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eco

QuestionAnswer
the fundamental problem in economics. scarcity
Specialization requires trade
the branch of economics that focuses on broad issues like growth, unemployment, inflation, and trade balance. Macroeconomics
focuses on actions of individual agents within the economy like households, workers, and businesses. Microeconomics
The Circular Flow diagram is an example of economic model
a line depicting all combinations of goods that are affordable with a given income and given prices. budget constraint
he ability and willingness to sell specific quantities of a good, while supply is the ability and willingness to buy specific quantities of a good. quality supplied
lower limit imposed on the price of a good price floor
The World Bank deems a legal system effective if property rights and contractual rights are upheld. true
Growth rate of total output equals Growth rate of labor force + growth rate of productivity
Natural unemployment consists of which type of unemployment? Both Structural & Frictional
ull employment is the same as zero unemployment. false
One of the three core economic questions that must be resolved is what to produce with (unlimited/limited) resources limited
an upper limit imposed on the price of a good. price ceiling
the willingness and ability to buy specific quantities of a good at alternative prices demand
the ability and willingness to sell specific quantities of a good at alternative prices. supply
he value of final output measured in current prices Nominal GDP
value of final output measured in constant prices. Real GDP
consists of both expansions and contractions. business cycle
Examples of economic contractions include Recessions & Depressions
The World Bank deems a legal system effective if what is upheld? Both property & contractual rights
Growth rate of total output = growth rate of labor force + growth rate of productivity
New growth theory focuses on which of the following: Investing in ideas
Created by: Jmanie
Popular Economics sets

 

 



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