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Take the test: Economic Terms and Concepts
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Question 1 of 7
1. Question
In economics, a market is?
CorrectIncorrectThe correct answer should be: Both of the above
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Question 2 of 7
2. Question
When a specific person or enterprise is the only supplier of a particular commodity, it is called a?
CorrectIncorrectThe correct answer should be: Monopoly
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Question 3 of 7
3. Question
Microeconomics is?
CorrectIncorrectThe correct answer should be: A branch of economics that studies individuals and small players and how these behaviors affect supply and demand
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Question 4 of 7
4. Question
The increase in the market value of the goods and services produced by an economy over time is called?
CorrectIncorrectThe correct answer should be: Economic Growth
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Question 5 of 7
5. Question
GDP stands for?
CorrectIncorrectThe correct answer should be: Gross Domestic Product
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Question 6 of 7
6. Question
The price at which one can transact is called?
CorrectIncorrectThe correct answer should be: Market Price
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Question 7 of 7
7. Question
In microeconomics, an economic model of price determination in a market is called?
CorrectIncorrectThe correct answer should be: Supply and demand