611. In a command (Planned) economy:
A) An incentive is provided by the price mechanism.
B) Resources are allocated by Market forces
C) People and firms go with choices for themselves about what to deliver and how to create it
D) The public sector is large
612. The public sector includes:
A) Investors owning company
B) Government ownership of assets
C) Market forces of supply and demand
D) All trade via barter
613. Which of the following is a normative statement in economics?
A) More spending by the government reduces poverty
B) A decreased desire to work is caused by higher taxes
C) The UK economy is growing fast relative to other European Union members
D) Reducing unemployment should be the primary focus of the government
614. If an economy is productively efficient:
A) Everyone is wealthy
B) Resources are unemployed
C) More of one product can only be produced if less of another product is produced
D) The distribution of income is equal
615. Economic growth can be shown by:
A) A shift of the production opportunity frontier inward
B) A step backward along the production opportunity frontier
C) A shift in the production possibility frontier’s direction
D) An expansion of the production opportunity frontier
616. This can be demonstrated by the fact that resources are moved from one industry to another:
A) A shift of the production opportunity frontier inward
B) A development along the creation plausibility boondocks
C) A shift in the direction of the production opportunity frontier
D) An outward shifting the demand curve for the products
617. In a free market, the combination of products produced will be determined by:
A) The market’s forces of supply and demand
B) The government
C) The law
D) The public sector
618. An economy may operate outside the production possibility frontier if:
A) It is not utilizing its resources fully
B) It is being productively efficient
C) It is a mixed economy
D) It is trading with other economies
619. The branch of economics concerned with the overall performance of the economy is known as:
A) Microeconomics
B) Macroeconomics
C) Econometrics
D) Keynesian Economics
620. The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as:
A) Microeconomics
B) Macroeconomics
C) Econometrics
D) Bayesian Economics
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