where do politics and economic studies overlap in the context of behaviour?

institutions shape cost/benefit of behaviour

what is creative destruction?

the idea that new innovations replace old ones

what are the main 3 elements of capitalism?

private property, markets, and firms

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IRO ECON: Lecture 1

22 termsStudBud Administration

questions based on class 1: basics of economics

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Questions 22

Answers

1
what does the GDP per capita measure?
how big the economy is
the expenditures of a country
the wealth of a country
the strength of the economy
2
what is real GDP?
GDP measured in current currency amount
GDP measured in the currency of US dollars corrected for inflation
GDP measured in the currency of US dollars
GDP measured in current currency amount corrected for inflation
3
an intermediate good will be used to produce other goods but are not part of other goods
True
False
4
the increase in economic growth likely starts with capitalism
False
True
5
what is GDP?
market value of all finished goods produced within and outside a country
market value of all finished goods produced within a country
market value of all finished goods produced outside a country
market value of all finished and unfinished goods produced within a country
6
capitalism..
rewards hard work
prevents originality
causes technological development
breeds innovation
7
a finished good will not be sold again as a part of another good
False
True
8
macroeconomics is the study of the entire economy
True
False
9
what ISNT a part of democracy
equal power to all citizens
technological innovation
political leaders are selected by means of elections
secure property rights
10
does technological innovation lead to improved living standards?
True
False
11
does democracy lead to the ensuring of property rights?
False
True
12
PPP allows for comparisons of the amount of goods people can buy in different countries that have the same currency
True
False
13
GDP does not include imported goods
False
True
14
GDP accounts for inequality
True
False
15
where do politics and economic studies overlap in the context of behaviour?
institutions shape cost/benefit of behaviour
they have no overlap in the context of behaviour
politicians shape cost/benefit of behaviour
scholars shape cost/benefit of behaviour
16
what drives behaviour in politics?
preferences
human nature
power
incentives
17
what drives behaviour in economics?
preferences
incentives
human nature
power
18
what is creative destruction?
the idea that the cultural sector deserves no funding
rapid growth expansion
the idea that new innovations replace old ones
the economy and free will are interconnected
19
what are the main 3 elements of capitalism?
markets, specialization, and innovation
technology, firms, and labour unions
private property, markets, and firms
private property, government intervention, and capital goods
20
capital goods will be used to produce other goods and are used in that product
True
False
21
GDP does not include exported goods
True
False
22
microeconomics are individual incentives and behaviour
False
True

IRO ECON: Lecture 1 Flashcards | StudBud