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which of the following characteristics is least unique to a market system? - ANSWER-the widespread use of money if competitive industry z is making substantial economic profit, output will: - ANSWER-expand in industry z as more resources will move to that industry from societys point of view, the economic function of profits and losses is to: - ANSWER-reallocate resources from less desired to more desired uses economic profits in an industry suggest the industry: - ANSWER-should be larg...

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Gross Domestic Product (GDP) - ANSWER-the total dollar amount of all final goods and services produced in a country in one year Microeconomics - ANSWER-the branch of economics that studies the economy of consumers or households or individual firms Macroeconomics - ANSWER-the branch of economics that studies the overall working of a national economy - growth, unemployment, inflation Monetary Policy - ANSWER-economic policies conducted by the countries' central bank, which manipulates th...

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ECON 103 UNLV FINAL QUESTIONS AND ANSWERS In 2017, the price of every good is 6% higher than in 2016, but the economy produces exactly the same quantity of every good in 2017 as in 2016, from 2017 to 2016, - CORRECT ANSWER

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