Econ 101 Quiz 1 Study Guide Graded A+

The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves _____ spending. {Ans: government}What is the best definition of an underground economy? {Ans: a market where the buyers and sellers make transactions without the government's approval.}In a ____________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers. {Ans: market-oriented economy}In which type of an economy do occupations stay in the family and people consume mostly what they produce? Group of answer choices {Ans: traditional}Which of the following best describes a monetary policy tool? {Ans: interest rates}In command economies, decision-making is ______________. {Ans: centralized}