ECON 101 STUDY QUIZ WITH
CORRECT ANSWERS
In a ____________, most economic decisions about what to
produce, how to produce it, and for whom to produce it are
made by buyers and sellers. - CORRECT ANSWER-marketoriented economy
In the first chapter of The Wealth of Nations, Smith introduces
...
In a ____________, most economic decisions about what to
produce, how to produce it, and for whom to produce it are
made by buyers and sellers. - CORRECT ANSWER-market-
oriented economy
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.
Group of answer choices - CORRECT ANSWER-division of
labor
In the _________, households receive goods and services and
pay firms for them. - CORRECT ANSWER-goods and services
market
Which of the following best describes a monetary policy tool? -
CORRECT ANSWER-interest rates
The basic difference between macroeconomics and
microeconomics is that: - CORRECT ANSWER-
microeconomics is concerned with the trees (individual
markets) while macroeconomics is concerned with the forest
(aggregate markets)
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