Test Answers on Management Flashcards

Macroeconomics – Exam 1

question If, as people’s incomes increase, the demand for a good increases, the good is called what? answer A normal good question The Law of demand implies that demand curves do what? answer Slope down question What happens to the demand for Xbox games if the price of an Xbox falls? answer The demand for […]

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Testicular Cancers

question What are the 3 functions of testosterone? answer 1. develop the body 2 become masculine 2. promote & maintain development of male organs 3. Promotes muscular development question What are the 2 main functions of the testes? answer 1. secrete testosterone 2. lodges the sperm in the different stages question Where are the testes […]

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Macroeconomics Chapters 1-7 Answers

question Microeconomics answer Study of how individuals choose to allocate the scarce resources available to them. question Macroeconomics answer The study of how groups of individuals choose to allocate the scarce resources available to them. question Aggregate answer “Total” question Scarcity answer Lack of enough resources to satisfy all desired uses of those resources. question […]

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Macroeconomics Chapter 15 Test Questions

question Macroeconomics, Canadian Ed. (Hubbard et al.) Chapter 15 The International Financial System 15.1 Exchange Rate Systems 1) The gold standard is an example of A) a floating exchange rate system. B) a managed float exchange rate system. C) a fixed exchange rate system. D) a flexible exchange rate system. E) the Bretton Woods System. […]

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Macroeconomics Test Questions

question Economics answer the study of how humans make decisions in the face of scarcity question Scarcity answer humans wants for goods, services and resources exceed what is available question What is the most scarce resource answer Time question Division of Labor answer means the good or service is produced by dividing the number of […]

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Test Answers on MacroEconomics

question Economics is the study​ of: answer choices made when scarcity exists. question A simplified representation of a complex system dealing with economics is known​ as: answer an economic model. question Economic​ decision-making often focuses on how a one unit change will impact the system. This type of analysis is known​ as: answer marginal analysis. […]

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AP MACROECONOMICS FINAL EXAM Test Answers

economics …, the study of how society manages its scarce resources scarcity …not enough to go around resources …simple things that satisfy human wants, used to make other things ceteris paribus …, all other things held constant trade-offs …, all the alternatives that we give up whenever we choose one course of action over another […]

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Principles of Macroeconomics 6th edition chapters 12-15

productivity the quantity of goods and services produced from each unit of labor input physical capital the stock of equipment and structures that are used to produce goods and services human capital the knowledge and skills that workers acquire through education, training, and experience natural resources the inputs into the production of goods and services […]

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Macroeconomics & Microeconomics

ceteris paribus used by economists to discuss laws in economics (Latin) “all other things being equal” command economy an economy in which the governments makes all economic decisions about how the factors of production are used Mnemonic device: associate command with communism market economy the forces of supply and demand determine how economic questions will […]

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Ap Macroeconomics Test Questions

Circular flow A model that shows how households and firms circulate resources, good, and incomes through the economy. This basic model is expanded to include the government and the foreign sector. Closed economy A model that assumes there is no foreign sector (imports and exports) Aggregation The process of summing the microeconomic activity of households […]

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ECON 2210 Principles of Macroeconomics Final Exam

What is the best definition of economics? the study of the choices people make as we cope with scarce resources. People can make rational decisions by comparing _____ and making decisions _____. costs and benefits; at the margin. Positive statements deal with how the economy operates. Normative statements deal with economic policy. Karl says “A […]

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Macroeconomics Flashcard

question When changes to taxes and spending occur in the economy without explicit action by the Federal government, such policy is called answer Nondiscretionary question As the economy declines, the collection of personal income tax revenues automatically falls. This relationship is best describes the progressive income tax system: answer Provides built-in stability for the economy […]

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Macroeconomics Test 1 Test Questions

What is meant by scarcity? When the amount people desire exceeds the amount available What is meant by opportunity cost? The cost of an alternative that must be forgone in order to pursue a certain action What is the formula for economics? Unlimited wants / Limited resources What is the Cobb-Douglas Production Function? Q = […]

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Macroeconomics Final Exam Vocabulary

Self-regulating economy problems are resolved without government intervention Keynesian economics economic slumps are caused by inadequate spending and can be mitigated by government intervention Monetary Policy type of stabilization policy that changes quantity of money to alter interest rates, which affects overall spending Fiscal Policy type of stabilization policy that changes government spending and taxes […]

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AP Macroeconomics: Unit 1

economics The social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants economic perspective A viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions. marginal analysis Comparisons of marginal benefits & marginal costs scientific method […]

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Macroeconomics

What is economics? Economics is the study of choice under scarcity. Or the study of how we make our choices when we are faced with constraints. scarcity limited in supply. Economists agree that all resources, i.e. land, labor, capital are scarce. Organizations faced with scarcity Individuals Business outfits or firms Government Opportunity Cost The opportunity […]

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AP Macroeconomics Final Exam

Goods Items purchased to satisfy needs and wants Services Activities performed by people, firms or government agencies to satisfy economic wants. Capital An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. Entrepreneurship the process of starting, organizing, managing, and assuming […]

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AP Macroeconomics: Ch. 6

assets An object that a business, household, or government owns, such as a building, equipment, or a loan made to others Balance sheet a system of keeping track of a business’s assets and liabilities over time Bank Deregulation Act of 1980 A law enacted by Congress that introduced several changes into the banking sector such […]

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Macroeconomics Vocabulary Review

business cycle fluctuations in economic activity, such as employment and production economics the study of how society manages its scarce resources efficiency the property of society getting the most it can from its scarce resources equality the property of distributing economic prosperity uniformly among the members of society externality the impact of one person’s actions […]

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Macroeconomics Ch1 Test Questions

Economics is a social science involving the study of how people make choices to satisfy their wants. a. Wants are all the things that people would consume if they had unlimited income. b. Because wants are unlimited and people cannot satisfy all their wants, individuals are forced to make choices about how to spend their […]

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Macroeconomics Chp 3: PPF

People should specialize according to comparative advantage True or False: one person can have the absolute advantage in both goods True True or False: one person can have the comparative advantage in both goods False True or False: To find absolute advantage, you need a calculator False (can get by just looking at the graph) […]

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