Econ chpa 1,2,3 Exam Study Guide with Complete Solutions
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Course
CHPA
Institution
CHPA
Econ chpa 1,2,3 Exam Study Guide with
Complete Solutions
An American consumer who buys a Ferrari that was produced in Italy is an example of a
US... - Answer️️ -import
Who conducts fiscal policy? - Answer️️ -The executive branch
The nation's legislative body
Congress
What is the proc...
Econ chpa 1,2,3 Exam Study Guide with
Complete Solutions
An American consumer who buys a Ferrari that was produced in Italy is an example of a
US... - Answer✔️✔️-import
Who conducts fiscal policy? - Answer✔️✔️-The executive branch
The nation's legislative body
Congress
What is the process in which workers select specialized tasks to make a product? -
Answer✔️✔️-Division of labor
Who conducts monetary policy? - Answer✔️✔️-The country's central bank
Typically an agricultural economy where things are done the same as they have always
been done - Answer✔️✔️-Traditional Economy
An economic structure where economic decisions are passed down from government
planners where factors of production are owned by the government - Answer✔️✔️-
Command economy
An economy where economic decisions are conducted through spontaneous order,
factors of production are owned by individuals and businesses supply goods and
services based on demand - Answer✔️✔️-Market economy
the social science that seeks to understand the choices people make in using scarce
resources to meet their unlimited wants - Answer✔️✔️-economics
A product that is produced in the US and sold abroad is a US - Answer✔️✔️-export
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