Economics Quiz

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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 (A)</p> Signup and view all the answers

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

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

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

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

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