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Social Science
Economics
Civics Test
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Gravity
Terms in this set (72)
economics
the study of how we make decisions in a world in which resources are limited
needs
necessities, like food, shelter, and health care
wants
things people desire but do not need
goods
tangible products that we use to satisfy our wants and needs
services
work performed for someone else (haircuts, repairs, and entertainment)
the four economic questions
what to produce
how to produce it
how much to produce
who to produce for
four factors of production
land, labor, capital, and entrepreneurship
land
includes all natural resources, as well as fish, animals, forests and mineral, deposits
renewable resources
ex: trees
can be replaced
nonrenewable resources
ex: oil, minerals, fossil fuels
will run out
labor
human resource
anyone who works to produce goods and services
capital goods
ex: machines, buildings, tools
manufactured goods used to make other goods and services
financial capital
money used to invest in a business
entrepreneurship or enterprise
a person who starts a new business, introduces new products and improves processes
profit
value that remains after deducting all business costs
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Verified questions
ECONOMICS
Do you think that transfer payments, such as unemployment compensation, are a successful or unsuccessful way to accomplish the goal of economic security? Explain your answer.
ECONOMICS
How will a utility-maximizer find the choice of leisure and income that provides the greatest utility?
QUESTION
Which of the following would cause the real exchange rate between pesos and U.S. dollars (in terms of pesos per dollar) to decrease? A. an increase in net capital flows from Mexico to the United States B. an increase in the real interest rate in Mexico relative to the United States C. a doubling of prices in both Mexico and the United States D. a decrease in oil exports from Mexico to the United States E. an increase in the balance of payments on the current account in the United States
ECONOMICS
Calculating the real rate of return is an important part of evaluating an investment’s performance. To do this, you need to know the nominal return on your investment and the rate of inflation during the corresponding period. To estimate the expected real rate of return before you make an investment, you can use the promised yield and the expected inflation rate. a. Go to www.bankrate.com and click on the CDs and Investments tab. Using Compare CDs & Investment Rates box, find the average one-year CD rate from banks across the nation (these will be nominal rates). b. Use the St. Louis Federal Reserve’s website at research.stlouisfed.org/fred2 as a source for data about expected inflation. Search for “MICH inflation,” which will provide you with the University of Michigan Inflation Expectation data series (MICH). Click on the View Data link and find the latest available data point. What is the expected inflation rate for the next year? c. On the basis of your answers to parts (a) and (b), calculate the expected real rate of return on a one-year CD investment. d. What does the result tell you about real interest rates? Are they positive or negative, and what does this mean?
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