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Terms in this set (63)
A good provides utility and a bad provides disutility
Arise in foreign real national income tends to raise US exports shift in the US ad curve to the right
As the price falls, Ceteris paribus, people holding some of their wealth in monetary form become more wealthy and they buy more
More wealthy and they buy more
At a price of $25, Danielle by three books per month. When the price decreases to $20 Daniella buys four books per month. Jason says that Daniella demand for books has increase is Jason correct?
No Jason is incorrect Danielle's quantity demanded
Has increased but her demand has stay the same
At the time of Carol's 10 year high school reunion she was making $30,000 and the CPI was 90 now that is time for her to attend her 20 year reunion Carol's income has risen $65,000 and the CPI is 200 at her 20 year reunion Ken Caryl rightfully brag that her real income has risen since the last time she saw her former classmates?
No Carol is a real income fell during that 10 year.
Every month they US government survey of thousands of household to gather information about the number of Americans unemployed
Refer to Exhibit 2-2 if PPF2 is the relevant production possibilities frontier then point I is unattainable
Referred to Exhibit 2-3 if PPF1 is a relevant production possibilities frontier society can't use points that lie only below or on PPF
Below or on PPF1
Referred to Exhibit 3-1 at a price of 2$ there is a shortage of 200 units
Shortage of 200 units
Refer to Exhibit 3-1 at a price of 6$ there is a surplus of 200 units
Surplus of 200 units
Referred to Exhibit 5-2. How many unemployed person's are there in one year
Referred to Exhibit 7-1 assume the economy is originally in equilibrium at point A. If unusually bad weather leads to decrease production of wheat corn and other crops at which point is the economy most likely to end up? S
Referred to exhibit 8-5. Point B on graph to correspond to which point and graph 1? K
Expectations of higher future income is a rightward shifter of AD
Rightward shifter of AD
If a person is waiting to be called back to a job where she had been laid off. how is the classified?
As a unemployed person
If consumption increases, the A.D. curve will shift rightward, which will push the price level up
The A.D. curve will shift rightward, which will push the price level up
If in the process of calculating GDP, the market value of all intermediate goods is added to the market value of all final goods this would overstate the actual value of GDP
Overstate the actual value of GDP
If labor productivity rises at the same time that there is a beneficial supply shock, what is the effect on short run aggregate supply SRAS?
If the CPI is 123 in year 1 and 135 in year 2 what is the approximate percentage change in price is between the two years?
If the demand for a computer software rises as income rise then computer software is a normal good
If the economy is self regulating and current real GDP is less than natural real GDP the economy is operating ________ the natural employment rate and wages will ________
None of the above
If the trade off between good X and Y increases as more of good X is produce the PPF between the two goods is ?
A downward sloping curve that is bowed outward
In order to be classified as an employee or a person must not have a job have been actively looking for work within the past four weeks and currently be available for work
Not have a job and be actively looking and available for work
In the production possibilities framework economic growth is depicted by a shift outward of the frontier or to the right
A shift outward of the frontier or to the right
Labor is a resource that is necessary to produce many good "If the price of labor falls" says the economist. "The praises of goods will soon follow" How does this work?
If the price of labor falls, the supply a good rises, the prices of those goods falls
Net domestic product NDP is the total value of all final goods and services produced within a country's borders in a year - capital consumption allowance
All final goods and services produced within a country's borders in a year minus capital consumption allowance
Persons who are retired or engage in One home housework are consider to be in which of the following categories?
Not in the labor force
The CPI was 140 in 1 year and 144 in the following year. Approximately how much did price is rise between the two years?
"As the price of apples goes up the demand of apples go down" the author of the statement?
Use the word demand when he should use the word quantity demanded
Resource X is necessary to the production of good Y. If the price of resource X rises the supply curve of Y shifts leftward
The supply curve of Y shift leftward
Short run equilibrium exist where the A.D. curve intersects the short run aggregate supply curve SRAS
Where the AD curb intersects the short run aggregate supply curve
Suppose AD and SRAS intersects to the right of LRAS which of the following is true
The economy is in a inflationary gap
Suppose the civilian non-institutional population equals 150,000, there are 72,500 employed person and 10,000 unemployed person how many people are not in the labor force?
Suppose economy is self regulating and the actual unemployment rate is less than the natural unemployment rate this means that the economy is producing a level of output...
Above its natural level and will eventually cut back on output
Suppose the market basket consist of 10 X 20 Y and 30 Z current year prices are $1 for X $.96 for a Y and $1.13 for Z base your prices are one dollar for each XYZ what is the approximate CPI in the current year?
The A.D. curve shows the various amounts of real output that people are willing and able to buy at a different price level
Buy at different price levels
The company can produce 15 X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y It follows the production possibility from tier is a downward sloping straight line
Downward sloping straight line
The expenditure approach to measure in GDP sums consumption, investment, government purchase and net exports
Consumption, investment, government purchases, and net exports
The point where the PPF intersects the horizontal access is attainable and efficient
Attainable and efficient
Which of the following is not a factor that can shift the short run aggregate supply curve?
None of the above
Which of the following statements is true? B and C
The CPA in the base year is 100 and if the CPI is 112 in year one and 123 and your two prices have risen by approximately 9.8% between the two years
Which of the following statements represent a correct and sequentially accurate economic exclamation? B and C
If government purchases rise, total expenditures on goods and services rises and the A.D. curve shifts rightward.
If the consumption rises, total expenditures I'm good and services rises, and AD curve shifts rightward
Which set of changes is definitely predicted to raise real GDP in the short run?
Individuals expect higher future income and Rages rates fall
Here are three things you could do tonight in time the barbecue watch TV for $17 read a book for $14 or go to work and earn $16 what the opportunity cost is?
17 because it's the highest value
Which of the following is a possible rationing device?
Dollar price, first come first serve, and brute force
It usually takes less time to buy 7-Up bread and ice cream at a 7-Eleven then a grocery store which of the following person is most likely to buy these at a convenient store?
A person with high opportunity cost of time
Which of the following statements is the term ceteris paribus correctly ?
The more ice cream you eat, the more weight you were gain. Ceteris paribus
The equilibrium price at a market is $24 the current price is $21 at this price a shortage and excess demand exist in the market
Shortage and excess demand
If computers and software is our compliments then I fall in price of computers will increase the demand of software and Ceteris Paribus, the price of software will rise
A fall in the price of computers will increase the demand for software and the price of software will rise
Suppose Smith wants to buy iPad up to $150 Jaun wants to buy up to $200 and Young wants to buy an iPod up to $250 in this case each individual buyers demand curve will be _____ and the market demand curve will be _____?
Vertical and download sloping
There is a technical logical improvement a good X. As a result the _____ curve for good X will shift ____ resulting in a ____ in the equilibrium price of x and a ____ in the equilibrium quantity of X
Supply, rightward, decrease, increase
Refer to exhibit 3-12 fill in blanks a and b with the supplied given
49 and 59
Refer to exhibit 3-15
There is a shortage of doctors at fee F1
Refer to exhibit 3-16 if there are empty seats at a game ?
(3) p* = p2
In the supply and demand diagram of the market for peanut butter the equilibrium point has moved down into the right what could have caused this?
A fall in the price of peanuts
Which of the following illustrates the law of demand?
George by if you were pencils at two dollars then one dollar per pencils
Karissa buys fewer sweaters and $50 then $30 each
If the workers of a firm successfully negotiate an increase in wages, which of the following is most likely to happen?
The supply curve of the product the firm produces shifts leftward
All right word shift in the demand curve for tennis balls would most likely because by a fall in the price of tennis racket
A fall in the price of tennis rackets
Exhibit 3-6 If D1 is the relevant demand curve a decrease in the price of good X may cause
A movement along D1 from point a to B
Exhibit 3-7 if s1 is the relevant supply curve a decline in technology in the production of good c causes
The supply of good X for shift from S1 to S3
Exhibit 3-8 a price of 5$ will result in a ____ in the market which will cause the price of the product to gravitate ___
Surplus and downward
Refer to 3-9 X is produce using input Z if the price of Z rises and economist would expect the movement in the market for X from F to E
F to e
Consider a point on a market demand curve. The point represents?
A single price in the sum of the quantity demanded by all buyers
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