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Questions and Answers
What is the main point of the summary about economic action?
What is the main point of the summary about economic action?
- Economic action is solely limited to market exchange
- Economic action encompasses more than market exchange and refers to scarce resources (correct)
- Economic action is only influenced by leisure through romance
- Economic action does not involve scarce resources
How does economics usually perform a double reduction according to the text?
How does economics usually perform a double reduction according to the text?
- By considering only actions influenced by leisure through romance as economic activity
- By equating economic activity to actions in a market economy and to instrumental-rational actions (correct)
- By equating economic activity to non-market actions
- By excluding all non-market actions from economic activity
Which of the following is considered an example of 'other' economic institutions according to the text?
Which of the following is considered an example of 'other' economic institutions according to the text?
- Volunteering without any return (correct)
- Exchanging gifts with friends
- Participating in leisure activities
- Buying and selling products in a market
What does the text suggest about the coordination mechanisms for distribution and production in economic activities?
What does the text suggest about the coordination mechanisms for distribution and production in economic activities?
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What is the criticism of the double reduction performed by economics according to the text?
What is the criticism of the double reduction performed by economics according to the text?
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