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ECON 101
Wokia Kumase

Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) When a market price allocates a scarce resource 1) _______ A) everyone in the economy can use the resource. B) only those who are willing and able to pay get the resource. C) only those who show interest can use the resource. D) willingness-to-pay is not an issue. E) ability to pay for the resource is less important than willingness-to-pay. 2) In a command system, resources are allocated by 2) _______ A) market price. B) those people who come first in line. C) the order of someone in authority. D) people who are able to pay for the resources. E) people who show interest to use the resources. 3) In the Canadian economy, the command system 3) _______ A) is used extensively in place of markets. B) is used occasionally inside firms and government departments. C) is not used at all. D) is used extensively inside firms and government departments. E) is used only by private companies. 4) Majority rule allocates resources in the way that 4) _______ A) a majority of voters choose. B) all voters choose. C) democracies choose. D) politicians choose. E) the military chooses. 5) A contest allocates resources to 5) _______ A) a gambler. B) the government. C) an athlete. D) private firms. E) a winner or a group
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