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Terms in this set (20)In which of the following countries will the national government have the greatest influence with respect to the nation's economy? cuba In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made. government 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? international trade 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. market-oriented economy Which of the following is generally accepted as a valid criticism of the production of useful goods and services? environmental pollution 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. division of labor If macroeconomics looks at the economy as a whole, it focuses on which of the following? unemployed people In the ______________, households receive goods and services and pay firms for them. goods and services market When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being: low inflation The basic difference between macroeconomics and microeconomics is: microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. Which of the following is most likely a topic of discussion in macroeconomics? a decrease in unemployment rate Specialization: can lead to an increase in overall production In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: buyers and sellers Which of the following statements most likely lies within the realm of macroeconomics? Due to an economic recession, manufacturing firms began implementing layoffs of their workforces. The basic difference between macroeconomics and microeconomics is that: microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). The circular flow diagram of economic activity is a model of the: flow of goods and services, and payment between households and firms Which of the following best characterizes the circular flow of income? Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses. In the circular flow diagram model: both a and b are correct _____________ - 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. economies of scale Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories. circular flow diagram Sets with similar termsMicro Economics20 terms thekenzie25 ECON 131 HW 120 terms rebekah_morales MICRO ECO - chapter 131 terms jaimenicole CH 129 terms stephaniem808 Sets found in the same folderMICRO Chpt 620 terms Ashley_Herrera12 Micro study guide Chp 720 terms Ashley_Herrera12 Micro study guide chp 820 terms Ashley_Herrera12 Micro study guide Chp 1020 terms Ashley_Herrera12 Other sets by this creatorGreat Works Final Exam24 terms Ashley_Herrera12 G&NP Chapter 29 terms Ashley_Herrera12 G&NP Chapter 1 quiz10 terms Ashley_Herrera12 intermediate accounting ch 724 terms Ashley_Herrera12 Verified questionsECONOMICS Suppose that the Environmental Protection Agency (EPA) has determined that the sewer system in your town is inadequate and must be replaced. Your community will need to borrow $20,000,000 to build a new system. This loan must be repaid from tax revenues over the next 20 years. There is a debate over the type of tax that should be imposed to collect the needed money. One idea is to charge people an extra$1 for each thousand gallons of water they use. The other is to impose a city income tax and charge people 5 percent of their annual federal income tax payment. What principle of taxation is each of these proposals based on, and which would you support? Explain your answer. Verified answer
ECONOMICS Why did Soviet collectives offer little incentive to farmers? Verified answer
ECONOMICS Compare different means by which savings can be invested and the risks each strategy poses to the consumer. Verified answer
ECONOMICS Describe how the earnings gap between blacks and whites has evolved in recent decades. Verified answer Recommended textbook solutions
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What lies primarily within the realm of macroeconomics?Macroeconomics primarily examines: C. broad issues such as national output, employment and inflation.
Which of the following is most likely a topic of discussion in macroeconomics quizlet?Which of the following is most likely a topic of discussion in macroeconomics? broad issues such as national output, employment and inflation.
What does macroeconomics focus on quizlet?Macroeconomics focuses on the behavior of entire economies, using aggregate measures such as the overall price level, unemployment rate, and economy-wide output.
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Which of the following statements most likely lies within the realm of microeconomics? quizlet
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