In the real world, most economic systems are:
a. market economies. b. command economies
c. mixed economies. d. traditional economies.
c
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Economic growth is a sustained expansion of production possibilities measured as the increase in ________ over a given period
A) capital per person B) population C) real GDP D) real GDP per person E) the standard of living
Barter is the:
a. direct exchange of goods and services. b. exchange of goods, but not services. c. system that does not depend on a coincidence of wants. d. system used in advanced economies.
A good that has the characteristics of nonexclusivity and nonrivalry is a
a. public good b. merit good c. social good d. private good e. collective good
At equilibrium, price ________ is equal to _________.
Fill in the blank(s) with the appropriate word(s).