dimension?

8. The chapter defines private enterpriseas a characteristic of market-oriented economies. What would

public enterprisebe? Hint: It is a characteristic of command economies.

9. Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?

Review Questions

10. Give the three reasons that explain why the division of labor increases an economy’s level of production.

11. What are three reasons to study economics?

12. What is the difference between microeconomics and macroeconomics?

13. What are examples of individual economic agents?
26 1 • Critical Thinking Questions

14. What are the three main goals of macroeconomics?

15. How did John Maynard Keynes define economics?

16. Are households primarily buyers or sellers in the goods and services market? In the labor market?

17. Are firms primarily buyers or sellers in the goods and services market? In the labor market?
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