A Question 4 text Question 4 7.7 out of 7.7 points Correct 5.
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Macro Quiz 2 - 1 The pursuit of self-interest A is highly...

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