Podcast
Questions and Answers
What is the main focus of microeconomics?
What is the main focus of microeconomics?
- Studying big picture issues in an economy
- Analyzing resource allocation issues
- Controlling inflation rates
- Determining the quantity of goods and services demanded and supplied (correct)
Which factor of production refers to the funds that finance the operations of a business?
Which factor of production refers to the funds that finance the operations of a business?
- Capital (correct)
- Natural resources
- Human resources
- Entrepreneurship
What is the economic impact of scarcity?
What is the economic impact of scarcity?
- Increase in GDP
- Opportunity cost (correct)
- Decrease in inflation
- Stable economic growth
In a free-market system, how are decisions about what to produce and in what quantities made?
In a free-market system, how are decisions about what to produce and in what quantities made?
Which economic system is based on economic freedom and competition?
Which economic system is based on economic freedom and competition?
What is the main focus of macroeconomics?
What is the main focus of macroeconomics?
What is the term for an economic condition in which prices fall steadily throughout the economy?
What is the term for an economic condition in which prices fall steadily throughout the economy?
Which government role involves relying more on laws and policies than on market forces to govern economic activity?
Which government role involves relying more on laws and policies than on market forces to govern economic activity?
What does the labor force participation rate measure?
What does the labor force participation rate measure?
Which government agency is responsible for regulating the nation's money supply?
Which government agency is responsible for regulating the nation's money supply?
What does the Gross Domestic Product (GDP) measure?
What does the Gross Domestic Product (GDP) measure?
What are leading economic indicators used for?
What are leading economic indicators used for?
What is the purpose of the Producer Price Index (PPI)?
What is the purpose of the Producer Price Index (PPI)?
What is fiscal policy primarily concerned with influencing?
What is fiscal policy primarily concerned with influencing?
Which economic indicator provides confirmation of past occurrences?
Which economic indicator provides confirmation of past occurrences?
What is scarcity's role in economic decision-making?
What is scarcity's role in economic decision-making?
Which of the following is NOT a major type of economic system?
Which of the following is NOT a major type of economic system?
What is the formula to calculate the rate of inflation based on Consumer Price Index (CPI)?
What is the formula to calculate the rate of inflation based on Consumer Price Index (CPI)?
