UNIT 1 KRUGMAN'S AP MICROECON

The study of how people make decisions and how those decisions interact is called

A skyscraper in Chicago is an example of which factor or production?

Measures such as unemployment rate, inflation rate, & gross domestic product are examples of

Workers in a mining cave are examples of which factor or production?

Which of the following is NOT one of the 3 shifters of the PPC?

Which economy would Individuals own resources, large variety of goods, & have large incentives?

Gov's idea that the invisable hand will keep everything going smoothly without gov involvement

A fall in income will lead to a rise inn demand or own label supermarket foods.

A deposit of diamonds is a example of which factor or production?

where are these things traded? (labor, capital, land, entrepreneurship)

In the circular flow model who do businesses trade goods and services with?

What determines the overall salary levels paid to workers in a given year? This is a..

ability of individual/ country to produce at a lower cost per unit

Steve Jobs is an example of which factor of production?

Should I go to college or get a job after high school? This is a ...

Kels: 2hours cut music& 4hours choreo. Gab: 4 hours music& 2for choreo. Who should choreograph?

The congestion charge for drivers of petroleum guzzling cars should increase £25

A falling overall price level is

Limited resources with unlimited wants is called

This branch makes prescriptions about the way the economy should work.

A rising overall price level is

Step in the circular flow model where the final products are offered for consumers to purchase

Everything that's given up to receive a good or service

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

Which letter represents efficiency?

Type of economics concerned with the overall ups and downs in the economy.

Production possibilities curve- Which letter represents unemployment/inefficiency?

Who pays taxes to receive goods and services like roads, educations, workers, etc.

Lebron James giving up college for a $13 million contract with the Cavaliers is an example of