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Related Flashcards
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Cards In This Set
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T/F- A market place is any place, institution or mechanism that brings buyers and sellers together?
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True
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Theoretically, as the unemployment rate decreases, prices ....?
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Increase
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Market imperfections include....? (list 3 things)
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1) barriers to entry AND exit
2) informational imperfections 3) market power of a buyer or seller |
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The extra cost of an extra unit of production is called?
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Marginal Cost
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T or F- Trade based on specialization and comparative advantage can make each partner in trade better off..?
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True
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T or F- Government subsidies for ethanol producers are an example of incentives...?
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True
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The U.S. Standard of living exceeds that of most nations. This primarily is due to ..?
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High productivity
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The basic economic questions include... (which 4 things) ?
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1) What to produce
2) How to produce 3) How much to produce 4) for whom |
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T or F - The production possibilities frontier (function, schedule, line, curve) show the limit, in the short run of an economies full-employment, fully-efficient output.. ?
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True
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T or F -The production possibilities frontier (function, schedule, line, curve) show that, in the short run, an economy can produce more capital goods only by sacrificing some consumption goods.. ?
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True
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Economic models...?
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Simplify reality
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Microeconomics is....?
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Is the study of individual household and producer economic decision making
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Macroeconomics is....?
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The study of economy-wide phenomena, including inflation, unemployment, and economic growth.
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T or F - Positive and normative economics are the two major subdivisions of the study of economics ..?
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False
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In the U.S., income is distributed equally. This statement is ....?
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Positive
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