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ECO 231 CACC — Test One Questions And Answers
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ECO 231 CACC — Test One Questions And Answers
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ECO 231 CACC — Test One QuestionsAnd Answers
In a command economy, ___________ either makes most of the
economic
decisions itself or at least strongly influences how the decisions are
made. - correct answer ✅government
Which of the following do economist study? - correct answer ✅How
much do people work?, what do people buy?, and How much do people
save?
In The Wealth of Nations, Adam Smith introduces the idea of the
_________, which
means steps required to produce a good or service is divided into a
number of tasks that are performed by different workers. - correct
answer ✅division of labor
In the __________, households work to receive payment from firms. -
correct answer ✅labor market
In the ________, households received goods and services (and pay
firms) for them. - correct answer ✅Good and services market
Which of the following best describes a tool of monetary policy? -
correct answer ✅Interest Rates
, ECO 231 CACC — Test One Questions
And Answers
Which of the following is most likely a topic of discussion in
macroeconomics - correct answer ✅a decrease in the unemployment
rate
Specialization - correct answer ✅can lead to an increase in overall
production.
The circular flow chart of economic activity is a model of the - correct
answer ✅Flow of goods, services, and payments between households
and firms
___________ refers to an economic concept that for some production
production processes, as the level of production for a given good
increases, the average cost of producing each individual good
decreases. - correct answer ✅Economics of scale
A U. S. senator made the following statements: "The minimum wage
should be increased from $7. 25 an hour to $15.00 an hour. This will
provide individuals with a decent living wage." This senator was making
a _________. - correct answer ✅Normative economic statement
Attending college is a case where the ________________ exceeds the
monetary cost. - correct answer ✅opportunity cost
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