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Economics Expert Quiz

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Questions and Answers

Which of the following is a key characteristic of a market economy?

Private ownership of resources (correct)

Centralized decision-making

Equal distribution of wealth

Government ownership of all resources

What is the primary function of the Federal Reserve System in the United States?

Monetary policy (correct)

Fiscal policy

Industrial policy

Trade policy

What is the law of supply and demand?

Consumers demand goods and services based on producer supply

Producers supply goods and services based on consumer preferences (correct)

The government sets prices based on consumer demand

The government controls both supply and demand

Economics Expert Quiz

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Questions and Answers

Which of the following is a key characteristic of a market economy?

What is the primary function of the Federal Reserve System in the United States?

What is the law of supply and demand?

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