Econ 102 - Principles of Macroeconomics » Winter 2021 » Chapter 1 Reading Quiz
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Question #1
In the market for goods and services, _____________ supply the goods and services.
A.
governments
B.
assembly lines
C.
households
D.
firms
Question #2
Specialization occurs when
A.
workers do many different tasks
B.
workers multitask
C.
workers constantly change tasks
D.
workers do the same task repeatedly
Question #3
In a command economy, economic decision-making is
A.
decentralized
B.
centralized
C.
guided by the Invisible Hand
D.
made by private owners
Question #4
Regulations are necessary because
A.
government is inefficient
B.
market failures do not exist in a market economy
C.
government is efficient
D.
market failures can occur in a market economy
Question #5
A key feature of a market economy is
A.
government ownership
B.
centralized decision making
C.
military ownership
D.
private ownership
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