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ECON MIDTERM #1

QuestionAnswer
Main Issues of efficiently management in our economy are Production, consumption, and distribution
The most critical factors in the cost- and- benefit analysis are intangible items
The central fact of economics is Scarcity
Economics is a social study of how people manage _______ their limited resources to satisfy their unlimited wants w/o losing the_____ Efficiency, human dignity
When the cost of one item is higher than the benefit, people tend to make their decisions to buy it. (true or false) False
Opportunity cost of any choice is the____ of the next best _____ forgone value, alternative
The difference between a need and a want is based on: your own reference frame
If the run is 4000 and the rise is -2000, then the slope will be: -1/2
the classical school of economics thoughts believed in: 1.Laissez-faire policy 2. no government intervention 3. two players in market 4. invisible hands
When the quantity___ and the price rises, that is the________ declines, demand
An economic model is a _____ picture of______ simplified, reality
Normative economic deal with the ______ and_______ Uncertainty, future
John Maynard Keynes was following father of the classical school of economics thoughts (true/false) False
Macroeconomics is the study of: big picture and national policies
Positive economics is related to: what it is
The main characteristics of socialism are: Central planned and public properties
The____ circular flow market shows the household acting as sellers of land, capital, and labor?\: and the _____ acting as a buyer Factors, Firm
capitalism is based on Price, Profit, and Private properties
when the whole supply curve moves to the right or left, we call it Supply shift
The intersectional point of the demand and supply curves is a: Equilibrium point
The 45 degree line is a presentation of disposable incomeequals expenditures
recession is defined as a _______ growth for______ consecutive quaters negative, 2
what is the target rate of the USA economy growth? 4%
The letter i in the conceptual equation GDP+C+I+G+(X-M) presents for _____ and means______ investment, business expenditures
GDP is the total ____ of all of the goods and services that are ____ by an economy or one country per ____ market value, produced, one year
demand ability to pay for what you want
Created by: laraa391
 

 



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