Survey of Economics Review

If I mow my lawn, is the value of that service added into GDP?

If the demand for cell phones rises when incomes rise, then cell phones

If the government passes a law to cap the price of gasoline at $0.50 a gallon, there probably will

An increase in demand appears as

If inflation is too high then the appropriate policy probably is to

Conventional wisdom in economics is that a good inflation rate is

If the supply of money grows faster than the increase in the available goods and services, then prices ________.

The _________ is the proportion of the labor force that is not working but actively looking for work.

Economists suspect that businesses cycles are caused by changes in

Which term relates to the juxtaposition between nearly unlimited wants and limited resources

Economic growth is

Which policy is concerned with government spending and taxation?

Which term relates to the idea that when self-interest is regulated by competition, desirable social outcomes may occur?

If ______ GDP increased, then the production of goods and services increased.

The equation that represents the national expenditure approach to gross domestic product is

In the presence of an external cost, the market equilibrium quantity is likely to be ______.  In such a situation

Protection from asteroid strikes can be viewed as

In this course we learned that the inflation rate is approximately equal to the difference between

What part of the economy performs the important role of funneling funds from savers to those who desire to borrow?

When the federal government spends more than it collects in taxes, how does it borrow the needed funds?

If the current price of gasoline is higher than the equilibrium price of gasoline, then there

Which type of policy might be sensible to try to shorten a recession?

A typical supply and demand diagram measures _______ along the horizontal axis and _________ along the vertical axis.

For the United States of America, a typical growth rate for real GDP is

Using the official BLS definition, can a 15 year old be considered unemployed?

If there is an increase in the demand for a good, then the price of that good is likely to

Voluntary exchange between buyers and sellers usually leaves both better-off. Which equation represents this idea?

If the news reports that the Fed has lowered interest rates, then this means that it is

Identify the term that means: the market value of the final goods and services produced in a country during a year.

The basic explanation for inflation is

If there is a decrease in the supply of a commodity, then the price of that commodity is likely to

Which listing best represents the economic growth narrative from our course?

Identify: "A significant decline in economic activity spread across the economy, lasting more than a few months...."

The tools and equipment that workers use to produce goods and services are called

Which name is associated with the creation of economics?

Which term relates to what you gave up to do what you did?

If it becomes more expensive to produce soccer balls, then the

If the production of widgets produces air and water pollution, then it seems likely that the free market

Think about bakeries. Why doesn't the self-interest of bakers result in low quality products sold at high prices?

The primary driver of a higher standard of living in a country is an increase in

A producer has comparative advantage if she can

When economists compare a Pigouvian tax with a command and control approach to pollution, they note that

Which of the following is NOT one of the institutions that appears to facilitate economic growth?

If the Federal Reserve is concerned that inflation is too high, then it will

If _______ GDP increased, then it could be because prices rose and/or because the production of goods and services rose.

If the CPI was 150 in 1995 and 180 in 2002, then prices rose by