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. To develop economic models, economists make assumptions. The purpose of this is: (Points: 5)To include as many aspects of reality as possible To develop a universal macroeconomic theory To simplify reality, so the models can help us see the most important aspects. None of the above 5. The people in the village are happy. Their incomes have risen and the shops in town are filled with new, imported goods. (Points: 5)Graph A Graph B Graph C Graph D There is not enough information to answer the question.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more