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Applied Macroeconomics (ECON 101) Quiz 2 September 30 Autumn 2018

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Quiz 2 September 30 Autumn 2018, questions and answers-the invisible hand promotes society’s interests because

Montclair State University

Applied Macroeconomics. (ECON 101)

1) A fundamental difference between the command system and laissez-faire capitalism is
that, in command systems:

2) The regulatory mechanism of the market system is:

3) Competition means that:

4) Specialization in production is economically beneficial primarily because it:

5) From society’s point of view, the economic function of profits and losses is to:

6) If consumer desire for product X increases, all of the following will occur except :

7) Firms are motivated to minimize production costs because:

8) Answer the question using the following data, which show all available
techniques for producing 20 units of a particular commodity:

9) The invisible hand promotes society’s interests because:

10)The simple circular flow model shows that:

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Applied Macroeconomics (ECON 101) Quiz 2 September 30 Autumn 2018

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