ECON-1010 Chapter Notes - Chapter 5: Root Mean Square, Intermediate Good, Business Cycle
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21 Oct 2016
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Macroeconomics: the branch of economics that deals with a nation"s economy as a whole. Focuses on the economic issues (unemployment, in ation, growth, trade and the gross domestic product) that are present. Presidential popularity rises and falls with the economy. In ation: the sustained increases in the average prices of all goods and services. The flip sides of macro activity: production and income. Production leads to income and income leads to production. People make stuff and earn money to pay for stuff that other people make. In factor markets, households provide labor and capital to rms to produce output. They then use this income to purchase goods and services in the product markets. The rm uses the pro t it gains from the household"s purchase to pay for the factors of production: land, labor, and capital. In product markets, rms sell goods and services to consumers. Wages, rents, interest and pro ts are all different forms of income.
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21. The English word that comes from the Greek word for "one who manages a household" is
A- market
B- consumer
C- producer
D- economy
B- should be counted only to the extent that they are more expensive at college than elsewhere. C- usually exceed the opportunity cost of going to college. D- plus the cost of tuition, equals the opportunity cost of going to college. |
B- in most economies, wealthy people consume disproportionate quantities of goods and services. C- governments restrict the production of too many goods and services. D- resources are limited. |
B- markets guiding economic activity. Today many countries that did not have this system have implemented it. C- government guiding economic activity. Today many countries that had this system have abandoned it. D- government guiding economic activity. Today many countries that did not have this system have implemented it. |
B- we should agree with Senator Johnson. C- a good decision requires that we recognize both viewpoints. D- there are no tradeoffs between equity and efficiency. |
B- it does not matter if they charge $10 or $15. C- they would do better charging $15 than $10. D- they should raise the price even more. |
B- helps to explain how the economy is organized. C- incorporates all aspects of the real economy. D- Both (a) and (b) are correct. |
B- households provide firms with labor, land, and capital. C- firms provide households with output. D- firms provide households with profit. |
B- grew rapidly, due to several increases in the minimum wage during those decades. C- grew rapidly, due to government policies that discouraged the importation of foreign products during those decades. D- grew slowly, due to the slow growth of the output of goods and services per hour of U.S. workers' time during those decades. |
Question 30. 30. For economists, statements about the world are of two types: |
A- assumptions and theories.
B- true statements and false statements.
C- specific statements and general statements.
D- positive statements and normative statements.