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Economics

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1. The branch of economics that examines the economy as a whole is called

2. The study of how to increase resources and to create the conditions that will make better use of those resources is called

3. The first economist to describe the process that turns self-directed gain into social and economic benefits for all was

4. The _______ is another name for the theory that peoples' efforts to improve their own situations in life also help the economy grow and prosper.

                        

5. Which of the following created the name 'dismal science' to refer to economics?

                       

6. The economic system that has led to the prosperity of most developed economies is

                       

7. Wayne owns a manufacturing company headquartered in the U.S. He is considering building a manufacturing plant in an Eastern European country to better serve customers in that market. He is carefully analyzing the laws in that country to ensure that the government cannot seize his plant without notice or reason. This best demonstrates his understanding of which basic right of capitalism?

                      

8. In free markets, prices are determined by

9. The economic concept of supply maintains that, generally speaking, the quantity of products or services offered by sellers _______ as the price _______.

10. The market structure in which there are a large number of sellers that provide similar—but not identical—products is called

11. The major benefit of socialism is

12. Johanna, an Austrian citizen, is graduating from a U.S. medical school. She knows she will have to pay a much higher percentage of her income in taxes if she practices medicine in Austria, so she decides to remain in the U.S. after graduation and become a U.S. citizen. This is an example of ________ in Austria

13. As a result of brain drain and less competition, socialist countries

14. The socioeconomic structure in which all factors of production, both human and non-human, are owned by the government, and the government establishes rules for production and consumption is known as

15. Who is known for putting forth communism as a political ideology?

16. The trend of most countries today is toward a(n) _______ economy

17. A _______ economy corresponds to capitalism, whereas a _______ economy corresponds to socialism or communism.

18. Economic systems in which some allocation of resources is made by the market and some by the government are called

 

20. Which of the following is NOT a benefit of a mixed economy?

 

21. The total value of final goods and services produced in a country in a given year is called

22. Price indexes such as the consumer price index (CPI) measure

23. A situation when the economy is slowing but prices are going up anyway is called

24. The terms "boom," "recession," "depression," and "recovery" refer to the four long-term phases of the

25. As an economist, Julia watches the evolution of the gross domestic product. She observes that the GDP has decreased over the past few quarters. She believes this means that the economy is experiencing a

26. * 1. During the latest economic downturn, the government decided to increase government spending, hoping this would create jobs and jumpstart the economy. This was an example of _______ policy

27. Mr. Hansen wanted to update his motel's washers and dryers with greener, more energy-efficient ones, but the cost seemed too high. However, when he learned that the government was trying to stimulate the economy by offering tax cuts for "greener investments," he purchased the equipment. These tax cuts are part of the government's

28. Monetary policy is one of the tools used to stabilize the economy. Monetary policy is implemented by

29. Monetary policy is based on the management of the money supply and

30. The two primary tools that the government can use to stabilize the economy are

31. Opportunity International helps people earn their way out of poverty through

32.

Adam Smith believed that although businesspeople work to improve their own prosperity and not necessarily that of others, their efforts eventually provide social and economic benefits for all. He called this process   33. The video tells the story of a woman who decided to start a new type of business rather than a business similar to others in her community. Her success as a mushroom producer benefited her family, her community, the other mushroom farmers she eventually trained and many others. This is an example of 34. The video tells the story of a woman who decided to start a mushroom farm, which is a different type of business than others in her community. Under the foundations of capitalism, she used the basic right of 35. In global markets today, most economies are 36. The video identifies three economic indicators. However, almost every discussion about a nation's economy is based on its 37. Gabby is motivated to work hard in a capitalistic society, because 38. How does the government get the money to buy and own these major industries? 39. What kind of economic system does the United States operate within?