Which of the following lies primarily within the realm of macroeconomics? correct answers a study of how tax cuts stimulate aggregate production
In which of the following countries will the national government have the greatest influence with respect to the nation's economy? correct answers Cuba...
which of the following lies primarily within the r
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ECON 212 || QUESTIONS AND ANSWERS 100%
CORRECT
Which of the following lies primarily within the realm of macroeconomics? correct answers a
study of how tax cuts stimulate aggregate production
In which of the following countries will the national government have the greatest influence
with respect to the nation's economy? correct answers Cuba
In the ____________, households work and receive payment from firms. correct answers
labor market
In countries like _____________ the command economy predominates. correct answers Cuba
and North Korea
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. correct answers
market-oriented economy
Specialization: correct answers can lead to an increase in overall production.
In a discussion of economics, which of the following would exert the most influence on an
individual firm's decision to hire workers? correct answers the macroeconomy
Which of the following statements most likely lies within the realm of microeconomics?
correct answers An increase in labor costs will increase the additional cost of producing
another bus.
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
Which of the following is most likely a topic of discussion in macroeconomics? correct
answers 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. correct answers circular flow diagram
Which of the following best denotes the reason for the existence of substantial black markets?
correct answers a command economy
In the ______________, households receive goods and services and pay firms for them.
correct answers goods and services market
Macroeconomics primarily examines: correct answers broad issues such as national output,
employment and inflation.
, Which of the following best characterizes the circular flow of income? correct answers
Businesses buy resources from households, and households use their income from the sale of
resources to buy goods and services from businesses.
Macroeconomic topics do not usually include: correct answers the profit maximizing
decisions of an individual manufacturer.
If macroeconomics looks at the economy as a whole, it focuses on which of the following?
correct answers unemployed people
The basic difference between macroeconomics and microeconomics is that: correct answers
microeconomics is concerned with the trees (individual markets) while macroeconomics is
concerned with the forest (aggregate markets).
The circular flow diagram of economic activity is a model of the: correct answers flow of
goods, services, and payments between households and firms.
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
Which of the following is generally accepted as a valid criticism of the production of useful
goods and services? correct answers environmental pollution
Which of the following statements most likely lies within the realm of macroeconomics?
correct answers Due to an economic recession, manufacturing firms began implementing
layoffs of their workforces.
Macroeconomics: correct answers is concerned with the expansion and contraction of the
overall 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. correct answers
Economies of scale
The two main tools of macroeconomic policy include monetary policy, and fiscal policy,
which involves __________ spending. correct answers government
The model that economists use for illustrating the process of individual choice in a situation
of scarcity is the budget constraint, sometimes also called the _______________, a diagram
which shows what choices are possible. correct answers opportunity set
As depicted in _________________________________, it is necessary to give up some of
one good to gain more of the other good. correct answers the production possibilities frontier
At Point A in the production possibilities graph shown below, the economy: correct answers
is not using its resources efficiently.
In many cases, it is reasonable to refer to the ________________ as the price. correct
answers opportunity cost
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