Goods and services those are scarce. There is an opportunity cost involved in their use or consumption.
Economic Goods and ServicesCorrectCorrect
Hyperinflation is generally caused by governments printing money to finance large fiscal deficits caused by wars, revolutions, the establishment of new states, or exorbitant social programs.
TRUECorrectCorrect
In Demand Curve Shifts, a change in any of these will cause the demand to curve shift to the right or left, when the demand curve is shifting to the right. The rightward shift is called ___________________.
Increase in demandCorrectCorrect
Independent variable can be seen in the _______________ of the equation.
RightCorrectCorrect
Intangible but useful activities that are valued by people.
ServicesCorrectCorrect
Is the number of unemployed individuals divided by the total of those employed and unemployed total labor force.
Unemployment RateCorrectCorrect
Labor is a service that is supplied by individuals and demanded by firms.
TRUECorrectCorrect
Law of Demand Ceterus Paribus
Everything else unchangedCorrectCorrect
Macroeconomics is analysis of the behavior of an economy as a nation.
TRUECorrectCorrect
Microeconomic demand and supply curves depend on differences in ________ prices
RelativeCorrectCorrect
Net Domestic Product (NDP) = C + In + G + NX = GDP - depreciation
C + In + G + NXCorrect
One of the Macroeconomic objectives is to develop better laws and government policies to maximize welfare of the society.
TRUECorrectCorrect
Percent Change in (P x Q) = (Percent Change in P) + (Percent Change in Q)
(Percent Change in P) + (Percent Change in Q)Correct
Percent Change in (Q/L) = (Percent Change in Q) - (Percent Change in P).
(Percent Change in Q) - (Percent Change in P)Correct
Percentage decline in the average level of prices.
Deflation RateCorrectCorrect
Percentage increase in the average level of prices.
Inflation RateCorrectCorrect
Percentage of Change = ending value- starting value /starting value x 100.
ending value- starting value /starting value xCorrect
Political Science is the study of mankind in the ordinary business of life.
FALSECorrectCorrect
Price Index = current-year total cost of market basket of goods and services / base-year total cost of market basket of goods and services
TRUECorrect
Production Costs = opportunity costs of resources required (e.g., cash costs) to change prices.
opportunity costs of resources required (eg, cash costs) to change pricesCorrect
Quantity of goods and services that can be purchased with a given amount of money.
Purchasing PowerCorrectCorrect
Real GDP - value of total output corrected for any changes in prices. Also referred to as "constant-dollar" GDP.
TRUECorrectCorrect
Real GDP is reported quarterly by the Bureau of Economic Analysis
Real GDP is reported quarterly by the Bureau of Economic AnalysisCorrectCorrect
Recession is
A period of decline in total output, income, employment, and trade, usually lasting from six months to a yearCorrectCorrect
Recurrent, systematic fluctuations in the level of business activity, often characterized by changes in growth rate of real GDP.
Business CycleCorrectCorrect
Structural Unemployment - dynamic labor force in a stable economy with imperfect information.
FALSECorrectCorrect
Tangible things that satisfy people's wants and desires.
GoodsCorrectCorrect
The _______ is a graphic representation of the market demand schedule and the Law of Demand
Demand curveCorrectCorrect
The __________ is a graphic representation of the market supply schedule and the Law of Supply
Supply curveCorrectCorrect
The fundamental method of exchange is ____________.
BarterCorrectCorrect
The GDP Deflator is described as a variable-weight price index (also referred to as a Paasche price index)
TRUECorrectCorrect
The market interest rate that is paid by borrowers to lenders.
Nominal Interest RateCorrectCorrect
The market value of final goods and services (i.e., sold to final consumers) produced by a nation during a specific period, usually 1 year.
The market value of final goods and services (ie, sold to final consumers) produced by a nation during a specific period, usually year
consumers) produced by a nation during a specific period, usually yearCorrectCorrect
The market value of final goods and services produced by labor and property supplied by the residents of a nation during a specific period, usually 1 year.
Nominal Gross National Product (GNP)Correct
The point where the curve crosses the vertical axis is referred as ____________.
InterceptCorrectCorrect
The production possibilities curve is often referred to as a ___________.
FrontierCorrectCorrect
The test of a proposition or theory using actual observations or numbers is
Empirical StudyCorrect
The test of a proposition or theory using actual observations or numbers is called _______.
Empirical StudyCorrectCorrect
Things that are available in sufficient amounts to satisfy all possible needs. There is no opportunity cost involved in their use or consumption.
Free GoodsCorrectCorrect
Transfer Payment - a payment made for which no goods or services are provided in return. Transfer payments are excluded from _______.
GDPCorrectCorrect
Understanding measures of Elasticity is critically important in Microeconomics, references to Elasticities are infrequent in Macroeconomics
TRUECorrectCorrect
Unemployment Rate (percent) = Unemployed/Total Labor Force * 100
Unemployed/Total Labor Force *Correct
We can represent a single person's decision about how many items to purchase over a year in a table called a _______.
Demand scheduleCorrectCorrect
What approach that measures total economic activity by adding the amount spent by allultimate or final consumers of products and service?
Expenditure approachCorrectCorrect
What do you call the hours (not rendered) beyond government mandated 40 hour work week
Leisure timeCorrect
What do you call the hours (not rendered) beyond government mandated hour work week
Leisure timeCorrectCorrect
What is the value of total output (nominal GDP) corrected for any changes in prices.
Real GDPCorrectCorrect
What kind of resources in which examples are petroleum, natural gas, coal, and nonfuelminerals extracted from the ground is included in GDP in the products produced from them
Non Renewable Natural ResourcesCorrectCorrect
When many suppliers and many consumers (competitive) engaged in trade without interference from government (free).
Competitive Free MarketCorrectCorrect
When the amount that the quantity demanded exceeds the quantity supplied when the market price is below the equilibrium price.
ShortageCorrectCorrect
When the amount that the quantity supplied exceeds the quantity demanded when the market price is above the equilibrium price
SurplusCorrectCorrect
When the average level of prices declines, this is called _________.
DeflationCorrectCorrect
When the average level of prices increases over time the economy is said to be experiencing _______________.
InflationCorrectCorrect
When the government increases money supply faster than the economy is growing you generally end up with deflation.
FALSECorrectCorrect
When the price of resources in the production process increases, firms try to pass on these increases to the product price this is called ________.