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What is another term for a state-controlled economy?
In a state-controlled economy, what replaces profit as the primary incentive of production?
What challenge can arise in state-controlled economies due to excessive bureaucracy?
Why are planned economies sometimes referred to as 'planned'?
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What has led to the reform of many planned economies towards mixed economies?
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What determines how resources are allocated in a market economy?
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In a market economy, what is the market-clearing price?
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What happens in a market economy if there is oversupply?
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In a market economy, what serves as the 'price' in the labor market?
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How does competition impact the value of scarce resources in a market economy?
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What term is used to describe a country preventing other countries from trading freely with it to protect its domestic market?
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Which organization is responsible for promoting the growth of free trade between economies and arbitrating trade disputes?
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What is the primary purpose of the World Trade Organization (WTO)?
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What do regional and bilateral trade agreements aim to achieve beyond what is stipulated in global trade agreements under the WTO?
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Why do some governments introduce tariffs on imports, as mentioned in the text?
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What is the primary responsibility of central banks with regard to the national debt?
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Which function of central banks aims to prevent systemic collapse during financial crises?
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What role do central banks play in influencing a nation's currency value?
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In what capacity do central banks act when they accept deposits from commercial banks?
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Which task falls under the responsibility of setting monetary policy for a nation's financial system?
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What is the primary tool used by central banks to control inflation?
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How long can it take for changes in a central bank's interest rate to fully impact inflation?
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What characterizes deflation in an economy?
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What is the primary action taken by a central bank to combat rising inflation?
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In what situation does a central bank reduce its official rate according to the text?
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What is the primary difference between measuring economic activity through individuals' total expenditure and by the value of total output generated by firms?
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What aspect ultimately determines the rate of sustainable growth in an economy over the long run?
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Which factor plays a crucial role in influencing an economy's trend rate of growth according to the text?
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What is the primary impact of efficient infrastructure development on economic growth?
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How does Gross Domestic Product (GDP) differ from Gross National Product (GNP) in measuring a country's economic output?
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What factor is mentioned as a key determinant of long-term productivity growth in a mature economy?
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During a recession, what is a common result in the economy?
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What term is used to describe the phenomenon when actual output exceeds potential output in an economy growing above its trend rate?
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In a post-industrialized economy, why are productivity gains more challenging to extract compared to economies with a large manufacturing base?
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What is the consequence of economic growth rates exceeding a country's long-term trend growth rate?
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What must the balance of payments include in order to balance?
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Which type of investment involves trading in stocks and bonds?
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In the context of the text, what is the role of the balancing item in the balance of payments?
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If a country has a current account deficit due to net importation, how can it be offset according to the text?
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What category of investment involves transactions in currency and bank deposits?
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What is the primary difference between government debt and budget deficit according to the text?
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How are debt measures usually presented according to the text?
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In what economic scenario would government spending exceed tax revenues according to the text?
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How does a buoyant economy impact government borrowing according to the text?
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What is the conventional way of comparing debt measures over time according to the text?
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What term do economists use to refer to the extent to which those seeking employment cannot find work?
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How do higher levels of unemployment affect a government's finances according to the text?
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What impact does high unemployment levels have on the demand for goods and services in an economy?
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Why does care need to be taken when looking at official unemployment figures according to the text?
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What negative impact does high unemployment levels have on a government's finances?
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