econ chapter 1

environmental pollution

which of the following is generally accepted as a valid criticism of the production of useful goods and services?

an increase in labor costs will increase the additional cost of producing another bus.

which of the following statements most likely lies within the realm of microeconomics? a) unemployment rises during a recession and falls during an expansion b) an increase in government spending will increase the aggregate demand for goods and services in the economy. c) a rapid acceleration of the supply of money may create inflation d)an increase in labor costs will increase the additional cost of producing another bus.

international trade

Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?

Government

In a command economy, the _____________ either makes most economic decisions itself or at least strongly influences how the decisions are made.

cuba and north korea

In countries like ______________ the command economy predominates. a) china and vietnam b) Cuba and North korea c) South Africa and Kenya d) Germany and France

division of labor

In the first chapter of the wealth of Nations, Smith introduces the idea of the _____________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.

Low Inflation

Wen nations desire a healthy macro economy, they typically focus on three goals, one of these beings:

a decrease in the unemployment rate

Which of the following is most likely a topic of discussion in macroeconomics? a) an increase in the price of a hamburger b) a decrease in the production of DVD players by consumer electronics company c) an increase in the wage rate paid to automobile workers d) a decrease in the unemployment rate.