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HCM 402 Midterm || All Questions Answered Correctly.
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a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each individual unit declines correct answers economics of scale the basic difference between macroeconomics and microeconomics is correct answers microeconomics concentrates on ...

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  • August 16, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • a term referring to the fact that for many goods

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HCM 402 Midterm || All Questions Answered Correctly.
a term referring to the fact that for many goods, as the level of production increases, the average
cost of producing each individual unit declines correct answers economics of scale

the basic difference between macroeconomics and microeconomics is correct answers
microeconomics concentrates on the behavior of individual consumers & firms while
macroeconomics focuses on the performance of the entire economy

because of their relatively small national economies, which of the following is most likely
considered to be the most important factor for Belgium, Korea and Canada to take full advantage
of specialization correct answers international trade

the circular flow diagram of economic activity is a model of the correct answers flows of goods,
services & payments between households and firms

economic models like the ___ are not physical models, but instead are diagrams or graphs or
even mathematical equations that represent economic patterns or theories correct answers
circular flow diagram

Economic Theory correct answers is a representation of an
object or situation that is simplified while
including enough of the key features to help us
understand the object or situation.

economies of scale correct answers for many goods,
as the level of production increases, the average cost of
producing each individual unit declines

if macroeconomies looks at the economy as a whole, it focuses on which of the following?
correct answers unemployed people

in a command economy the __ either makes most economic decisions itself or at least strongly
influences how the decisions are made correct answers government

in a market oriented economy the amount of a good that is produced is primarily decided by the
interaction of correct answers buyers and sellers

in a __ most economic decisions about what to produce, how to produce it, and for whom to
produce it are made by buyers & sellers correct answers market-oriented economy

in countries like __ the command economy predominates correct answers cuba and north korea

in the first chapter of the wealth of nations, smith introduces the idea of the ___ which means the
way in which the work required to produce a good or service is divided into a number of tasks
that are performed by different workers. correct answers division of labor

, in the ___ households receive goods & services & pay firms for them correct answers goods &
services market

in the ___ households work & receive payment from firms correct answers labor market

Market correct answers is the interaction between
potential buyers and sellers

Market economy correct answers is an economy
where economic decisions are
decentralized, resources are owned
by private individuals, and businesses
supply goods and services based on
demand

Specialization correct answers allows workers to
focus on the parts of the production process where they
have an advantage. Workers who specialize in certain tasks often learn to
produce more quickly and with higher quality

specialization correct answers can lead to an increase in overall production

Traditional economy correct answers is typically an
agricultural economy where things are
done the same as they have always
been done.

Which of the following best describes a monetary policy tool? correct answers interest rates

In the first chapter of Wealth of Nations, Smith introduces the idea of the ________, which
means the way in which the work required to produce a good or service is divided into a number
of tasks that are performed by different workers correct answers division of labor

a term referring to the fact that for many goods, as the level of production increases, the average
cost of producing each individual unit declines correct answers Economies of Scale

in a market - oriented economy, the amount of a good that is produced is primarily decided by
the interaction of correct answers buyers and sellers

which of the following is most likely a topic of discussion in macroeconomics? correct answers a
decrease in the unemployment rate

in the ___________, households receive goods and services and pay firms for them correct
answers goods and services market

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