Exam 1: understanding Evolving Economic Systems and Competition

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China is a planned economy with very few entrepreneurs.

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A ____________________ is defined as a decline in GDP that lasts for six months.

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Which market structure is an ideal and does not really exist?

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Which is an index of the prices of a shopping basket of goods and services as published monthly by Statistics Canada?

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A farmer's market where 60 farmers come weekly to sell the produce they grow in their gardens is an example of monopolistic competition.

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