Which of the following are examples of command economies? correct answers Cuba and North Korea
In a command economy, which of the following entities makes most economic decisions itself or at least strongly influences how the decisions are made? correct answers Government
Which of the followi...
which of the following are examples of command eco
Written for
ECON 130
ECON 130
Seller
Follow
FullyFocus
Reviews received
Content preview
ECON 130 Midterm 1 || very Flawless.
Which of the following are examples of command economies? correct answers Cuba and North
Korea
In a command economy, which of the following entities makes most economic decisions itself or
at least strongly influences how the decisions are made? correct answers Government
Which of the following is the key factor that allows countries to consume bundles of goods and
service that lay beyond their production possibilities frontier? correct answers International
Trade
For which of the following economies are most economic decisions about what to produce, how
to produce it, and for whom to produce it made by buyers and sellers? correct answers Market-
oriented economies
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
The two main tools of macroeconomic policy include monetary policy and fiscal policy. Fiscal
policy involves spending by which of the following entities? correct answers Government
The basic difference between macroeconomics and microeconomics is: correct answers
Microeconomics focuses on individual consumers and firms while macroeconomics focuses on
the performance of the entire economy
The circular flow diagram is a model of the: correct answers Flow of goods, services, and
payments between households and firms
Philosophers draw a distinction between positive statements, which describe the world as it is,
and which of the following, which describe how the world should be? correct answers Normative
statements
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
Scarcity exists because of: correct answers Unlimited wants and limited resources
Your friend decides to spend an hour surfing rather than studying. His opportunity cost is:
correct answers The benefit to his grades from studying for an hour
"If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at
work where I earn $10 per hour." The opportunity cost of attending class this evening is: correct
answers $44
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R185,63. You're not tied to anything after your purchase.
