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Test Prep For AP® Courses
Test Prep For AP® Courses
32.
Which of the following topics is most likely to be addressed by macroeconomics instead of microeconomics?
- A firm must determine how much to produce to maximize profits.
- A worker decides whether to work overtime at her job.
- A firm evaluates the effects of downsizing its operations.
- A policymaker measures the tradeoff between inflation and unemployment.
- A consumer decides how to allocate their budget on goods and services.
33.
In the circular flow diagram like the one below, households sell ____________ to firms in exchange for wages, salaries, and benefits.
- labor services
- goods and services
- payment for goods and services
- division of labor
- bonds
34.
An economic system characterized by concentrated power over the production of goods and services is known as (a) ____________.
- market economy
- specialization
- division of labor
- globalization
- command economy