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EOC Practice Test 1 questions and answers with verified solutions (GRADED A+)
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EOC Practice Test 1 questions and answers with verified solutions (GRADED A+)
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EOC Practice Test 1 questions and answers with verified solutions (GRADED A+) which statement is a PRIMARY characteristic of a capitalist system - ANSWER✔✔ private owne rship of property a small company is trying to determine the best use of its resources in producing two different goods. what resource should they develop to investigate these options? - ANSWER✔✔ production possibilities curve freedom to own factors of production, subsidized transportation services, and involuntary spending and investments are all example of - ANSWER✔✔ mixed economies which statement reflects an accurate argument in favor of a command economy? - ANSWER✔✔ it ensures continuous use of all available resources in markets both parties are better off when they engage in voluntary, non -fraudulent exchange. what is the role of the government in promoting such exchange? - ANSWER✔✔ the governments role is to create legislation to prevent fraud how can firms use marginal analysis to determine the price of a product? - ANSWER✔✔ marginal analysis can be used to determine at what price profit maximization occurs
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