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HCM 402 Module 1-6 || with 100% Error-free Answers.
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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 Econo...

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  • August 16, 2024
  • 33
  • 2024/2025
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HCM 402 Module 1-6 || with 100% Error-free Answers.
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

In a command economy, the _____ either makes most economic decisions itself or at least
strongly influences how the decisions are made.

Government
Market
Firm
Business Sector correct answers Government

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

The circular flow diagram of economic activity correct answers Flow of goods, services, and
payments between households and firms

Macroeconomic topics do not usually include: correct answers The profit maximizing decisions
of an individual manufacture

In the ________, households receive goods and services and pay firms for them correct answers
C) 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.

A) Market
B) Economy
C) Production
D) Firm correct answers B) Economy

The basic difference between macroeconomics and microeconomics is

A) Microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the
trees (Individual markets)
B) Macroeconomics is concerned with groups of individuals while microeconomics is concerned
wit h single countries

,C) Microeconomics is concerned with the trees (individual markets) while macroeconomics is
concerned with the forest (aggregate markets)
D) Macroeconomics is concerned with generalization while microeconomics is concerned with
specialization correct answers C) Microeconomics is concerned with the trees (individual
markets) while macroeconomics is concerned with the forest (Aggregate markets)

When nations desire a healthy macroeconomy, they typically focus on three goals, one of these
being:

A) Balanced budget
B) Prudent monetary policy
C) Low inflation
D) Assuring competition between firms correct answers C) Low inflation

In countries like ________ the command economy predominates

A) China and Vietnam
B) Cuba and North Korea
C) South Africa and Kenya
D) Germany and France correct answers B) Cuba and North Korea

In the _______, households work and receive payment form firms

A) Financial Investment Market
B) Financial Capital Market
C) Labor Market
D) Savings Market correct answers C) Labor Market

Which of the following best describes a monetary policy tool?

A) Interest Rates
B) Taxes
C) Household Savings
D) Government Spending correct answers A) Interest Rates

Which of the following is most likely a topic of discussion in macroeconomics

A) An increase in the price of a hamburger
B) A decrease in the production of DVD players by a consumer electronics company
C) AN increase in the wage rate paid to automobile workers
D) A decrease in the unemployment rate correct answers D) A decrease in the unemployment
rate

Economic models like the _____________________ are not physical models, but instead are
diagrams or graphs or even mathematical equations that represent economic patterns or theories.

,A) Financial Capital Market
B) Circular Flow Diagram
C) Financial Investment Market
D) Specialization Model correct answers B) Circular Flow Diagram

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

A) Skill
B) Specialization
C) Economies of Scale
D) Division of Labor correct answers C) Economies of Scale

Scarcity Implies That

A) Consumers would be willing to purchase the same quantity of a good at a higher price
B) It is impossible to completely fulfill the unlimited human desire for goods and services with
the limited resources available
C) At the current market price, consumers are willing to purchase more of a good than suppliers
are willing to produce
D) Consumers are too poor to afford the goods and services available correct answers B) It is
impossible to completely fulfill the unlimited human desire for goods and services with the
limited resources available

Refer to Figure 2-2. At Point A in the production possibilities graph shown above, the economy:

A) Is not using it resources efficiently
B) Is using it resources efficiently while producing clothing but not food
C) Is using its resources efficiently while producing food but not clothing
D) Is using its resources efficiently to produce both food and clothing correct answers A) Is not
using its resources efficiently. We can see this because the points are not even on the curve.

Philosophers draw a distinction between positive statements, which describe the world as it is,
and ___________________s, which describe how the world should be.

A) Normative Statement
B) Budget Constraint
C) Trade-off
D) Opportunity Cost correct answers A) Normative Constraint

The choice on a production possibilities set that is socially preferred, or the choice on an
individual's budget constraint that is personally preferred, will display:

A) Allocative Efficiency
B) The production Possibilities Frontier
C) Trade-Offs

, D) Scarcity correct answers A) Allocative Efficiency

The lesson of __________ is to forget about the money that's irretrievably gone and instead to
focus on the marginal costs and benefits of future options

A) Marginal Utility
B) Sunk Costs
C) Marginal Analysis
D) Budget Constraints correct answers B) Sunk Costs

The general pattern that consumption of the first few units of any good tends to bring a higher
level of ______ to a person that consumption of later units is a common patterns

A) Utility
B) Marginal Benefit
C) Opportunity Cost
D) Sunk Costs correct answers A) Utility

In deciding how many hours to work, Beulah will make a choice that maximizes her ______;
that is, she will choose according to her preferences for leisure time and income

A) Budget Constraint
B) Opportunity Set
C) Utility
D) Production Possibilites Frontier correct answers C) Utility

Scarcity exists because of

A) The Market Mechanism
B) Specialization and Division of Labor
C) The Allocation of Goods by Prices
D) Unlimited wants and Limited Resources correct answers D) Limited Resources

Why is there scarcity?

A) Because the opportunity set determines this
B) Because theory dictates it
C) Because our unlimited wants exceed our limited resources
D) Because human wants are limited correct answers C) Because our unlimited wants exceed our
limited resources

The law of ________ explains why people and societies rarely make all-or-nothing choices

A) Consumption
B) Marginal Analysis
C) Diminishing Marginal Utility

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