Multiple Choice
Scenario 4-1
In a given year, country A exported $12 million worth of goods to country B and $6 million worth of goods to country C; country B exported $4 million worth of goods to country A and $7 million worth of goods to country C; and country C exported $5 million worth of goods to country A and $2 million worth of goods to country B.
-Which of the following is a step that economists take in order to examine a real-world issue?
A) Determine the results that will occur if the market being considered is a controlled market
B) Look at the real-world results to see the similarities they hold with the results of a free market
C) Suggest remedies and policies to alter the results of a free-market
D) Suggest remedies or policies to alter the real-world result
E) Assume that the market transactions, in a real-world, is completely controlled by the government
Correct Answer:

Verified
Correct Answer:
Verified
Q2: Figure 5.1. The figure shows a linear
Q3: Figure 5.2. The figure shows the supply
Q4: Figure 5.3. The figure shows the wage
Q5: Scenario 4-1<br>In a given year, country A
Q6: Figure 5.2. The figure shows the supply
Q7: Figure 5.1. The figure shows a linear
Q8: Figure 5.2. The figure shows the supply
Q9: Figure 5.2. The figure shows the supply
Q10: Figure 5.1. The figure shows a linear
Q11: Figure 5.3. The figure shows the wage