Economics Exam

In a command economy, the ______ either makes most economic decisions itself or at least strongly influences show the decisions are made

• governemnt

• International trade

• economy

• labor markets

Because of their relatively small national economics, which of the following is most likely to be the most important factor for Belgium, Korea, and Canada, to take full advantage of specialization?

• enviormental pollution

• market-oriented economy

• international trade

• oppotunity cost

In a discussion of economics, which of the following would exert the most influence on an individual firm’s decision to hire workers?

• the mircoeconomy

• the macroeconomy

• the economy

• unemployed people

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.

• government spending

• market-oriented economy

• interest rates

• labor market

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

• low inflation

• government spending

• environmental pollution

• labor markets

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

• opportunity cost

• low inflation

• economies of sale

• unemplyed people

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

• opportunity cost

• goverment spening

• labor market

• labor union

Which of the following best describes a momentary policy tool?

• low inflation

• sunk costs

• interest rates

• unemployed people

Which of the following best describes a fiscal policy tool?

• budget constraint

• government spending

• labor markets

• marginal analysis

Two main tools of macroeconomics policy include momentary policy, and fiscal policy, which involves ______ spending.

• budget

• firm

• economy

• government