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Marketing 120 Test Answers Connect

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Mediocre economists often consider only the immediate direct effects of a change, whereas a good economist will also consider indirect effects that may only become observable over time." This statement most clearly emphasizes
A) the law of comparative advantage.
B) economizing behavior.
C) the importance of secondary effects.
D) the gains derived from voluntary exchange.
C) the importance of secondary effects.

In order to be successful in a market economy, entrepreneurs must
A) produce a good that consumers value less than the resources used to produce it.
B) combine resources in a manner that increases their value.
C) produce anything that consumers value, regardless of cost.
D) use only personal financial capital so they can avoid interest payments on borrowed funds.
B) combine resources in a manner that increases their value.

Which of the following is a predictable, secondary effect of a sharp increase in gasoline prices?
A) The federal government will place a quota on the number of fuel-efficient cars for sale, thus "forcing" consumers to purchase the gas guzzling vehicles.
B) Producers will increase the production of fuel-efficient cars.
C) the termination of research on the cost-effectiveness of alternative fuels to power automobiles.
D) Producers will increase the production of gas guzzling vehicles.
B) Producers will increase the production of fuel-efficient cars.

Which of the following is the primary source of high earnings in a market economy?
A) a willingness to work hard even if you are not productive
B) a willingness to exploit workers and consumers
C) the ability to provide others with things that they value highly
D) a willingness to engage in actions where you gain at the expense of others
C) the ability to provide others with things that they value highly

If we are going to get the most value from our…...

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