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Questions and Answers
What is the main factor that influences prices in an economic system?
What is the main factor that influences prices in an economic system?
- Technological advancements
- Consumer preferences (correct)
- Exchange rates
- Government regulations
Which term refers to the mechanism that determines prices in an economic system?
Which term refers to the mechanism that determines prices in an economic system?
- Market equilibrium
- Supply and demand (correct)
- Gross domestic product
- Inflation rate
Which of the following is NOT a determinant of prices in an economic system?
Which of the following is NOT a determinant of prices in an economic system?
- Production costs
- Competition
- Climate change (correct)
- Government policies
Which term refers to the mechanism that determines prices in an economic system?
Which term refers to the mechanism that determines prices in an economic system?
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What are the main factors that influence prices in an economic system?
What are the main factors that influence prices in an economic system?
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What is the relationship between supply and demand in determining prices?
What is the relationship between supply and demand in determining prices?
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