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Economics Quiz
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Economics Quiz

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@BrotherlyGold

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Questions and Answers

What is the study of how individuals, businesses, and governments allocate resources to satisfy their needs and wants?

  • Macroeconomics
  • Behavioral economics
  • Econometrics
  • Microeconomics (correct)
  • Which economic concept refers to the total value of all goods and services produced in a country within a given time period?

  • Gross Domestic Product (GDP) (correct)
  • National Income
  • Net Domestic Product (NDP)
  • Gross National Product (GNP)
  • What is the term for a market situation in which there is only one buyer for a product or service?

  • Perfect competition
  • Oligopoly
  • Monopsony (correct)
  • Monopoly
  • What type of device is used to convert power into potential energy stored in pressurized air?

    <p>Air compressor</p> Signup and view all the answers

    Which of the following is a common application of air compressors?

    <p>Pneumatic tools operation</p> Signup and view all the answers

    What is the primary function of an air compressor in a refrigeration system?

    <p>Coolant compression</p> Signup and view all the answers

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