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ECO203 Ashford Week 1 Directing Function of Prices and Mixed Economy Quiz

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Economics
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Ashford University
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Attempt History Attempt Time Score LATEST Attempt 1 57 minutes 9 out of 10 Score for this quiz: 9 out of 10 Submitted Mar 1 at 11:35am This attempt took 57 minutes. Question 1 1 / 1 pts Which of the following is LEAST likely to be a public good? a sunset Correct! a party a park an army Question 2 1 / 1 pts When the supply of a product increases but the demand for the product remains unchanged, the equilibrium price of the product will __________. rise, and the equilibrium quantity will increase first rise, and then return to the original level fall, and the equilibrium quantity will decrease Correct! fall, and the equilibrium quantity will increase Question 3 1 / 1 pts Most modern industrial countries have a __________ economy. traditional command market Correct! mixed Question 4 0 / 1 pts The directing function of prices ensures that __________. consumers and businesses participate in proper markets prices will always move in the right direction You Answered consumers know how to get correct market information Correct Answer production will increase for goods with more intense demands The answer can be found in Chapter 3, Section 3.5, Evaluating the Market Process. Qu ...
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