Ch 1-3 - math PDF

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Chapter 1-3 How do prices direct economic activity in a market economy? Select one: a. by eliminating the need for government intervention b. by allocating goods and services produced in the most equitable way c. by reducing scarcity of the goods and services produced d. by influencing the actions of buyers and sellers Feedback The correct answer is: by influencing the actions of buyers and sellers Question 7 Correct Mark 1.00 out of 1.00

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Question text Which of the following is NOT a characteristic of markets? Select one: a. Government policies do not affect the decisions of firms and households. b. Firms decide whom to hire and what to produce. c. Firms and households guide the decisions based on profit and self-interest. d. Households decide which firms to work for and what to buy with their incomes. Feedback The correct answer is: Government policies do not affect the decisions of firms and households....