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ECON MIDTERM #1
| Question | Answer |
|---|---|
| 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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