ECO 561 Final Exam Guide

ECO 561 Final Exam Guide 1) In a market economy the distribution of output will be determined primarily by: A. a social consensus as to what distribution of income is most equitable. B. consumer needs and preferences. C. the quantities and prices of the resources that households supply. D. government regulations that provide a minimum income for all. 2) In a competitive market economy firms will select the least-cost production technique because: A. "dollar voting" by consumers mandates such a...