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Economics Chapters 4-8 test review
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Gravity
Terms in this set (31)
resource markets
land, labor, capital
product markets
goods and services
average tax rate
taxes paid/income
marginal tax rate
change in taxes paid/ change in income
progressive tax
as income goes up the tax rates go up
flat tax
as income goes up the tax rates don't change
regressive tax
as income goes up the tax rate goes down
economic efficiency
benefits> cost yes!
costs>benefits no!
marginal benefits> marginal cost (means its efficent)
Role of Government
1. protecting private property
2. government provides goods and services
3. stable financial system
problems with markets
1. lack of competition- quantity goes down price goes up
2. Externalities- cost, benefit
3. free rider
sherman act
Illegal to restrain trade, and illegal to plot to restrain trade
clayton act
3x damages if you violate the sherman act
government vs private
1. payment versus consumption
2. majority rule
3. voting is done in bundles
4. money helps campaigns
Logrolling
trading votes
rent seeking
Individuals who want public policy that benefits them
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Verified questions
ECONOMICS
Why don’t banks hold 100 percent reserves? How is the amount of reserves banks hold related to the amount of money the banking system creates?
ECONOMICS
Masters Corp. issues two bonds with 20-year maturities. Both bonds are callable at $1,050. The first bond is issued at a deep discount with a coupon rate of 4% and a price of$580 to yield 8.4%. The second bond is issued at par value with a coupon rate of 8.75%. If you expect rates to fall substantially in the next two years, which bond would you prefer to hold?
QUESTION
Suppose the U.S. economy is experiencing a recession. A. Draw a correctly labeled aggregate demand aggregate supply graph showing the aggregate demand, short-run aggregate supply, long-run aggregate supply, equilibrium output, and aggregate price level. B. Assume that energy prices increase in the United States. Show the effects of this increase on the equilibrium in your graph from part a. C. According to your graph, how does the increase in energy prices affect unemployment and inflation in the economy? D. Assume the United States and Canada are the only two countries in an open economy and that energy prices have remained unchanged in Canada. Draw a correctly labeled graph of the foreign exchange market for U.S. dollars, and use it to show the effect of increased U.S. energy prices on the demand for U.S. dollars. Explain.
ECONOMICS
Use the key terms from the list below to complete the sentences that follow. _____ is the sum of the skills, abilities, health, and motivation of people. $$ \begin{matrix} \text{a. capital goods } & \text{ f. opportunity cost }\\ \text{b. consumer goods } & \text{ g. scarcity }\\ \text{c. economics} & \text{ h. services }\\ \text{d. factors of production } & \text{ i. utility}\\ \text{e. human capital } & \text{ j. value}\\ \end{matrix} $$
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