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Module 2 MacroEconomics
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Terms in this set (25)
The town of Franklin has an economy composed entirely of two equally sized specialized tire manufacturers. Both company X and company Z produce race car tires and airplane tires. Company X is better at producing race car tires than Company Z which is better at producing airplane tires. In order to maximize output, Company X should
abandon the production of airplane tires to fully specialize in the production of race car tires and then trade with Company Z for airplane tires.
Economists would say that the decisions we make are influenced by
trade-offs.
How would the equation where x=3 and y=4 be represented in a XY graph, and what does it say about the relationship between X and Y?
The beginning point y=4 on the Y axis has a horizontal line straight to the right, X-axis has a vertical line straight up from x=3. With the two points on the graph, there is an intersection point where the x and y will cross each other.
An equation where Y=6 could be represented on a graph where Y is on the vertical axis and X is on the horizontal axis as
a single point (Y=6) and a horizontal line rightwards from that point.
Charlie is researching the relationship between the number of hours he spends on social media and his success in his classes. He sets up an equation to better understand the implications of this relationship. This describes a ________.
mathematical function.
If trade between nations is prohibited,
nations will be unable to specialize in what they are good at and therefore end up consuming less.
Which assumption below best reflects a basic understanding economists have about the world?
The world has limited productive resources.
Darryl is starting a company helping people put up and take down holiday lights on their homes. He determines that the larger the house, the more likely people are to use his company to put up their lights. If Darryl were to plot the relationship between home size and willingness to pay for holiday light installation services, the line on the graph would show a
positive slope.
What combination of model characteristics are frequently used in the most effective models?
useful and simple.
Given X = 22+10-((5/25)*100), X is ________.
12
A bill was introduced into Congress last year suggesting changes to the income tax code. Congress now passed this new tax reform act in the last session and over the next few years the new laws will begin to impact the nation. This is an example of what type of policy?
Macroeconomic fiscal policy
According to this pie chart, which age group made up almost 38% of the population in the year 1970?
19 and under
The slope of a budget constraint line is influenced by
how much one product costs compared to the other.
Which of the following statements reflects marginal decision-making?
Booking this condo in a better location is worth the extra $100.
Danielle is planning a cruise to Mexico and has a budget for new clothes of $300. The average price for a pair of shoes is $50 while the average price for a suit is $100. Danielle already has 4 pairs of shoes purchased for her cruise, what is the opportunity cost of buying two more pairs of shoes?
1 dress
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