Macro 1 – Macroeconomics – Flashcards
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the working of the entire economy or large sectors of it.
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1.Macroeconomics deals with:
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the national economy.
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The primary emphasis in macroeconomics is on:
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not having sufficient resources to produce all the goods and services we want.
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Scarcity in economics means:
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what is given up to acquire it.
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The opportunity cost of something is:
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at the margin
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A choice made ________ is a choice whether to do a little more or a little less of something.
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to study the choices people make.
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The basic concern of economics is:
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not having sufficient resources to produce all the goods and services we want.
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Scarcity in economics means:
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Resources are scarce when you don't have enough money.
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Which of the following is not true?
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can be used in production.
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A resource is anything that:
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computer engineers, computers, and microchip manufacturing facility
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Which of the following can be considered resources used in the production of computers?
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production
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Which is not an example of a resource?
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whatever Khalil would have done had he not gone to the opera.
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Khalil is offered a free ticket to the opera. His opportunity cost of going to the opera is:
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whatever she would have done with those 48 hours.
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A new fast-food restaurant offered a free meal (valued at $5) a week for a year to its first 100 customers. Ramona camped out for 48 hours before the opening to be one of the first 100 customers. The cost of the free meal a week for a year for Ramona was:
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what you gave up to get it.
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For an economist, the cost of something is:
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The real cost of something is the money that you must pay to get it.
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Which of the following is not one of the four basic principles for understanding individual choice?
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an inflation.
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If government decided to increase taxes or decrease its spending, most likely this was to correct:
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markets may not be able to provide for efficient results all the time.
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The existence of government intervention often suggests:
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Fearing a recession, Congress approved a White House proposal to send tax rebates to 2007 taxpayers.
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Which of the following demonstrates one of the three principles of economy-wide interactions?
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overall spending sometimes gets out of line with the economy's productive capacity.
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During the Great Depression, consumers and producers in the United States dramatically reduced their spending as compared to the quantity of goods and services available at the time. This statement best represents the economic concept of:
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one person's spending is another person's income.
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I know when I shop at the local grocery store, I am helping my community. This statement best represents the economic concept of:
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the individual pursuit of self-interest makes the society worse off.
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A market failure occurs when:
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government intervention may help.
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When markets fail:
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Should I eat another donut?
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For which of the following decisions would marginal analysis be most relevant?
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involves a trade-off.
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Marginal analysis:
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allocating resources fairly may cause efficiency.
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A trade-off between equity and efficiency may exist because of all of the following except:
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not possible to produce more of one good without producing less of another good.
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An economy is efficient if it is:
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there are gains from trade.
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Lena and Jess are roommates. Lena hates to clean the bathroom. Jess will only agree to clean the bathroom if Lena vacuums the living room. This statement best represents the economic concept of:
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increase in total output that is realized when individuals specialize in particular tasks and trade with each other.
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The phrase "gains from trade" refers to the:
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no individual has an incentive to change his or her behavior.
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According to economists, equilibrium exists when:
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there are opportunities available to people to make themselves better off.
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If disequilibrium exists in a market:
