Akinah's Principles of Macroeconomics
The Table Above Shows That for a Given Budget If You Increase the Amount of One Type of Good That You Buy, You Must ___ the Amount of the Other Good That You Buy. Therefore, a Budget Constraint Implies That the Consumer Faces ___
-Decrease -Trade-offs
Lower infant mortality is ___ and an improvement in nutrition is ___
-an effect -a likely cause
Operant Conditioning
A learning process in psychology where behavior is strengthened or weakened based on consequences
Microeconomics studies ___; Macroeconomics studies ___
A small piece of economy; The economy as a whole
Maslow's Hierarchy of Needs
A theory in psychology that arranges human needs in a hierarchy from basic physiological needs to self-actualization
Definition of Economics: study of how ___
Agents choose to allocate scarce resources and impact on society
Policy decisions by government analyzed by ___
Both Microeconomics and Macroeconomics
Optimization in Economics: people weigh ___
Costs and benefits when making a decision
The Three Principles of Economics Include Optimization, Equilibrium, and Empiricism. Empiricism Describes a Situation Where ___
Economists Use Data to Analyze What Is Happening in the World
An economist studies photos of many college football games and estimates that 75% of all fans stand and 25% sit. This statement deals with:
Empiricism, because it describes behavior using real-world data
Theories of Personality
In psychology, the study of individual differences in behavior patterns, cognition, and emotion
Which is not studied under Macroeconomics?
Individual preferences
Which of the Following Is True Regarding the Concept of Causation?
It Describes How One Event Can Bring about Change in Another
How does Microeconomics differ from Macroeconomics?
Microeconomics is the study of how individuals, households, firms, and governments make choices, while macroeconomics is the study of the economy as a whole.
Pollution regulations on steel plants studied under ___
Microeconomics; A small part of the economy
The Three Principles of Economics Include Optimization, Equilibrium, and Empiricism. Equilibrium Describes a Situation Where ___
No One Would Benefit from Changing His or Her Behavior
You can either stand during a college football game or you can sit. You believe that you will see the game very well is you stand and others sit, but that you will not be able to see at all if you sit and other stand. You therefore decide to stand. This statement deals with:
Optimization, because you are choosing your best feasible option
Which could be considered an Economic Agent?
Parents, Consumers, Sports teams, Firms
In Equilibrium, Everyone ___
Simultaneously Optimizes, So That Nobody Benefits by Changing His or Her Own Behavior
A Budget Constraint Represents ___
The Bundles of Goods or Activities That a Consumer Can Choose Given Her Limited Budget
Let's Say That You Are Trying to Decide What to Do on Friday at 11am. You Rank Your Possible Options from the One You Value the Most to the One That You Value the Least in the Following Order: -Going to Class, Sleeping in Late, Going to Work Early, Getting Lunch, Going to the Gym to Exercise, and Watching TV If You Decide to Go to Class, Then What Do We Know about the Opportunity Cost of Your Decision?
The Opportunity Cost Would Be Sleeping in Late, Since It Was Your Next-Best Option
The Concept of Opportunity Cost Is a Measure of ___
The Value of the Best Alternative Use of a Resource
Cognitive Dissonance
The mental discomfort experienced when holding conflicting beliefs or attitudes
Social Facilitation
The tendency for people to perform better on tasks when in the presence of others
Which are considered scarce resources?
Time, Mechanical pencils, Diamonds, Oil
Scarcity is having ___ wants in a world of ___ resources.
Unlimited, Limited
Which of the following is not likely to be an example of causation?
Washing your car will lead to raining that day
The Opportunity Cost of an Activity Is a Measure of ___ When You Do That Activity
What Is Given Up
Given This Information, for Which of These Activities Would You Be Able to Compare Opportunity Costs?
You Can Compare All the Activities into Dollar Amounts