Macroeconomics

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It once took 90 percent of our population to grow our food. It now takes only 3 percent of the population to grow our food. Which of the following statements is true?

Question 2

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In the short run, which of the following is not correct?

Question 3

Adam Smith’s book The Wealth of Nations was published in

Question 4

Laws that restrict the smoking of cigarettes in public places are examples of government intervention that is intended to reduce

Question 5

Which of these activities will most likely result in an external benefit?

Question 6

Almost all variation in living standards is attributable to differences in countries’

Question 7

In communism, central planners decide which of the following?

Question 8

Prior to the collapse of communism, communist countries worked on the premise that economic well-being could be best attained by

Question 9

An increase in the overall level of prices in an economy is referred to as

Question 10

A friend of yours asks you why market prices are better than government-determined prices. Because you understand economic principles, you say that market-determined prices are better because they generally reflect

Question 11

For most students, the largest single cost of a college education is

Question 12

Which of the following examples does not illustrate the principle represented by the adage, “There is no such thing as a free lunch”?

Question 13

Trade

Question 14

Irregular fluctuations in economic activity are known as the

Question 15

Suppose that the Federal Reserve Bank announces that it will be making a change to a key interest rate to increase the money supply. This is likely because

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