Macroeconomics (book only) Study guides, Class notes & Summaries

Chapter 2. The Data of Macroeconomics 1.The economic statistic used to measure the level of prices is: A) GDP. B) CPI. C) GNP. D) real GDP. 2.The statistic used by economists to measure the value of economic output is: A) the CPI. B) GDP. C) the GDP deflator. D) the unemployment rate. 3.GDP is all of the following except the total: A) expenditu...

Chapter 1 Test Bank Multiple Choice Questions 1. In countries like _____________ the command economy predominates. A. China and Vietnam B. Cuba and North Korea C. South Africa and Kenya D. Germany and France Answer: B Reference: Explanation: Type: Multiple Choice Difficulty: Medium Category: Remember 2. In which of the following countries will the national government have the greatest influence with respect to the nation's economy...

Economics is the study of how society manages its scarce resources. This includes studying how people make decisions and interact with one another, and the effects this has on the economy as a whole. The opportunity cost of an item is what you give up to get that item. In this case, the opportunity cost of going to a movie includes both the total cash expenditure needed to go to the movie plus the value of the time you gave up in order to watch the movie. Economists use the term margin...

Quiz 1. 1. Which of the following are all conclusion indicators? Accordingly, thus, implies that. 2. Marketing to consumers via the Internet has many advantages for marketers. It allows products and services to be offered 24 hours a day, 7 days a week. It allows products to be offered globally in an efficient manner. And it is cost efficient, saving the need for stores, paper catalogues, and sales people. 3. The ozone layer filters out harmful ultraviolet rays from sunlight before they can re...

Sophia __ Microeconomics Final Milestone Which of the following is true about the field of economics? CONCEPT What is Economics? 2 A real estate agency’s policy is to start all sales commission negotiations at 6%. However, the agency is willing to accept sales commissions as low as 5%. The scenario above is an example of which principle? CONCEPT M arket Equilibrium 3 CEOs are limited in making policy changes regarding climate change by all of the following EXCEPT...

Adam Smith - Answer-- Invisible hand guides the market - Wealth of Nations ~ Book - Division of labor - Competition regulates the market David Ricardo - Answer-- Comparative advantage - Free trade - Rent theory ~ as more land was cultivated, farmers would have to start using less productive land, the landowners, not the tenant farmers, are the ones who gain from productive land Thomas Malthus - Answer-- Population theory - Population outstrips food supply - Humans do not over...

ECS2601_ Microeconomics_ Study Notes. The word economy comes from a Greek word for “one who manages a household. Definition of Economics: the study of how society manages its scares resources. How do we go from managing a household to managing an economy? - A household and an economy face many decisions: o Who will work? o What goods and many of them should be produced? o What resources should be used in production? o At what price should the goods be sold? Society and scare resources:...

1. Suppose you have a question about some of the ECO 202 course material that you want to ask your instructor. The best way to communicate with the instructor is by... a. Email b. Telephone c. Dropping by your instructors office d. All of the above. 2. Students who successfully complete this course will be able to... a. Distinguish positive and normative macroeconomic issues b. Make appropriate choices among alternative frames of reference for analyzing macroeconomic issues. c. Use rel...

LEARNING UNIT Welcome to the second part of your introduction to economics. We hope that you will find this module mentally stimulating and worthwhile. The purpose of the module is to gain insight into macroeconomic theory and variables such as total production and income of a country, economic growth, unemployment, inflation, and the balance of payments. After you have studied this module, you should be able to ■ explain the functioning of the economy as a whole ■ assess...

1) The answers to an economy's three central economic problems are determined by the interaction of three forces: economic forces, political forces, and social forces. 2) Scarcity exists because economies cannot produce enough to meet the perceived desires of all individuals. 3) Only marginal costs, not sunk costs, affect economic decisions if individuals are rational. 4) The economic decision rule is to undertake an action only when the marginal benefits of that action ...