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Economic Challenges
Chapter 3- T/F
| Term | Definition |
|---|---|
| Macroeconomics deals with large issues that affect a country’s overall economy. | T |
| Macroeconomics and microeconomics are not related in any way. | F |
| Government policy that impacts the overall economy is a good example of a microeconomic issue. | F |
| Most modern economies blend free enterprise with some degree of government regulation and are known as mixed market economies. | T |
| Socialism is an economic system in which the government owns all the nation’s productive capacity. | F |
| Karl Marx is credited with developing the communist theory | T |
| Under communism, the government owns and operates only the basic industries. | F |
| Mixed-market economies are generally defined by a weak public sector with a handful of private enterprises. | F |
| A general decline in the prices of goods and services is known as inflation. | F |
| Unemployment is its level of productivity. | T |
| A rise in the cost of materials or labor can produce cost-push inflation | T |
| Economics is the study of people and the choices they make in allocating scarce resources. | T |
| Microeconomics addresses such questions as how to control inflation | F |
| A restrictive monetary policy helps reduce inflation. | T |
| The aging of the world’s population is proving to be a challenge to the global economy. | T |
| Global competitiveness depends on improving working skills to take full advantage of new technologies that enhance use, management, and control of information. | T |
| Macroeconomics deals directly with small-scale consumer purchases | F |
| Policies to reduce unemployment would be primarily a concern of microeconomics | F |
| A restrictive monetary policy reduces the money supply in order to curb rising prices. | T |
| When the federal government runs a budget deficit, the national debt is also increased | T |
| In monopolistic competition, the industry requires such large capital investment that there are very few producers. | F |
| Oligopolies are market situations, like those in the steel and airline industries, in which relatively few sellers compete and high start-up costs form barriers to keep out new competitors. | T |
| The Federal Reserve sets and implements monetary policy | T |
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tiffanie1719
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