ScienceEconomicsMacro example #57889
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Macro example #57889

Vera Torres avatar Vera Torres
1 January 2023
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Increasing opportunity cost along a bowed out ppf occurs becasue
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some factors of production are not equally suited to producing both goods and services
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specializing in the production of a good and service in which one has a comparative advantage enables a country to do which of the following
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consume a combination of goods that lies outside its own ppf.
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In a market economy, supply and demand are important because they
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all of the above
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Buyers and sellers who have no influence on market price are referred to as
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price takers
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which of these statements best represents the law of demand
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when the price of a good decreases, buyers purchace more of one good
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Gov't policies can change th costs and benefits that people face. Those policies have the potential to
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All of the above alter ppl behavior, decisions, and produce relsults policymakers did not intend
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Laws that retrict the smoking of cigarettes in public places are examples of gov't intervention that is intended to reduce
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externalities
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Suppose that a decrease in the price of good x results in fewer units of good y being sold. This implies that x and y are
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substitute goods
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Economics deals primarily with the concept of
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scarcity
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when we move along a given demand curve
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all nonprice determinates of demand are held constant
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When calculating the cost of college, which of the following should you probably NOT include?
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The cost of rent for your off-campus apartment
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The basic principle of economics suggest that
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gov't should become involved in markets when those markets fail to produce efficient or fair outcomes
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the term used to describe a situation in which markets do not allocate resources efficiently is
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market failure
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Published in 1776..........was written by Adam Smith
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An Inquiry into the Nature and Causes of the Wealth of Nations
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Economic surplus is maximized in a competitive market when
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marginal benefit equals marginal cost
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If a decrease in income increases the demand for a good, then the good is
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an inferior good
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If the price of a good is low
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the quantity supplied of the good could be zero
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If a surplus exists in a market, then we know that the actual price is
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above the equilibrium price and quantity supplied is greater than quantity demanded
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If the demand for a product decreases, then we would expect
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equilibrium price and equilibrium quantity to both decrease
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policymakers use taxes
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both to raise revenue for public purposes and to influence market outcomes
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To say that a price ceiling is binding is to say that the price ceiling
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causes quantity demanded to exceed quantity supplied
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Which of the following is not rationing mechanism used by landlords in cities with rent control?
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price
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when a binding price floor is imposed on a market to benefit sellers
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some sellers benefit and some sellers are harmed
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a minimum wage that is set above a market equilibrium wage will result in
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an excess supply of labor, that is, unemployment
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Opponenets of the minimum wage point out that the minimum wage
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encourages teens to drop school prevents some workers from getting needed on the job training contributes to the problem of unemployment
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Guns and butter are used to represent the classic societal tradeoff between spending on
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national defense and consumer goods
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which of the following phrases best captures the notion of efficiency
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minimum waste
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a tax on sellers will
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shift the supply curve upwards by the amount of the tax