MACRO Final

DEll and apple are competitors in the computer market. Which graph illustrates the effect of a rise in the price of dell computers on the demand for apple computers

graph d

The US department of education sponsors the i3 program, which provides grants to educational institutions and schools that have proven track record o high student achievement. This is an example of a government program designed to build

human capital

the principle that your best choice depends on your other choices, the choices other make, developments in other markets, and expectations about the future is known as the ___ principle

interdependence

enforceable property rights encourage economic growth by encouraging

investment

the person who has an absolute advantage in a task

is one who is best at the task

diminishing marginal benefit

is when buying an additional item yields a smaller marginal benefit than the previous item

what is social insurnace

it is government-provided financial funding to households to compensate for bad outcomes such as unemployment, illness, disability, or outliving their savings

what is quantity supplied

it is the amount of an item that a seller is willing to sell at a particular price

shifts in demand

lead to a price and quantity to move in the same direction

which graph shows what will happen in the market for luxury vehicles if a recession is imminent

graph a

use the watermelon market graph to answer the question

$12.50

consider the data shown in the table. assume that the economy produces only textbooks. what is the real GDP for this year

$275,625

use the graph of a demand curve for jars of laundry detergent to answer the question

$350

the table provides data on how long it takes Joachim and zane to clean the bathrooms and wash the windows at home

.4 of the windows washed; .5 of the windows washed

in may 2019, there were approximately 68,980,000 people in japan's labor force. About 1,650,000 people were unemployed what was the unemployment rate

2.4%

you just brought two used textbooks for $25 each. How much does GDP change because of your purchase

GDP does not change

the table provides data on how long it takes zaio and Gabriella each to learn to play a particular new song on the piano and to complete a given person's tax return. use the data to answer the question

Gabriela because she gives up fewer completed tax returns when she learns a new cons

which of the following people can be classified as unemployed

Laura, who has been seeking employment for two months

Barlow and Russia own a nail salon. a manicure takes Barlow 60 minutes to complete and takes Russia 45 minutes to complete. completing the pedicure takes Barlow 45 minutes and takes Russia 30 minutes. who has a comparative advantage in pedicures?

Russia because she has a lower opportunity cost

the aggregate production function is represented

Y=f(L,H,K)

in the graph, the movement from point E to point F represents

a decrease in quantity supplied

a production function is

a method through which inputs can be turned into outputs, given the available resources

when quantity demanded exceeds quantity supplied, __ exists

a shortage

in a market graph, consumer surplus is the area

above the price and below the demand curve

on a market graph, producer surplus is the area that is

above the supply curve and below the price

which of the following is a source of comparative advantage

abundant inputs

the working age population includes people who are

age 16 or older who are not in the military or institutionalized

a trade cost is

an extra cost incurred as a result of buying or selling a good abroad rather than domestically

the movement from point m to point n represents

an increase in quantity demanded

sunk costs are costs that

are incurred in the passed and cannot be reversed

The cost-benefit principle sates that a decision should be pursued only if the

benefits are greater than the costs

the "market value" of a good or service refers to the

current dollar value of that good or service

when a manager uses comparative advantage to assign tasks in a workplace

each task is assigned to the worker with the lowest opportunity cost of performing the task

the concept of equity focuses on

fairness

a "final" good or service is one that is

finished and ready for final user

to maximize production, people should

focus not the task in which they have a comparative advantage

If companies frequently start using drones to deliver products, which graph shows the effect this will have on the market for drones

graph A

menu costs are the

marginal costs of adjusting prices.

The ___ suggests, decisions about qualities are best made incrementally

marginal principle

GDP is defined as the

market value of all final goods and service produced within a country in a given year

the table provides data on how long it takes marla and Jason to cook lasagna or chicken curry

marla because she has a lower opportunity cost than Jason

holding all else constant, if people eat out more at expensive restaurants when they earn more, then expensive restraint meals are

normal goods

analysis based on value judgements is called

normative analysis

the labor force participation rate is the

percentage of the working age population that is either employed or unemployed

the producer price index is an index that tracks the

price that businesses pay over time for the inputs used in the production process

an equilibrium price is a price where the

quantity supplied equals the quantity demanded

if the price of jet fuel rises, the

quantity supplied of jet fuel increases

a market is a

setting that brings together potential buyers and sellers

government-provided financial funding to households to compensate for bad outcomes such as unemployment, illness, disability or outliving your savings is known as a

social insurance system

which of the following is a social insurance program in the us

social security

comparative advantage explains why people

specialize and trade

a government can promote the development of human capital

subsidizing secondary school education

due to decline in demand and popularity, ford motor company is planning to phase out traditional sedans such as fusion and taurus to focus on SUVs and trucks. Ford's sedans and trucks/SUVs are

substitutes in production

suppose that a CPI basket includes avocados, pineapples and oranges. Avocados become very expensive, and consumers substitute away from avocados and buy hummus instead. If the CPI basket does not change to reflect to move away from avocados, the result is

substitution bias

a tariff is a

tax on imported products

intergenerational mobility is the extent to which the economic status of children is independent of the economic status of their parents

the economic status of children is independent of the economic status of their parents

the law of demand refers to

the inverse relationship between price and quantity demanded

which principle tells you that the true cost of something is the next best alternative you have to give up to get it?

the opportunity cot principle

the law of supply refers to

the positive relationship between price and quantity supplied

the law of demising return states that

when one input is held constant, while other inputs are increased, eventually output will increase by smaller and smaller amounts