Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

MACRO FINAL #2

Exam 2

QuestionAnswer
Analysis based on value judgments is called _____ analysis. normative
The concept of equity focuses on: fairness
In a market graph, consumer surplus is the area: above the price and below the demand curve.
On a market graph, producer surplus is the area that is: above the supply curve and below the price.
A market's deadweight loss is calculated as: the economic surplus at the efficient quantity minus the economic surplus at the actual quantity.
Market failure occurs when market forces lead to: an inefficient outcome.
To maximize production, people should focus on the task in which they have a comparative advantage.
The person who has an absolute advantage in a task is the one who is best at the task.
Comparative advantage explains why people specialize and trade.
When a manager uses comparative advantage to assign tasks in a workplace, then each task is assigned to the worker with the lowest opportunity cost for performing the task.
Barlow and Rusia own a nail salon. A manicure takes Barlow 60 minutes to complete and takes Rusia 45 minutes to complete. Completing a pedicure takes Barlow 45 minutes and takes Rusia 30 minutes. Who has a comparative advantage in pedicures? Rusia because she has a lower opportunity cost.
A trade cost is: the difference in price between a good that is bought or sold abroad rather than domestically.
Which of the following is a source of comparative advantage? abundant inputs
A tariff is a: tax on imported products.
What is social insurance? It is government-provided financial funding to households to compensate for bad outcomes such as unemployment, illness, disability, or outliving their savings.
Which of the following is a social insurance program in the United States? Social Security
Government-provided financial funding to households to compensate for bad outcomes such as unemployment, illness, disability, or outliving your savings is known as a: social insurance system.
Intergenerational mobility is the extent to which: the economic status of children is independent of the economic status of their parents.
Created by: C_Row
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards