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8. If the cost of imported oil declined suddenly and significantly,
which one of the above flows would be most likely to be the first
impacted?
9. The free-market economy flow model depicts four major
interrelated flows:I . Individuals provide economic resources to
business firms.II. Firms provide payment to individuals for
economic resources.III. Firms provide goods and services to
individuals.IV. Individuals provide payment to firms for goods and
services.
10.
If financial institutions and businesses suddenly and severely
restrict the availability of consumer credit, which one of the above
flows would be most likely to be the first to be impacted adversely?
11.
Which of the following are considered economic resources?
12.
In a free-market economy, which of the following should be
the least significant factor in determining resource allocation and
use?
13.
Which of the following is not a characteristic of a free-
market economy?
14.
The demand for a commodity would increase when the price
of a
15.
When a demand schedule is plotted on a graph, the resulting
demand curve will be
16.
In the statement "quantity demanded is a function of price,"
are the variables quantity and price dependent or independent
variables?
17.
The demand curve for a product reflects which of the
following?
18.
If there is an increase in the income of market participants,
which of the following is most likely to happen to the demand for
normal goods?
19.
Which one of the following would not cause an increase in
demand for a commodity?
20.
Concurrent with a significant downturn in the economy, the
sale of Scope's high-end electronics decreased dramatically. Which