Introduction to Macroeconomics example #4174

Which question is an example of a macroeconomic question?

When a nation is under-allocating resources to the production of a good, then the

Refer to the production possibilities curve. At the onset of the Second World War, the Soviet Union was already at full employment. Its economic adjustment from peacetime to wartime can best be described by the movement from point

The law of increasing opportunity costs states that

Economics may best be defined as the

Suppose that a consumer purchases just two goods, X and Y. The ratio of the price of good X to the price of good Y is the

Which of the following is a distinguishing feature of laissez-faire capitalism?

Suppose that an individual sees a tremendous opportunity to produce and sell a new product but dismisses the idea because there is no way to exploit this opportunity for personal gain. This situation best identifies the

Which of the following is the main problem with the barter system of exchange?

One basic difference between "labor" and "entrepreneur" is that

The main function of the entrepreneur is to

Specialization in production is important primarily because it

A required element for specialization to lead to an increase in the satisfaction of society's wants is

T/F: Property rights give the government the right to own, use, and dispose of resources in an economy.

Private property

One major element of the command system is

"Under central planning, some group has to decide how to get the necessary inputs produced in the right amounts and delivered to the right places at the right time. This is a nearly impossible task without markets and profits." This quotation best identifies the