buc.populiweb.com Populi - Bethesda University BA 240-2: Week 2 Quiz i Labor Market Explained: Theori... 4) A modern economy displays a in which people earn income by specializing in what they produce and then use that income to purchase the products they need or want. 1 Point None are correct O division of employment division of economics O division of taxes O division of labor 5) In economics, the micro decisions of individual businesses are influenced by whether the _ is healthy. For example, firms will be more likely to hire workers if the overall economy is growing. 1 Point multiple economy government economy O economy O macroeconomy looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports. 1 Point Macroeconomics Microeconomics Economics O All of these are correct 1 ABR LO " tvbuc.populiweb.com Populi - Bethesda University BA 240-2: Week 2 Quiz Labor Market Explained: Theori... Kindle B Bethesda University Home My Profile My Courses Directory Week 7 Midterm 1) Division and specialization of labor only work when individuals 1 Point O cannot purchase what they do not produce in markets. O can purchase what they do not produce in markets. can purchase what they do produce in markets O None of these is correct 2) Economics seeks to solve the problem of 1 Point employment Oscarcity Ofederal budget 4 gains 3) The division of labor allows individuals and firms to specialize and to produce more because: 1 Point O It allows the agents to focus on areas of advantage due to natural factors and skill levels It encourages the agents to learn and invent It allows agents to take advantage of economies of scale. O All of these are correct ABR 5 "tv MacBook Air esc # 10 Of LO CO +buc.populiweb.com Populi - Bethesda University BA 240-2: Week 2 Quiz i Labor Market Explained: Theori.. All of these are correct 7) The microeconomic perspective focuses on: 1 Point O looks at the economy as a whole, focusing on goals like growth in the standard of living, unemployment, and inflation. O has two types of policies for pursuing these goals: monetary policy and fiscal policy. O parts of the economy: individuals, firms, and industries. All of these are correct 8) A_is a simplified representation of how two or more variables interact with each other. The purpose is to take a complex, real-world issue and simplify it down to its essentials. 1 Point O theory O model O hypothesis O algorithm 9) Economists analyze problems differently than do other disciplinary experts. The main tools economists use are: 1 Point economic theories or models. O experiments and correlations. experience and models. O theories 10) _ holds that as production of a good or service increases, the marginal opportunity cost of ABR. LO is tv