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AP MACRO REVIEW
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Gravity
COMPREHENSIVE REVIEW OF AP MACRO TERMS
Terms in this set (275)
society's virtually unlimted wants paired our scarce and limited resources create this problem
the "economizing problem"
usefulness or satisfaction
utility
all natural, human, and manufactured items that go into the production of goods and services
economic resources
they are the four factors of production (AKA economic resources)
land, labor, capital, entrepreneurship
all gifts of nature
land
manufactured/manmade tools used in production
capital
all human effort, physical and mental
labor
the risktaker that combines land, labor, and capital in order to create a new product
entrepreneur
income received by labor
wages
income received by capital
interest
income received by land
rent
income received by entrepreneurs
profit
use of all available resources
full employment
production of any particular mix of goods and services in the least costly way
productive efficiency
production of the particular mix of goods and services most wanted by society
allocative efficiency
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Verified questions
QUESTION
The other things equal assumption allows economists to A. avoid making assumptions about reality. B. focus on the effects of only one change at a time. C. oversimplify. D. allow nothing to change in their model. E. reflect all aspects of the real world in their model
ECONOMICS
Under the liquidity preference theory, if inflation is expected to be falling over the next few years, long-term interest rates will be higher than short-term rates. True/false/ uncertain? Why?
ECONOMICS
What else besides migration might account for a change in market size?
ECONOMICS
In computing GDP, why is import spending subtracted from the sum of consumption, investment, government purchases, and export spending?
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QUESTION
When a government program is justified based only on the number of jobs it will create,
QUESTION
A straight demand curve represent what kind of relationship between the vertical and horizontal data?
QUESTION
Real GDP rose in all four quarters of 2003. Thus, 2003 was most likely a year:
QUESTION
The fear of unwanted price wars may explain why many firms are reluctant to: