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Macro Review - Unit 1/2 Flashcards | StudBud
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Macro Review - Unit 1/2
Macro Review - Unit 1/2
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#foundations of econ plus basic skills from unit 2
Flashcards
40 cards
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Practice quiz
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Host live
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Questions
40
Answers
1
Exchanging one thing for another is considered
opportunity cost
loss
profit
trade-off
2
Pairs of goods that are used in place of each other are
complements
substitutes
superlatives
adjectives
3
The amount of a good that buyers want/need to purchase is
demand
supply
quantity demanded
quantity supplied
4
GDP
total final goods/services produced in a single year
total goods/services traded from country to country
total goods/services allowed US citizens in another country
total goods/services produced
5
Fixed rates help ____ and hurt ____
savers, retired people
borrowers, lenders
retired people, banks
lenders, borrowers
6
CPI
measures about 80,000 goods/services purchased & inflation
measures increases in inflation over time
measures a basket of goods showing inflation over time
all of the choices
7
Labor force is.....
those employed or seeking employment
those sitting at home thinking about seeking employment
those sitting in IHOP thinking about seeking employment
those in 9th grade thinking about seeking employment
8
Sticky wages are to flexible wages as
all of the above
stationary is to mobile
fixed is to adjustable
salaried workers are to hourly workers
9
Nominal GDP
includes inflation, calculate base year then PXQ
takes out inflation, calculate PXQ
includes inflation, calculate PXQ
takes out inflation, calculate base year then PXQ
10
Money going from business to resource market
expenses
expenditures
income/wages
revenue
11
On the PPC chart, the point on the curve represents
recession
economic growth
technology
efficency
12
The next best alternative is considered
loss
profit
opportunity cost
trade-off
13
Cyclical UE
by seasons, includes seasonal, low turn of economy
by scarcity, includes seasonal, low turn of economy
by choice, includes seasonal, low turn of economy
by skills, includes seasonal, low turn of economy
14
Structural UE
by scarcity, part of NAIRU, corrected through training
by season, part of NAIRU, corrected through training
by skills, part of NAIRU, corrected through training
by choice, part of NAIRU, corrected through training
15
Pairs of goods that are used together are
complements
substitutes
superlatives
adjectives
16
Money going from resource market to households
expenditures
income/wages
expenses
revenue
17
The 4 FOP are
labor, unions, wages, prices
entrepreneurship, business, risk, profit
land, labor, capital, entrepreneurship
land, air, water, food
18
An elastic purchase
is a necessity such as insulin
is a luxury such as a second car
is a luxury such as insulin
is a necessity such as a second car
19
Elasticity
response to changes in quantity demanded
response to changes in quantity supplied
response to changes in quantity
response to changes in prices
20
The ability to produce a good using fewer inputs is
visual advantage
absolute advantage
ambidextrous advantage
comparative advantage
21
The amount of a good that sellers have available to sell is
demand
quantity demanded
supply
quantity supplied
22
Easy start up business, individual receives all profits and is accountable for all liability
partnership
corporation
sole proprietorship
horizontal merger
23
Aggregate is to marginal as
total is to additional
upside down is to rightside up
yesterday is to tomorrow
present is to the past
24
The study of economics based on factual analysis is
monetary economics
normative economics
relative economics
positive economics
25
On the PPC chart, the point under the curve represents
recession
economic growth
technology
efficiency
26
Frictional UE
by seasons, will always keep UE above 0
by choice, will always keep UE above 0
by scarcity, will always keep UE above 0
by skills, will always keep UE above 0
27
Unanticipated inflation
hurts savers and fixed incomes
hurts borrowers and lenders
gives gains to borrowers and lenders
gives gains to savers and fixed incomes
28
Money going from goods/product market to business
income/wages
expenditures
expenses
revenue
29
An inelastic purchase
is a necessity such as insulin
is a luxury such as insulin
is a luxury such as a second car
is a necessity such as a third car
30
You know you're unemployed if....
17+, looking for a job within 2 weeks, not found one yet
18+, looking for a job within 2 weeks, not found one yet
15+, looking for a job within 3 weeks, not found one yet
16+, looking for a job within 4 weeks, not found one yet
31
Examples of transfer payments include
savings accounts, checking accounts, and income
stocks, bonds, & second hand trades
cash, money orders, & savings accounts
food stamps, student loans, & subsidies
32
The amount of a good that buyers are willing and able to purchase is
demand
supply
quantity supplied
quantity demanded
33
Real GDP
change base year, calculate P x Q
calculate P x Q
calculate P x Q & divide by 100
no calculation needed - just look and see who makes the most
34
The study in economics of what ought to be is
relative economics
monetary economics
normative economics
positive economics
35
Money going from households to goods/product market
revenue
income/wages
expenses
expenditures
36
Easy start up, shared profits and shared liability
sole proprietorship
horizontal merger
partnership
corporation
37
Government makes money through____ & returns it in ____
expenditures, income/wages
payments & transfers, taxes
taxes, payments & transfers
expenses, revenue
38
The amount of a good that sellers are willing and able to sell is
quantity supplied
quantity demanded
supply
demand
39
The ability to produce a good at a lower opportunity cost is
visual advantage
ambidextrous advantage
absolute advantage
comparative advantage
40
Hard start up, government paperwork, must have a charter signed by the government
corporation
sole proprietorship
partnership
horizontal merger
