PoB Mod 2 Economics

The market value of all goods and services produced by the economy is measured by:

An extended period of decline with no improving indicators typically signals a:

Which of the following would be an example of scarcity:

An equilibrium is when:

In a true free market there is:

According to the law of Supply, as the price of a product increases, the supply will:

The law of demand states that as price of a good decreases:

The concept of private enterprise is that:

During times of contraction the unemployment rate generally:

Which of the following products would be considered substitutes: