Economics 3-2 Homework

What is Microeconomics?

• The study of large economic systems and how they work
• The study of individual and business decisions about resources
• The total value of goods and services produced in a country
• A period of economic growth or decline

Macroeconomics focuses on which of the following?

• Individual consumer choices
• Small business operations
• Large-scale economic factors like national productivity
• Family budgets

What does Gross Domestic Product (GDP) measure?

• The total amount of money in a country
• The number of jobs available
• The total value of goods and services produced in a country
• The number of businesses in a country

Which of the following best describes a business cycle?

• A document that protects an inventor’s ideas
• A pattern of economic growth and decline over time
• A method of studying individual economic decisions
• A law protecting artistic works

What is a patent?

• A document that protects an inventor’s ideas from being copied
• A measure of a country’s production
• A period of economic decline
• A type of business tax

What does a copyright protect?

• An inventor's new product
• A company’s profits
• A creator’s original work, like a book or a song
• The total value of goods produced

Which of the following is an example of work ethic?

• Taking frequent breaks during work
• Completing tasks responsibly and on time
• Avoiding difficult tasks
• Copying someone else's work

Which is NOT a focus of microeconomics?

• Individual consumer behavior
• Business decision-making
• National economic performance
• Pricing of goods and services

What is an effect of a strong work ethic?

• Less productivity
• More mistakes
• Better job performance
• More free time

Which of the following describes the business cycle?

• It remains constant over time
• It includes only positive growth
• It has periods of both growth and decline
• It is unpredictable