
GNEC115 Recap 3 &4

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Other
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University
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Medium

Wilma Opperman
Used 1+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Households determine the supply (SS) for goods and services.
True
False
Answer explanation
Households determine the demand (DD) for goods and services.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the goods markets, firms determine the supply (SS).
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Supply is the quantity of a good or service that buyers are willing and able to buy.
False
True
Answer explanation
Demand is the quantity of a good or service that buyers are willing and able to buy.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capital and entrepreneurship are________ because they are created by people to help make goods and services.
secondary factors
primary factors
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Labour and land (natural resources) are called _______ because they are basic, natural resources needed for production.
primary factors
secondary
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The __________ is where all finished goods and services are bought and sold in an economy.
goods market
factor market
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This shows how the quantity demanded changes as the price of a good changes.
Movement along the curve.
Shift in the curve.
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