Exam 14: Macroeconomics and Us Economic Hegemony

Mixed-market economies characterized the era known as the Middle Ages.

Which factors of production consist of human resources?

Economics is the most _______of the social sciences.

The market price of a commodity is shaped mostly by:

Which two concepts are inherently incompatible?

Of the six major sectors of the U.S. economy, the manufacturing sector is poised to succeed in the future, but the finance sector does not look as promising.

The term downsizing described workforce reductions undertaken by many corporations in the 1990s to reduce their expenditures in hopes of competing in the global economy.

Importing goods whose value exceeds the goods a country exports results in a:

Consensus exists among international economists that protectionism is never warranted under any circumstances.

Karl Marx believed that the class struggle during the capitalist stage of history would result in violent revolution when the downtrodden proletariat would rise up against the bourgeoisie.

Which type of economy is properly allied with its main form of production?

Fiscal policy has to do mostly with:

The point at which the supply curve and the demand curve intersect is referred to as the equilibrium price.

Which countries represent the best examples of individualistic capitalism?

The measures of GNP, GDP, and HDI involve the same variables but compute them differently.

The typical Keynesian solution to the problem of inflation is to increase governmental taxes and to cut governmental spending.

Which form of distortion of the forces of supply and demand does the De Beers case study best illustrate?

The Industrial revolution was supported by the economic system of mercantilism, and this economic system dominated Europe in the eighteenth century.

The term doi moi refers to economic reforms currently underway in Vietnam.