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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
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