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Which fundamental question does every economy need to address?

In a planned economy, who primarily decides what goods and services will be produced?

Which of the following is a key characteristic of a market economy?

What is the primary role of government in a mixed economy?

What is the 'invisible hand,' as described by Adam Smith, supposed to guide?

Which of the following is a disadvantage commonly associated with market economies?

Which characteristic distinguishes a mixed economy from a purely market economy?

What is a potential disadvantage of government intervention in a mixed economy?

What primarily facilitates the interconnectedness of national economies in the global economy?

Which factor of production receives wages or salaries as its corresponding income?

In the circular flow model, which market involves the buying and selling of factors of production?

In a closed economy, which of the following is NOT a primary participant?

What type of flow represents the movement of goods and services from businesses to households?

When government is included in the circular flow model, what direction does the flow of taxes primarily take?

In a supply and demand graph, what does the equilibrium point represent?

What happens to the quantity demanded of a product when its price increases, assuming all other factors remain constant?

What is the likely result of a market price being set below the equilibrium price?

What is the primary function of a trade union?

How can trade unions contribute to sustainable growth?

Which economic system is characterized by primarily state/government ownership?

According to the circular flow diagram, what flows from businesses to households?

At what point on a demand and supply schedule is equilibrium achieved?

What is a potential consequence of trade unions demanding significantly higher wages for their members?

Which of the following is an example of 'capital' as a factor of production?

How does 'entrepreneurship' contribute to the production process?

What role do multinational corporations (MNCs) play in the global economy?

What is the potential impact of poor labor relations, such as frequent strikes, on a business?

In a market economy, if consumer demand for a particular good significantly increases while the supply remains constant, what is the likely outcome?

Which economic system is most likely to prioritize quick resource allocation for social goals, such as healthcare and infrastructure development?

How might trade unions ensure businesses comply with labor laws and health and safety standards?

If a government implements a new tax on businesses operating in a mixed economy, what is the most likely direct consequence?

Which of the items below is the best example of the 'money flow' within the circular flow of economics?

How does technology and communication most significantly affect the global economy?

Consider an industry where a powerful trade union consistently secures wage increases significantly above productivity gains. What is the MOST likely long-term economic consequence?

In a hypothetical economy transitioning from a centrally planned system to a mixed economy, the government decides to privatize several state-owned enterprises. However, it retains significant control over key sectors like energy and healthcare. Which conflict is MOST likely to arise?

Assume a closed economy with only households and businesses. Suddenly, a large portion of the workforce emigrates seeking higher wages abroad. What IMMEDIATE impact would this demographic shift have on the circular flow?

In the table below, what is the most correct statement about equilibrium quantity?

Price (R) Quantity Demanded (units) Quantity Supplied (units) 5 100 20 10 80 40 15 60 60 20 40 80 25 20 100

Consider a scenario where a new technology dramatically increases productivity across all sectors, but its implementation requires significant capital investment and specialized training. Analyze the MOST likely long-term impacts on factor markets and income distribution.

Which economic system is characterized by decentralized decision-making based on supply and demand?

In a planned economy, what is the primary mechanism for determining the allocation of resources?

Which of the following is a key advantage of a market economy?

What is a potential drawback of a planned economy?

Which of the following best describes a mixed economy?

In the context of the circular flow model, what do households provide to businesses?

Which of the following represents a 'money flow' from businesses to households in the circular flow model?

What role do multinational corporations (MNCs) primarily play in the global economy?

Which of the following is NOT considered a factor of production?

What is the income earned by land as a factor of production?

What primarily determines the equilibrium point in a supply and demand graph?

What typically happens to the quantity supplied of a good as its price increases?

What is the main goal of a trade union?

How can trade unions contribute to sustainable economic growth?

In a market economy, who primarily owns the factors of production?

What is the potential impact of increased international trade on a mixed economy?

What is the likely outcome if the market price is set above the equilibrium price?

If a country increases investment in education and training programs, which factor of production is it primarily trying to improve?

Which type of market involves the buying and selling of labor?

What is the primary source of revenue for governments to fund public services in a mixed economy?

In the circular flow model, what is exchanged in the product market?

What is the likely impact of effective trade union representation on workplace safety?

Consider a situation where a new government regulation increases the cost of production for businesses. What is the MOST likely short-term impact on the supply curve?

Assume a closed economy with only households and businesses. If consumer confidence declines sharply, leading to reduced spending, what is the MOST likely immediate impact on businesses?

What is the role of 'entrepreneurship' in the production process?

Which factor would MOST directly contribute to decreased efficiency and innovation in a planned economy?

In a hypothetical economy that relies heavily on agricultural exports, a prolonged drought significantly reduces crop yields. Analyze the likely impact on the circular flow of income.

Consider a scenario where a country's government significantly increases its spending on renewable energy infrastructure while simultaneously raising taxes on carbon-intensive industries. What is the MOST likely long-term economic consequence?

A country decides to rapidly transition from a mixed economy with strong labor protections to a purely market-based system with minimal regulation. Analyze the MOST likely consequences for income distribution and social welfare.

In a complex global supply chain, a major natural disaster disrupts the production of a critical component used in various industries worldwide. Analyze the MOST likely short-term impact on global equilibrium price and quantity for products relying on that component.

A nation heavily reliant on exporting manufactured goods experiences a sudden, significant appreciation in its currency's exchange rate. Evaluate the MOST likely short-term consequences for its trade balance, domestic production, and employment levels.

If a government implements a policy that leads to a significant reduction in frictional unemployment but simultaneously causes a rise in structural unemployment, what is the MOST likely overall economic outcome?

Suppose a country discovers vast reserves of a rare earth mineral essential for producing advanced electronic components. However, extracting and processing the mineral requires environmentally destructive practices and displaces several indigenous communities. Analyze the long-term economic and social implications of exploiting these resources.

Imagine an economy where technological advancements lead to widespread automation across multiple industries. While productivity increases significantly, a large portion of the workforce becomes technologically unemployed, lacking the skills demanded in the new economy. What are the MOST significant challenges and policy considerations for addressing this situation?

In a small, isolated island economy, the introduction of a universally adopted cryptocurrency as the sole medium of exchange coincides with a severe decline in trust in the traditional banking system. Simultaneously, the internet infrastructure remains unreliable, hindering widespread adoption of digital payment methods. Analyze the MOST likely consequences for the circular flow of income and overall economic stability.

Consider a product market initially in equilibrium. If technological advancements reduce production costs while, simultaneously, consumer preferences shift away from that product, what is the INDETERMINATE effect?

Which of the following is a primary characteristic of a planned economy?

What is a key feature of a mixed economy?

Which of these is the BEST description of the global economy?

Where are factors of production bought and sold?

In a closed economy, who owns production factors and receives income?

Which flow includes wages, rent, interest, and profit?

In a supply and demand graph, what does 'equilibrium' signify?

What is the primary goal of a trade union?

What is a potential disadvantage of a planned economy compared to a market economy?

In the circular flow model, what is the role of businesses concerning factors of production?

What happens to the equilibrium price when demand increases and supply remains constant?

How do trade unions potentially contribute to sustainable economic growth?

What is the potential effect of government over-regulation in a mixed economy?

Which of the following would MOST significantly contribute to the interconnectedness of national economies in the global economy?

What is the likely result of government intervention in a mixed economy?

How might increased international trade affect a mixed economy?

What is a potential consequence of trade unions successfully negotiating wage increases significantly above productivity gains?

How does consumer spending influence the circular flow of economics?

Which factor of production is MOST directly improved by increased investment in education and training programs, and what is its corresponding income?

Which statement BEST describes the impact of good labor relations on a business?

How does the profit motive most directly influence businesses in a market economy?

Assuming a product market is in equilibrium, what is the MOST likely short-term impact of a new government regulation that increases production costs for businesses?

In a planned economy, which factor is MOST likely to decrease efficiency and innovation?

What is the MOST likely short-term impact if consumer confidence declines sharply in a closed economy, leading to reduced spending?

What is the MOST likely long-term consequence if a government increases spending on renewable energy infrastructure while simultaneously raising taxes on carbon-intensive industries?

What is the MOST likely impact on an economy transitioning to a purely market-based system with minimal regulation if the original economy had strong labor protections?

Analyze the MOST likely short-term impact on global equilibrium price and quantity for products relying on that component, if a disaster disrupts global production?

If a nation that exports goods experiences a currency appreciation, what is the MOST likely short-term effect on its trade balance?

Which statement BEST describes the likely overall economic outcome if a government policy reduces frictional unemployment but increases structural unemployment?

Analyze the long-term economic and social implications of exploiting vast mineral reserves requiring environmentally destructive practices.

What are the MOST significant challenges and policy considerations for addressing widespread technological unemployment caused by automation?

What are the MOST likely consequences for the circular flow of income and overall economic stability, If a small economy adopts cryptocurrency, and trust in banks declines, but internet access is unreliable?

Consider an economy with two sectors: households and businesses. If a significant portion of the workforce emigrates, what IMMEDIATE impact would this have on the circular flow?