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Economics Quiz
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Economics Quiz

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@GaloreEnlightenment

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Questions and Answers

Which of the following best describes an economy?

  • A set of processes that includes culture, education, and technological evolution
  • A social domain that emphasizes the management of scarce resources
  • A system that involves the production, distribution, and consumption of goods and services (correct)
  • A social domain of interrelated human practices and transactions

    • Which of the following is not a factor that influences an economy?

  • Geographical location (correct)
  • Political structure
  • Technological evolution
  • Natural resources

    • Who can be considered economic agents?

  • Individuals
  • Businesses
  • Organizations
  • All of the above (correct)

    • Under what circumstances do economic transactions occur?

    <p>When two groups or parties agree on the value or price of a transacted good or service</p> Signup and view all the answers

    What does an economy not stand alone from?

    <p>Social organization</p> Signup and view all the answers

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