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HCM 402 Midterm Prep || with 100% Error-free Solutions.
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The best way to describe economics is that it is the study of __________ preventing scarcity. how decisions are made. maximizing productivity. money and finances. correct answers how decisions are made. Economics is the study of decision making. Which are concepts that Adam Smith ...

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  • August 16, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • the best way to describe economics is that it is t

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HCM 402 Midterm Prep || with 100% Error-free Solutions.
The best way to describe economics is that it is the study of __________

preventing scarcity.

how decisions are made.

maximizing productivity.

money and finances. correct answers how decisions are made.

Economics is the study of decision making.

Which are concepts that Adam Smith first introduced in his 1776 book The Wealth of Nations?

Division of labor

Specialization of labor

Economics

Fiscal policy

Scarcity correct answers Adam Smith introduced the ideas of division and specialization of
labor.

Within 3 months of starting work at the book publishing company, Shawn has greatly increased
his skill and speed at packaging books for shipping. correct answers Shawn is demonstrating
specialization of labor.

Everyone in the Jackson family is equally good at baking, so they have begun selling pies at a
local farmer's market. Mr. Jackson realizes they can be more productive if each member of the
family does a different task associated with making the pies. correct answers The Jackson
family's pie enterprise is benefiting from the division of labor.

Though it required an increase in workforce, Tiny House Manufacturers has expanded its level
of production and can now manufacture each home more affordably and efficiently. correct
answers Tiny House Manufacturing is maximizing production and taking advantage of
economies of scale.

Which factor drives the study of economics?


Politics

,Scarcity

Trade

Profit correct answers Scarcity

Economics examines decision making within the context of scarcity.

The basic difference between macroeconomics and microeconomics is that:


microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees
(individual markets).

macroeconomics is concerned with groups of individuals while microeconomics is concerned
with single countries.

microeconomics is concerned with the trees (individual markets) while macroeconomics is
concerned with the forest (aggregate markets).

macroeconomics is concerned with generalization while microeconomics is concerned with
specialization. correct answers microeconomics is concerned with the trees (individual markets)
while macroeconomics is concerned with the forest (aggregate markets).

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.

division of labor

interconnected economy

task economy

modern economy correct answers division of labor

The basic difference between macroeconomics and microeconomics is:

microeconomics concentrates on individual markets while macroeconomics focuses primarily on
international trade.

microeconomics concentrates on the behaviour of individual consumers while macroeconomics
focuses on the behaviour of firms.

microeconomics concentrates on the behaviour of individual consumers and firms while
macroeconomics focuses on the performance of the entire economy.

,microeconomics explores the causes of inflation while macroeconomics focuses on the causes of
unemployment. correct answers microeconomics concentrates on the behaviour of individual
consumers and firms while macroeconomics focuses on the performance of the entire economy.

_____________ - 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.

Skill

Specialization

Economies of scale

Division of labor correct answers Economies of scale

Specialization:

leads to greater self-sufficiency.

can lead to an increase in overall production.

allows workers to develop skills by working on a large number of tasks

is always the result of an inefficient use of resources correct answers can lead to an increase in
overall production.

Which of the following best denotes the reason for the existence of substantial black markets?

a market-oriented economy

a command economy

government laws and rules

the microeconomy correct answers a command economy

Macroeconomic topics do not usually include:

the profit maximizing decisions of an individual manufacturer.

the rate of inflation.

the rate of unemployment.

, economic growth. correct answers the profit maximizing decisions of an individual
manufacturer.

In a _______________________, most economic decisions about what to produce, how to
produce it, and for whom to produce it are made by buyers and sellers.

market-oriented economy

macroeconomy

microeconomy

command economy correct answers market-oriented economy

In the ______________, households receive goods and services and pay firms for them.

labor market

financial capital market

goods and services market

savings market correct answers goods and services market

Regardless of whether you are looking through the microeconomics microscope or the
macroeconomics telescope, the fundamental subject material of the interconnected __________
doesn't change.

market

economy

production

firm correct answers economy

Which of the following best describes a monetary policy tool?


interest rates

taxes

household savings

government spending correct answers interest rates

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