Glendale Community College » Economics » Econ 102 - Principles of Macroeconomics » Winter 2021

Question #1

In the market for goods and services, _____________ supply the goods and services.

A. assembly lines

B. households

C. governments

D. firms

Question #2

Specialization occurs when

A. workers do the same task repeatedly

B. workers multitask

C. workers do many different tasks

D. workers constantly change tasks

Question #3

In a command economy, economic decision-making is

A. decentralized

B. guided by the Invisible Hand

C. centralized

D. made by private owners

Question #4

Regulations are necessary because

A. market failures can occur in a market economy

B. market failures do not exist in a market economy

C. government is efficient

D. government is inefficient

Question #5

A key feature of a market economy is

A. military ownership

B. government ownership

C. private ownership

D. centralized decision making