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What is the primary focus of microeconomics?
Decisions of individuals and businesses
Macroeconomics primarily studies...
National and global economies
In a market economy, who decides what goods are produced?
Consumers and producers
In a command economy, resource allocation is primarily decided by...
The government
Which of these best describes economic scarcity?
Equal distribution of wealth
Limited resources vs. unlimited wants
Financial savings
Abundant resources
How does inflation generally affect consumers?
Increases purchasing power
Reduces purchasing power
No effect
Makes goods cheaper
Which is a common cause of inflation?
Low demand for goods
Increased money supply
Reduced taxes
Increased imports
What is a major role of government in controlling inflation?
Lowering wages
Increasing supply of goods
Setting interest rates
Closing international trade
What financial product played a key role in the 2008 crisis?
Credit cards
Mortgage-backed securities
Savings bonds
Car loans
How did deregulation contribute to the 2008 financial crisis?
Lowered consumer spending
Increased government spending
Reduced global trade
Allowed riskier financial practices
Which group was partly responsible for inaccurate ratings of financial products in 2008?
Credit rating agencies
Real estate agents
Consumers
Federal Reserve
The 2008 financial crisis led to government intervention in the form of...
Bailouts
Price caps
Subsidies for small businesses
New minimum wage laws
What is a key purpose of government intervention in markets?
Guarantees profits
Protects against market failures
Decreases competition
Ensures private ownership
What type of economy prioritizes state ownership and central planning?
Mixed economy
Market economy
Capitalist economy
Command economy
In a market economy, how are prices primarily determined?
By consumer needs
By nonprofit organizations
By government regulations
By supply and demand
What is an opportunity cost?
Cost of new opportunities
Price increase over time
Value of the next best alternative
Expenses of daily needs
