MACROECONOMICS FOR TODAY
10th Edition
ISBN: 9781337613057
Author: Tucker
Publisher: CENGAGE L
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Question
Chapter 5, Problem 7SQ
To determine
The circular flow of economic activity.
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Human capital is defined as:
a. The skills and education that make workers more productive
b. The knowledge of the best and most efficient ways to produce goods and services
c. The total number of workers available in the economy
d. The total amount of financial investment in an economy
1. Write a sentence or two defining the following terms in your own words. Give examples of each.
g. Planned System
h. Public Goods
i. Recession
The economic institution that transforms factors of production into consumer goods is:
a. a firm.
b. the government.
c. lending institutions such as banks and credit unions.
d. the stock market.
Chapter 5 Solutions
MACROECONOMICS FOR TODAY
Ch. 5.6 - Prob. 1YTECh. 5 - Prob. 1SQPCh. 5 - Prob. 2SQPCh. 5 - Prob. 3SQPCh. 5 - Prob. 4SQPCh. 5 - Prob. 5SQPCh. 5 - Prob. 6SQPCh. 5 - Prob. 7SQPCh. 5 - Prob. 8SQPCh. 5 - Prob. 9SQP
Ch. 5 - Prob. 10SQPCh. 5 - Prob. 11SQPCh. 5 - Prob. 12SQPCh. 5 - Prob. 13SQPCh. 5 - Prob. 1SQCh. 5 - Prob. 2SQCh. 5 - Prob. 3SQCh. 5 - Prob. 4SQCh. 5 - Prob. 5SQCh. 5 - Prob. 6SQCh. 5 - Prob. 7SQCh. 5 - Prob. 8SQCh. 5 - Prob. 9SQCh. 5 - Prob. 10SQCh. 5 - Prob. 11SQCh. 5 - Prob. 12SQCh. 5 - Prob. 13SQCh. 5 - Prob. 14SQCh. 5 - Prob. 15SQCh. 5 - Prob. 16SQCh. 5 - Prob. 17SQCh. 5 - Prob. 18SQCh. 5 - Prob. 19SQCh. 5 - Prob. 20SQ
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- The four factors of production that produce economic activity are ______. a. Corporations, small businesses, marketing and technology b. Interest rates, unemployment, taxes and growth c. Machines, buildings, money and capital d. Land, labor, capital and enterprisearrow_forwardAn example of an economic entity is a: a. town. b. business. c. non-profit hospital. d. church.arrow_forwardChoose the Letter of the Correct Answer 1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 2. It refers to the skills and talents to produce a product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 3. It refers to the target market of a certain product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 4. A basic economic question that relates about quality and quantity of the product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 5. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic systemarrow_forward
- An example of an economic entity is a:a. town.b. business.c. non-profit hospital.d. church.arrow_forwardEssay 1. Describe the circular flow of the Economy. Also describe in detail how each of the resources is used in the productive process. What do the owners of the resources receive in payment?arrow_forwardThe demographic transition refers to: a. The increase in fertility rates and the number of children per family that many societies undergo as they transition from urban centers to farmland. b. The increase in fertility rates and the number of children per family that many societies undergo as they transition from rural to urban centers. c. The decrease in fertility rates and the number of children per family that many societies undergo as they transition from rural to urban centers. d. The decrease in fertility rates and the number of children per family that many societies undergo as they transition from urban centers to rural locations.arrow_forward
- Which of the following is a positive economic statement? A. Unemployment insurance payments increase when the unemployment rate rises. B. States should be able to enact their own marijuana legalization laws. C. The government should defund Obamacare. D. The inflation rate in the United States is too high.arrow_forwardAssignmem Identity and ldeology Value Unit 1 Review 15 1. Match the definitions on the left with their correct terms on the left. an economic system in which private business people make decisions about protection, resources are privately owned, and competition determines prices and what is produced A. capitalism B. collectivism C. communism D. individualism the things that are seen to be very important E. values the political, social, and economic system of certain countries in which the state, governed by a single party without formal opposition, owns all property, controls the production and distribution of goods and services, and to a great extent controls the social and cultural life of the people an ideology based on the importance of the group foliowing beet an ideology with a belief in the primary importance and virtues of self-reliance and personal independence ed terarrow_forward1. The three major actors in terms of economic activity are A. governments, businesses, and producers. B. households, individuals, and the stock market. C. households, businesses, and government. D. leaders, people, and firms.arrow_forward
- 43. Sultanate of Oman is classified under which economic system? a. Mixed economy b. Communist economy c. Capitalist economy d. Socialist economyarrow_forwardThe main reason the cost of living varies acrossregions of the country is differences in the price ofa. food.b. clothing.c. housing.d. medical care.arrow_forward3. The organization of economic activities that involve the production and distribution of goods and services among the people refers to. a. Factors of production b. Economic system c. Central planning d. Economic factorsarrow_forward
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