ECON 231 Mr. Bishop || A Verified A+ Pass.
In a command economy ________ either makes most of the economic decisions itself or atleast
strongly influences how the decisions made. correct answers Government
What do Economists study? correct answers How much people work, What people buy, and
How much people spend.
Adam Smiths book Wealth of Nations introduces ________, steps required to produce good or
service is divided into a number of tasks that are preformed by different workers. correct answers
Division of Labor
In the _______, households work and receive payment from firms. correct answers Labor Market
In the ______, households receive goods and services (and pay firms) for them correct answers
Goods& Services Market
Best describes a tool of monetary policy correct answers Interst Rates
A decrease in the unemployment rate is a topic of correct answers Macroeconomics
________ can lead to an increase in overall production. correct answers Specialization
Circular Flow Diagram depict correct answers Flow of goods, services, & payments b/n
households and firms
Economics of Scale correct answers an economic concept that for some production processes, as
the level of production increases, the average cost of producing each individual unit decreases.
US senator says " minimum wage should be raised from $7.25/hr to $15/hr. This will provide
individuals w/ a decent living wage" is an example of a correct answers Normative Economic
Statement
Attending college is a case where the _______ exceeds the monetary costs. correct answers
Opportunity Costs
As depicted in the __________, it's necessary to give up some of 1 good to gain more of other
goods. correct answers Production Possibilities Frontier
Why is there scarcity? correct answers B/c our unlimited wants exceed our limited resources.
Opportunity cost of attending class when charged $4 parking fee and going to work 4hrs earns
$10/hr correct answers $44
In a command economy ________ either makes most of the economic decisions itself or atleast
strongly influences how the decisions made. correct answers Government
What do Economists study? correct answers How much people work, What people buy, and
How much people spend.
Adam Smiths book Wealth of Nations introduces ________, steps required to produce good or
service is divided into a number of tasks that are preformed by different workers. correct answers
Division of Labor
In the _______, households work and receive payment from firms. correct answers Labor Market
In the ______, households receive goods and services (and pay firms) for them correct answers
Goods& Services Market
Best describes a tool of monetary policy correct answers Interst Rates
A decrease in the unemployment rate is a topic of correct answers Macroeconomics
________ can lead to an increase in overall production. correct answers Specialization
Circular Flow Diagram depict correct answers Flow of goods, services, & payments b/n
households and firms
Economics of Scale correct answers an economic concept that for some production processes, as
the level of production increases, the average cost of producing each individual unit decreases.
US senator says " minimum wage should be raised from $7.25/hr to $15/hr. This will provide
individuals w/ a decent living wage" is an example of a correct answers Normative Economic
Statement
Attending college is a case where the _______ exceeds the monetary costs. correct answers
Opportunity Costs
As depicted in the __________, it's necessary to give up some of 1 good to gain more of other
goods. correct answers Production Possibilities Frontier
Why is there scarcity? correct answers B/c our unlimited wants exceed our limited resources.
Opportunity cost of attending class when charged $4 parking fee and going to work 4hrs earns
$10/hr correct answers $44
