Podcast
Questions and Answers
Which of the following best describes the economy?
Which of the following best describes the economy?
- The study of economic behavior among consumers, businesses, and industries
- The study of how society uses its scarce resources to produce and distribute goods and services
- The sum total of all economic activity within a given region (correct)
- The study of a country's larger economic issues
What is the main focus of microeconomics?
What is the main focus of microeconomics?
- The study of how firms compete and the effect of government policies
- The study of economic behavior among consumers, businesses, and industries (correct)
- The study of how society uses its scarce resources to produce and distribute goods and services
- The study of a country's larger economic issues
What is the main focus of macroeconomics?
What is the main focus of macroeconomics?
- The study of how firms compete and the effect of government policies
- The study of economic behavior among consumers, businesses, and industries
- The study of how society uses its scarce resources to produce and distribute goods and services
- The study of a country's larger economic issues (correct)
Which economic system allows individuals and companies to largely decide what products to produce, how to produce them, who to sell to, and at what price to sell them?
Which economic system allows individuals and companies to largely decide what products to produce, how to produce them, who to sell to, and at what price to sell them?
What is capitalism based on?
What is capitalism based on?
Which economic system allows governments to control the allocation of resources and limit freedom of choice?
Which economic system allows governments to control the allocation of resources and limit freedom of choice?
What is the study of how society uses its scarce resources to produce and distribute goods and services?
What is the study of how society uses its scarce resources to produce and distribute goods and services?
What are the two main areas of study in economics?
What are the two main areas of study in economics?
What do we call the rules and policies by which a society allocates its economic resources?
What do we call the rules and policies by which a society allocates its economic resources?
What are planned systems designed to accomplish?
What are planned systems designed to accomplish?
Which economic system is characterized by public ownership and operation of key industries combined with private ownership and operation of less-vital industries?
Which economic system is characterized by public ownership and operation of key industries combined with private ownership and operation of less-vital industries?
What does 'nationalizing' refer to?
What does 'nationalizing' refer to?
What does 'privatizing' refer to?
What does 'privatizing' refer to?
What is the point of intersection between supply and demand on a graph called?
What is the point of intersection between supply and demand on a graph called?
What is the economic phase characterized by the decline in a country's GDP for two consecutive quarters?
What is the economic phase characterized by the decline in a country's GDP for two consecutive quarters?
Which macroeconomic indicator indicates the percentage of the workforce currently without employment?
Which macroeconomic indicator indicates the percentage of the workforce currently without employment?
What does 'inflation' refer to?
What does 'inflation' refer to?
What does 'deflation' refer to?
What does 'deflation' refer to?
What does 'CPI' stand for?
What does 'CPI' stand for?
What does 'GDP' stand for?
What does 'GDP' stand for?
Which market structure is characterized by numerous sellers offering products that can be distinguished from competing products in at least some small way?
Which market structure is characterized by numerous sellers offering products that can be distinguished from competing products in at least some small way?
Which market structure is characterized by one supplier dominating the market and controlling prices, shutting out other competitors?
Which market structure is characterized by one supplier dominating the market and controlling prices, shutting out other competitors?
Which market structure is characterized by a situation where two or more suppliers of a product are rivals?
Which market structure is characterized by a situation where two or more suppliers of a product are rivals?
Which market structure is characterized by a small number of competitors and customers having some choice?
Which market structure is characterized by a small number of competitors and customers having some choice?
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