- Study guides, Class notes & Summaries

Micro Economics - correct answer Examines the functioning of individual parts of the economy, such as single product markets or specific industry Macroeconomics - correct answer Looks not a particular parts of the economy, but rather at the economy as a whole. -Focused on total output of all goods and services produced by a country Factors of Production/Resources/Inputs - correct answer Land, Capital, Labor, Entrepreneur Land - correct answer Includes all natural resources (timber, min...

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6 pages

Written in 2023/2024

Grade A+

RapidPassAcademy

7. In which of the following situations is the percentage change in real GDP always positive? A. Depression B. Inflation C. Recession D. Growth recession 8. In the absence of external shocks or government policy an economy would: A. Still experience business cycle fluctuations because of internal market forces. B. Not experience business cycle fluctuations. C. Not be able to expand production and output. D. Still experience business cycle fluctuations because of factors such as wa...

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65 pages

Written in 2022/2023

COOLD

the phrase "no such thing as a free lunch" means - ANSWER-people must face tradeoffs central planning refers to - ANSWER-government guiding economic activity. today many countries that had this system have abandoned it which of the following observations was made famous by adam smith in his book The Wealth of Nations - ANSWER-households and firms interacting in markets are guided by an "invisible hand" that leads them to desirable market outcomes prices usually reflect - ANSWER-both...

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6 pages

Written in 2023/2024

Grade A+

Nathan2002