Macroeconomics

an increase in the overall level of prices in the economy

(CH1)

a situation in which a market left on its own fails to allocate resources efficiently (CH1)

the study of how society manages its scare resources (CH1)

something that induces a person to act(CH1)

the quantity of goods and services produced from each unit of labor input(CH1)

whatever must be given up to obtain some item (CH1)

the impact of one person's actions on the well-being of a bystander (CH1)

people who systematically and purposefully do the best they can to achieve their objectives (CH1)

the limited nature of society's resources (CH1)

an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services (CH1)

fluctuations in economic activity, such as employment and production (CH1)

a small incremental adjustment to a plan of action (CH1)

the property of society getting the most it can from its scarce resources (CH1)

the ability of a single economic actor (or small group of actors) to have a substantial influence on market price (CH1)

the property of distributing economic prosperity uniformly among the members of society (CH1)

the ability of an individual to own and exercise control over scarce resources (CH1)

Economics is best defined as the study of (CH1)

Your opportunity cost of going to a movie is (CH1)

A marginal change is one that (CH1)

Adam Smith’s “invisible hand” refers to(CH1)

Governments may intervene in a market economy in order to(CH1)

If a nation has high and persistent inflation, the most likely explanation is(CH1)

claims that attempt to describe the world as it is (CH2)

a visual mode of the economy that shows how dollars flow markets among households and firms (CH2)

a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology (CH2)

the study of how households and firms make decisions and how they interact in markets (CH2)

the study of economy-wide phenomena, including inflation, unemployment, and economic growth (CH2)

claims that attempt to prescribe how the world should be (CH2)

An economic model is(CH2)

The circular-flow diagram illustrates that, in markets for the factors of production,(CH2)

A point inside the production possibilities frontier is(CH2)

An economy produces hot dogs and hamburgers. If a discovery of the remarkable health benefits of hot dogs were to change consumers’ preferences, it would(CH2)

All of the following topics fall within the study of microeconomics EXCEPT(CH2)

Which of the following is a positive, rather than a normative, statement?(CH2)

whatever must be given ip to obtain some item (CH3)

the ability to produce a good at a lover opportunity cost than other producer(CH3)

the ability to produce a good using fewer inputs than another producer(CH3)

goods produced abroad and sold domestically (CH3)

goods produced domestically and sold abroad (CH3)

In an hour, David can wash 2 cars or mow 1 lawn, while Ron can wash 3 cars or mow 1 lawn. Who has the absolute advantage in car washing, and who has the absolute advantage in lawn mowing?(CH3)

Once again, in an hour, David can wash 2 cars or mow 1 lawn, while Ron can wash 3 cars or mow 1 lawn. Who has the comparative advantage in car washing, and who has the comparative advantage in lawn mowing?(CH3)

When two individuals produce efficiently and then make a mutually beneficial trade based on comparative advantage,(CH3)

Which goods will a nation typically import?(CH3)

Suppose that in the United States, producing an aircraft takes 10,000 hours of labor and producing a shirt takes 2 hours of labor. In China, producing an aircraft takes 40,000 hours of labor, while producing a shirt takes 4 hours of labor.(CH3)

Mark can cook dinner in 30 minutes and wash the laundry in 20 minutes. His roommate takes half as long to do each task. How should the roommates allocate the work?(CH3)

a good for which other things being equal an increase in income leads to a decrease in demand (CH4)

the claim that the price of any good adjusts to bring the quantity supplied and quantity demanded for that good into balance (CH4)

two goods for which an increase in the price of one leads to a decrease in the demand for the other (CH4)

a table that shows the relationship between the price of a good and the quantity demanded (CH4)

a group of buyers and sellers of a particular good or service (CH4)

two goods for which an increase in the price of one leads to an increase in the demand for the other (CH4)

the claim that , other things being equal , the quantity demanded of a good falls when the price of the good rises (CH4)

a graph of the relationship between the price of good and the quantity demanded (CH4)

a situation in which quantity demanded is greater than quantity supplied (CH4)

a graph of the relationship between the price of a good and the quantity supplied (CH4)

the price that balances quantity supplied and quantity demanded (CH4)

the amount of a good that buyers are willing and able to purchase (CH4)

a situation in which quantity supplied is greater that quantity demanded (CH4)

the amount of a goof that sellers are willing and able to sell (CH4)

a good for which, other things being equal, an increase in income leads to an increase in demand (CH4)

the quantity supplied and the quantity demanded at the equilibrium price (CH4)

a market in which there are many buyers and many sellers so that each has a negligible impact on the market price (CH4)

a table that shows the relationship between the price of a good and the quantity supplied (CH4)

a situation in which the market price has reached the level at which quantity supplied equals quantity demanded (CH4)

A change in which of the following will NOT shift the demand curve for hamburgers?(CH4)

An increase in ________ will cause a movement along a given demand curve, which is called a change in ________.(CH4)

Movie tickets and DVDs are substitutes. If the price of DVDs increases, what happens in the market for movie tickets?(CH4)

The discovery of a large new reserve of crude oil will shift the ________ curve for gasoline, leading to a ________ equilibrium price.(CH4)

If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods?(CH4)

Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in the equilibrium quantity of jelly sold?(CH4)

spending by households on goods and services , with the exception of purchases of new housing (CH10)

the production of goods and services valued at current prices (CH10)

the production of goods and services valued at constant prices (CH10)

spending on goods and services by local, state and federal government (CH10)

spending on domestically produced goods by foreigners (exports) - spending on foreign goods by domestic residents (imports) (CH10)

the study of economy-wide phenomena, including inflation, unemployment, and economic growth (CH10)

spending on capital equipment, inventories and structures, including household purchases of new housing (CH10)

the market value of all final goods and services produced within a county in a given period of time (CH10)

the study of ho households and firms make decisions and how they interact in markets (CH10)

a measure of the price level calculated as the ration of nominal GDP to real GDP times 100 (CH10)

If the price of a hot dog is $2 and the price of a hamburger is $4, then 30 hot dogs contribute as much to GDP as _____ hamburgers.(CH10)

Angus the sheep farmer sells $20 worth of wool to Barnaby the knitter. Barnaby makes two sweaters, each of which has a market price of $40. Collette buys one of them, while the other remains on the shelf of Barnaby’s store to be sold later.(CH10)

Which of the following does NOT add to U.S. gross domestic product?(CH10)

An American buys a pair of shoes manufactured in Italy. How do the U.S. national income accounts treat the transaction?(CH10)

Which is the largest component of GDP?(CH10)

If all quantities produced rise by 10 percent, and all prices fall by 10 percent, which of the following occurs?(CH10)