******** ECON – Flashcards
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Which of the following pairs of survivors has a double-coincidence of wants?
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Ron with Raymond
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Microeconomics is the study of
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how individual households and firms make decisions
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The one variable that stands out as the most significant explanation of large variations in living standards around the world is
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productivity
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Net exports equal
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exports minus imports
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When colonists in Virginia used tobacco as money, their money
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was commodity money
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In a simple circular-flow diagram, total income and total expenditure are
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always equal because every transaction has a buyer and a seller
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Job search
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creates frictional unemployment, while firms paying wages above equilibrium to improve worker health creates structural unemployment.
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In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was
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12.4/154
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A table that shows the relationship between the price of a good and the quantity demanded of that good is called a
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demand schedule
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Measuring unemployment is the job of the
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Bureau of Labor Statistics
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An increase in supply is represented by a
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rightward shift of a supply curve
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Good X and good Y are substitutes. If the price of good Y increases, then the
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demand for good X will increase
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M1 includes
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All of the above are correct.
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A central bank's setting (or altering) of the money supply is known as
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monetary policy
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Which of the following is an example of barter?
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A barber gives a plumber a haircut in exchange for the plumber fixing the barber's leaky faucet
