CCAC 11. Prior to George W. Bush\'s presidency, in what two ways did most econom

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CCAC 11. Prior to George W. Bush's presidency, in what two ways did most economists recommend the U.S government use a budget surplus? Macroeconomics Final Exam Study Questions 1. What are the strengths and weaknesses of a command 12. A popular television mews program ans a report warning consumers about the negative health effects of eating chicken. What changes in the chicken market are likely to occur as a result? 13. Why does the U.S. government institute tarifis? 14. Why do proponents of deficit spending suppoet it, 15. Human skills and abilities are part of what factor of a. Inefficient companies will not survive b. e. It is able to make large-scale changes quickly Planning committees allow for the most efficient times? allocation of resources. The government knows best what to produce, how to produce it and for whom. peoduction? In the United States, the parsuit of the economic and social goal of full employment is most likely to conflict with which other goal? 2. 16. 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 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. The Inuit society of northerm Canada best exemplifies 20. In an economic system such as is in place in the United Please use the following data for Country X to answer guestions 4 and 5 Year I Year 2 Year 3 Year 4 GDP Growth 3.3% 5.1% -3.0% 0.7% CI Unemp. Rate 4.8% 4.1% 6.1% 5.35 Stock Index 7036.1 8293.06833.4 75606 100 103.5 106.8 110.2 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 22. The American economic system is best characterized as 23. What is the name for the graphical representation of the that employees in a Command System do not have During which year does Country X's economy seem to be strongest? 5. what type of system? In "bumper crop" years Oears with huge crop yields. what is most likely to happen to the equilibrium price and quantity of oranges? quantity demanded at each 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 quantity demanded of a product will most likely do what? Please use the diagram below to answer question & 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 of products, as they relate to each other? good have on the demand for a complementary good? Pc ase similar amounts of, regardless of a large increase in price? If the government institutes a price ceiling at Pe, which of the following conditions will exist? 8. What economic condition is most closely associated with a price ceiling? 28. 9. What is likely to happen to the U.S. Dollar as it economy gets stronger relative to the economies of other nations? Delallo Final Exam A

Explanation / Answer

1. b. It is able to make large-scale changes quickly.

Explanation: In a command and control economy, a central planning committee makes all decisions regarding production. In this type of a system, businesses are controlled by the state and large-scale changes can be implemented by government order and decision in a very short time.

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