Module 1 review

Economic measures that summarize data across many different markets are called.

Economics is the study of trade-offs and choice.

The "Other Things Equal" assumption is also known as

The PPC curve demonstrates an _____________ opportunity cost

Marginal analysis is the study of

A fall in the overall price level is called

Normative economics makes prescriptions about the way the economy should work.

When an economy produces at the point along its PPC that makes people as well off as possible

What is the shape of the PPC curve?

Which of the following is NOT a part of the business cycle

Who owns the Factors of Production in the circular flow model?

Anne was laid off 1 year ago and was actively looking for a new job until 2 months ago. Anne is

Microeconomics is concerned with the overall ups and downs of the economy

Which of the following will NOT cause a shift in the PPC curve?

In order to encourage more students to continue their education, colleges can

Which point represents inefficiency?

A key feature of a market economy is that

A country’s sum of employment and unemployment is its

Specialization ________ output, as each person does what they do best.

The branch of economic analysis that describes the way the economy actually works is called

When inflation occurs, purchasing power ___________

Which of the following is NOT considered a resource in macroeconomics?

Which of the following is considered a physical capital resource?

When an individual can make more of a good/service within a given amount of time and resources

The real cost of an item (what you must give up in order to get it)