FSOT Economics Exam 2025
Questions and Answers 100% pass
Gross Domestic Product - ✔✔The Gross Domestic Product is the total output
produced by a country within its borders, whether it is foreign or local
macroeconomics - ✔✔macroeconomics studies national economies
microeconomies - ✔✔microeconomics study the behavior of individual people and
individual firms
four basic market structures - ✔✔perfect competition, monopoly, oligopoly,
monopolistic competition
market equilibrium - ✔✔market equilibrium is when the desires of buyers and
sellers align so that neither side has any incentive or motive to change.
when a market matures and a product is standardized in the market across
advanced nations - ✔✔when a market matures and a product is standardized across
advanced nations (U.S., China, Japan, etc.) on the market the main competitive
weapon becomes the price. The price would then delegate who profits from what.
Because I know I can go down to Japan and get it for cheaper
average expenditure - ✔✔the average expenditure is the price paid per unit of good
average product - ✔✔the average product is the output per worker
inelastic on a demand curve - ✔✔Demand is inelastic below the mid-point on a
straight line demand curve
COPYRIGHT © 2025 BY EMILLY CHARLOTTE, ALL RIGHTS RESERVED 1
Questions and Answers 100% pass
Gross Domestic Product - ✔✔The Gross Domestic Product is the total output
produced by a country within its borders, whether it is foreign or local
macroeconomics - ✔✔macroeconomics studies national economies
microeconomies - ✔✔microeconomics study the behavior of individual people and
individual firms
four basic market structures - ✔✔perfect competition, monopoly, oligopoly,
monopolistic competition
market equilibrium - ✔✔market equilibrium is when the desires of buyers and
sellers align so that neither side has any incentive or motive to change.
when a market matures and a product is standardized in the market across
advanced nations - ✔✔when a market matures and a product is standardized across
advanced nations (U.S., China, Japan, etc.) on the market the main competitive
weapon becomes the price. The price would then delegate who profits from what.
Because I know I can go down to Japan and get it for cheaper
average expenditure - ✔✔the average expenditure is the price paid per unit of good
average product - ✔✔the average product is the output per worker
inelastic on a demand curve - ✔✔Demand is inelastic below the mid-point on a
straight line demand curve
COPYRIGHT © 2025 BY EMILLY CHARLOTTE, ALL RIGHTS RESERVED 1
