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Macro Test 1

QuestionAnswer
What is scarcity? Unlimited wants vs limited resources
what is opportunity cost? highest valued alternative given up
Law of demand? Price Increases and quantity demanded decreases and vice versa
Law of Supply? Price Increases and quantity demanded increases vice versa
what are some determinants of demand? income, tastes, related goods, expectations and # of buyers
determinants of supply? technology, taxes, resource prices, # of sellers,
market equilibrium? Qd=Qs
GDP formula? Y=G+I+C+(X+M) GDP= Govn't expenditure + Investments +consumption expenditure + (Exports + Imports)
Real GPD? adjusted for inflation
price ceiling? can cause a shortage if under equilibrium
price floor? can cause surplus if above equilibrium
unemplyment types? seasonal, cyclical, structural, frictional
seasonal? farmers, resort and amusement park employees
cyclical? because of recession
frictional normal market turnover, new entrants to the labor force, or between jobs
structural? a mismatch between employee skills and employer wants
natural rate of unemployment? frictional+ structural
What is CPI? measures inflation
stock vs flow stock over time, flow at some point in time
what is the unemployment rate now? 4.3%
micro topics consumer behavior, price, firm behavior, quantity choices
maco topics inflation, GDP, aggregate, unemployment, interest rates
what is economics? a social science
positive statement? testable hypothesis (the sky is blue)
normative statement? value judgement or opinion (i think flowers are pretty)
Created by: kaitlynlampe
 

 



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