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