HW 1 ECON

Asayena Viengmany
Quiz by Asayena Viengmany, updated more than 1 year ago
Asayena Viengmany
Created by Asayena Viengmany over 2 years ago
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Question 1

Question
In countries like _________ the command economy predominates.
Answer
  • China and Vietnam
  • Cuba and North Korea
  • South Africa and Kenya
  • Germany and France

Question 2

Question
In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made.
Answer
  • government
  • market
  • firm
  • business sector

Question 3

Question
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?
Answer
  • division of labor
  • international trade
  • economies of scale
  • command economy

Question 4

Question
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.
Answer
  • market oriented economy
  • macroeconomy
  • microeconomy
  • command economy

Question 5

Question
Which of the following is generally accepted as a valid criticism of the production of useful goods and services?
Answer
  • government involvement
  • the black market
  • environmental pollution
  • economic freedom

Question 6

Question
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.
Answer
  • division of labor
  • interconnected economy
  • task economy
  • modern economy

Question 7

Question
If macroeconomics looks at the economy as a whole, it focuses on which of the following?
Answer
  • households
  • business firms
  • unemployed people
  • the division of labor

Question 8

Question
In the ____________, households work and receive payment from firms.
Answer
  • financial investment market
  • financial capital market
  • labor market
  • savings market

Question 9

Question
In the ______________, households receive goods and services and pay firms for them.
Answer
  • labor market
  • financial capital market
  • goods and services market
  • savings market

Question 10

Question
Which of the following best describes a monetary policy tool?
Answer
  • interest rates
  • taxes
  • households savings
  • government spending

Question 11

Question
Which of the following best describes a fiscal policy tool?
Answer
  • government spending
  • bank lending
  • financial capital markets
  • household spending

Question 12

Question
When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being:
Answer
  • balanced budget
  • prudent monetary policy
  • low inflation
  • assuring competition between firms

Question 13

Question
The basic difference between macroeconomics and microeconomics is:
Answer
  • 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.

Question 14

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

Question 15

Question
Which of the following statements most likely lies within the realm of microeconomics?
Answer
  • 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.

Question 16

Question
Specialization:
Answer
  • 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

Question 17

Question
In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of:
Answer
  • all consumers
  • buyers and sellers
  • producers and input suppliers
  • producers and government planning committees

Question 18

Question
The circular flow diagram of economic activity is a model of the:
Answer
  • 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.

Question 19

Question
_____________ - 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.
Answer
  • Skill
  • Specialization
  • Economies of scale
  • Division of Labor

Question 20

Question
Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.
Answer
  • financial captial
  • circular flow diagram
  • financial investment market
  • specialization model
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