1 <![CDATA[<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0217511447/883729/ch02_q1.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (26.0K)</a>]]> A) Flow 1 B) Flow 2 C) Flow 3 D) Flow 4 2 A) Only those goods whose long-term profits are greater than average B) Any good for which consumers are willing to pay a positive price C) Any good whose production is characterized by the least-cost technology D) Any good that returns its producers sufficient revenue to cover its total costs 3 A) previously abundant economic resources became scarce B) central planners found it increasingly difficult to coordinate the economic decisions of consumers, resource suppliers, and businesses C) firms manufactured more output than consumers could afford to buy, resulting in a general glut D) prices were set too low in all markets 4 A) the government's tax code B) the process of "dollar voting" C) the guiding function of consumer needs and preferences D) profitable returns to innovative firms 5 A) reduces output by dehumanizing workers B) reduces output by discouraging workers from learning a wide variety of tasks C) increases output by enabling workers to take advantage of differences in their skills D) increases output by allowing workers to each perform a wide variety of tasks 6 A) answer the question "Who will get the output?" B) answer the question "How will the goods and services be produced?" C) help determine which industries survive or fail D) are the expected outcomes of a decrease in dollar votes and an increase in dollar votes, respectively 7 A) Profits of peach growers will rise and peach production will rise B) Profits of peach growers will rise and peach production will fall C) Profits of peach growers will fall and peach production will rise D) Profits of peach growers will fall and peach production will fall 8 A) widespread use of government price controls B) centralized decision-making C) limited use of capital goods D) private property rights 9 A) its total sales revenue equals the total cost of labor, capital, raw materials, and entrepreneurship B) it produces its output utilizing the least-cost production method C) it is regulated by government D) its total sales revenue exceeds the sum of all its costs 10 <![CDATA[<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0217511447/883729/ch02_q10.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (9.0K)</a>]]> A) A B) B C) C D) D
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