Asterisk (*) indicates correct answer.

1. List the three basic economic questions and explain who, in an economy, answers each question.
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2. Briefly describe a free market economy.
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3. Briefly describe a command economy.
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4. Which of the following indicators of economic performance is the total dollar value of all goods and services produced in a year?
   A. Consumer Price Index
   B. Gross Domestic Product*
   C. Product Revenue Index
   D. Economic Advantage List
   
   
5. Productivity is measured by the
   A. amount of output per unit of input over a period of time.*
   B. total profit a company earns in a quarter.
   C. amount consumers purchase over a specified period of time.
   D. total amount of raw materials ordered by industry.