ECONOMICS FOR TODAY CERTIFICATION
EVALUATION COMPLETE QUESTIONS AND
SOLUTIONS GRADED APLUS
●● The Role of Businesses
Answer: is to decide what to produce, how much to produce, and for
whom to produce it
●● The role of the Household
Answer: is to supply the labor with which businesses produce and
government governs. they also make a significant number of the
decisions in the economy
●● The role of the government
Answer: An actor who collects money in taxes and spends that money
on projects, such as defense and education. A referee who sets the rules
that determine relations between businesses and households
●● Six functions of the Government
Answer: Providing a stable set of institutions and rules
Promoting effective and workable competition
Correcting for externalities
Ensuring economic stability and growth
,Providing public goods
Adjusting for undesirable market results
●● Market Failures
Answer: are situations in which the market does not lead to a desired
result
●● Government Failures
Answer: are situations in which the government intervenes and makes
things worse
●● Global Corporations
Answer: are corporations with substantial operations in both production
and sales in more than one country
●● United Nations
Answer: is an organization designed to achieve international cooperation
but it has no ability to tax or enforce its policies on its members
●● World Bank
Answer: is a multinational, international financial institution that works
to secure loans for developing countries
, ●● International Monetary Fund
Answer: is a multinational, international financial institution concerned
with monetary issues
●● The group of Eight
Answer: meets to promote negotiations and coordinate economic
relations among nations. These eight countries include Japan, Germany,
Britain, France, United States, Canada, Italy and Russia
●● NAFTA
Answer: is an organization devoted to reducing trade barriers between
the U.S., Mexico, and Canada
●● Because there is no world government
Answer: governments enter voluntary organizations that regulate
international markets
●● Macroeconomics
Answer: Macroeconomics is the study of the economy as a whole
●● Marginal cost
Answer: is the additional cost over and above costs already incurred
EVALUATION COMPLETE QUESTIONS AND
SOLUTIONS GRADED APLUS
●● The Role of Businesses
Answer: is to decide what to produce, how much to produce, and for
whom to produce it
●● The role of the Household
Answer: is to supply the labor with which businesses produce and
government governs. they also make a significant number of the
decisions in the economy
●● The role of the government
Answer: An actor who collects money in taxes and spends that money
on projects, such as defense and education. A referee who sets the rules
that determine relations between businesses and households
●● Six functions of the Government
Answer: Providing a stable set of institutions and rules
Promoting effective and workable competition
Correcting for externalities
Ensuring economic stability and growth
,Providing public goods
Adjusting for undesirable market results
●● Market Failures
Answer: are situations in which the market does not lead to a desired
result
●● Government Failures
Answer: are situations in which the government intervenes and makes
things worse
●● Global Corporations
Answer: are corporations with substantial operations in both production
and sales in more than one country
●● United Nations
Answer: is an organization designed to achieve international cooperation
but it has no ability to tax or enforce its policies on its members
●● World Bank
Answer: is a multinational, international financial institution that works
to secure loans for developing countries
, ●● International Monetary Fund
Answer: is a multinational, international financial institution concerned
with monetary issues
●● The group of Eight
Answer: meets to promote negotiations and coordinate economic
relations among nations. These eight countries include Japan, Germany,
Britain, France, United States, Canada, Italy and Russia
●● NAFTA
Answer: is an organization devoted to reducing trade barriers between
the U.S., Mexico, and Canada
●● Because there is no world government
Answer: governments enter voluntary organizations that regulate
international markets
●● Macroeconomics
Answer: Macroeconomics is the study of the economy as a whole
●● Marginal cost
Answer: is the additional cost over and above costs already incurred
