Sophia Macroeconomics Milestone 1(1).docx - Sophia...

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Sophia Marcoeconomics Milestone 11 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.CONCEPTSurplus and Constraints2Which of the following terms is the sum of the amount of resources used to produce goods and services?
GDP growthExpenditure approachCONCEPTEconomic Growth (GDP) 3Select the statement below that is an example of monetary policy only. CONCEPTMonetary Policy/Fiscal Policy4
Determine which statement below about economics is true. CONCEPTWhat is Economics?5Which statement below regarding reasons for studying macroeconomics is false? Understanding macroeconomics helps one become a better citizen.

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