Asayena Viengmany
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Asayena Viengmany
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HW 1 ECON

Pregunta 1 de 20

1

In countries like _________ the command economy predominates.

Selecciona una de las siguientes respuestas posibles:

  • China and Vietnam

  • Cuba and North Korea

  • South Africa and Kenya

  • Germany and France

Explicación

Pregunta 2 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • government

  • market

  • firm

  • business sector

Explicación

Pregunta 3 de 20

1

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?

Selecciona una de las siguientes respuestas posibles:

  • division of labor

  • international trade

  • economies of scale

  • command economy

Explicación

Pregunta 4 de 20

1

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.

Selecciona una de las siguientes respuestas posibles:

  • market oriented economy

  • macroeconomy

  • microeconomy

  • command economy

Explicación

Pregunta 5 de 20

1

Which of the following is generally accepted as a valid criticism of the production of useful goods and services?

Selecciona una de las siguientes respuestas posibles:

  • government involvement

  • the black market

  • environmental pollution

  • economic freedom

Explicación

Pregunta 6 de 20

1

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.

Selecciona una de las siguientes respuestas posibles:

  • division of labor

  • interconnected economy

  • task economy

  • modern economy

Explicación

Pregunta 7 de 20

1

If macroeconomics looks at the economy as a whole, it focuses on which of the following?

Selecciona una de las siguientes respuestas posibles:

  • households

  • business firms

  • unemployed people

  • the division of labor

Explicación

Pregunta 8 de 20

1

In the ____________, households work and receive payment from firms.

Selecciona una de las siguientes respuestas posibles:

  • financial investment market

  • financial capital market

  • labor market

  • savings market

Explicación

Pregunta 9 de 20

1

In the ______________, households receive goods and services and pay firms for them.

Selecciona una de las siguientes respuestas posibles:

  • labor market

  • financial capital market

  • goods and services market

  • savings market

Explicación

Pregunta 10 de 20

1

Which of the following best describes a monetary policy tool?

Selecciona una de las siguientes respuestas posibles:

  • interest rates

  • taxes

  • households savings

  • government spending

Explicación

Pregunta 11 de 20

1

Which of the following best describes a fiscal policy tool?

Selecciona una de las siguientes respuestas posibles:

  • government spending

  • bank lending

  • financial capital markets

  • household spending

Explicación

Pregunta 12 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • balanced budget

  • prudent monetary policy

  • low inflation

  • assuring competition between firms

Explicación

Pregunta 13 de 20

1

The basic difference between macroeconomics and microeconomics is:

Selecciona una de las siguientes respuestas posibles:

  • A. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade.

  • B. microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms.

  • C. microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.

  • D. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.

Explicación

Pregunta 14 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • an increase in the price of a hamburger

  • a decrease in the production of DVD players by a consumer electronics company

  • an increase in the wage rate paid to automobile workers

  • a decrease in the unemployment rate

Explicación

Pregunta 15 de 20

1

Which of the following statements most likely lies within the realm of microeconomics?

Selecciona una de las siguientes respuestas posibles:

  • Unemployment rises during a recession and falls during an expansion.

  • An increase in government spending will increase the aggregate demand for goods and services in the economy.

  • A rapid acceleration of the supply of money may create inflation.

  • An increase in labor costs will increase the additional cost of producing another bus.

Explicación

Pregunta 16 de 20

1

Specialization:

Selecciona una de las siguientes respuestas posibles:

  • leads to greater self-sufficiency

  • can lead to an increase in overall production

  • allows workers to develop skills by working on a large number of tasks

  • is always the result of an inefficient use of resources

Explicación

Pregunta 17 de 20

1

In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of:

Selecciona una de las siguientes respuestas posibles:

  • all consumers

  • buyers and sellers

  • producers and input suppliers

  • producers and government planning committees

Explicación

Pregunta 18 de 20

1

The circular flow diagram of economic activity is a model of the:

Selecciona una de las siguientes respuestas posibles:

  • flow of goods, services, and payments between households and firms.

  • influence of government on business behavior.

  • role of unions and government in the economy.

  • interaction among taxes, prices, and profits.

Explicación

Pregunta 19 de 20

1

_____________ - 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.

Selecciona una de las siguientes respuestas posibles:

  • Skill

  • Specialization

  • Economies of scale

  • Division of Labor

Explicación

Pregunta 20 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • financial captial

  • circular flow diagram

  • financial investment market

  • specialization model

Explicación

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