CCAC I1. Prior to George W. Bush\'s presidency, in what two ways did most econom
ID: 1113305 • Letter: C
Question
CCAC I1. Prior to George W. Bush's presidency, in what two ways did most economists recommend the U.S. government use a budget surplus? Macroecononics Final Exam Study Questions 1. What are the strengths and weaknesses of a command 12. A popular televisioe news program runs a report warning coesumers about the negative health effects of eating chicken. What changes in the chicken market are likely to occur as a result? economy? a. Inefficient companies will not survive. b. It is able to make large-scale changes quickly c. Planning committees allow for the most efficient 13. Why does the U.S. government institute tariffs? 14. Why do proponents of deficit spending support it, a 15. Human skills and abilities are part of what factor of times? allocation of resources The government knows best what to produce, how to produce it and for whom. d· production? 2. In the United States, the pursait of the economic and What is the name of the graphical representation of all possible combinations of two products that can be produced when all factors of production are fully employed? 16 social goal of full employment is most likcly to conflict with which other goal? 3. In order for something to have value, it must be both scarce and 17. In one word, what is the fundamental economic problem? 18. What is the best example of a Command Economy? 19- Please use the following data for Cowntry X to amwer qwestions 4 and S The Inuit society of northern Canada best exemplifies what kind of economic system? Year 1 Year 2 Year 3 Year 4 GDP Growth 3.3% 5.1% -3.0% 0.7% CPI Unemp. Rate 4,0% 4,1% 6.1% 5.3% Stock Index 7036.1 8293.0 6833.4 7560.6 100 103.5 106.8 110.2 20. In an ecosomic system such as is in place in the United States, it is said that the consumers make all decisions with regard to key economic questions by using their dollars as During which year was Country X most likely experiencing a recession? 4. 21. What incentive do employees in a Market System have that employees in a Command System do not have? 5. During which year does Country X's economy seem to be strongest? 22. The American economic system is best characterized as what type of system? 6. In "bumper crop" ycars (years with huge crop yields), what is most likely to happen to the equilibrium price and quantity of oranges? 23. What is the name for the graphical representation of the quantity demanded at cach and every price that the market will bear? Demand Schedule Which type of an income tax system would be most likely to fail on the basis of fairness? 7. 24- The Law of Demand states that, as the price increases, the 25. Butter and margarine are best characterized as what types 26. In general, what effect will an increase in the price of a 27. What type of demand exists for a product that people will 2&. What economic condition is most closely associated with quantity demanded of a product will most likely do what? Please use the diagram beloe to answer question& of products, as they relate to each other? good have on the demand for a complementary good? purchase similar amounts of, regardless of a large Pc s. If the government institutes a price ceiling at Pc, which of increase in price? the following conditions will exist? a price ceiling? . What is likely to happen to the U.S. Dollar as it economy gets stronger relative to the economies of other nations? Delalle Final Exam AExplanation / Answer
1 . d, In command economy central government has all power as it is central planing authority which decide how much to produce , how to produce , for whom to produce.