EC
2.4.3 Test (TST):
Microeconomics
Economics
Test
Na
me
Dat
e:
Part I: Short-Answer Questions (20 points)
1. Briefly explain what a product market is. Then, describe the role that product
markets play in the flow of goods and services in an economy. In forming your
response, be sure to describe the relationship between product markets, households,
and businesses. Provide a brief example to illustrate this relationship. (4 points)