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Questions and Answers
In a pure market economy, the goal is to meet the desires of which group?
In a pure market economy, the goal is to meet the desires of which group?
- Companies
- Workers
- Consumers (correct)
- The government
Which of the following is an example of transfer payment?
Which of the following is an example of transfer payment?
- Old-age pension (correct)
- Employers’ contribution to social security
- Retirement pension
- Free meals in the company canteen
What differentiates microeconomics from macroeconomics?
What differentiates microeconomics from macroeconomics?
- Microeconomics deals with prices only
- Microeconomics deals with economic behavior
- Microeconomics deals with individual behavior (correct)
- Microeconomics deals with the government’s decisions
Which of the following is true about a central bank?
Which of the following is true about a central bank?
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What does money primarily serve as in an economy?
What does money primarily serve as in an economy?
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If the price elasticity of demand is |0.5|, what type of commodity is it most likely?
If the price elasticity of demand is |0.5|, what type of commodity is it most likely?
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What is the main economic problem faced by society?
What is the main economic problem faced by society?
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What is the meaning of the supply of goods?
What is the meaning of the supply of goods?
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What does 'Capitalism' refer to?
What does 'Capitalism' refer to?
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What is Gross Domestic Product (GDP)?
What is Gross Domestic Product (GDP)?
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What is the relation defined by the law of demand?
What is the relation defined by the law of demand?
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What do you mean by a mixed economy?
What do you mean by a mixed economy?
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