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Sophia Macroeconomics Milestone 1

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Sophia Marcoeconomics Milestone 1 1 Which statement below is true of price floors? If they are above the equilibrium, they are non-binding. They generate shortages. They lead to surpluses. Rent control is an example of a price floor. CONCEPT Surplus and Constraints 2 Which of the following terms is the sum of the amount of resources used to produce goods and services? GDP per capita Income approach GDP growth Expenditure approach CONCEPT Economic Growth (GDP) 3

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