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Economic Challenges

Chapter 3- T/F

TermDefinition
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
Created by: tiffanie1719