chapter 1-3

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30 Terms

1
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A good that is scarce is defined as

an economic good

2
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a production level above the production possibilities curve means

it's not feasible

3
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as the price of a product goes down the quantity purchased goes up best describes the

demand

4
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as the price rises producers will produce more, as it falls the will produce less is the law of

supply

5
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owning property encourages

innovation

6
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the utility value of a good is its

satisfaction

7
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when an economic decision consistently has the same result is said to be

principal

8
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when the demand and supply curve intersect then

equilibrium

9
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intellectual property in capitalism is protected by the

parents and copyrights

10
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the most heavily weighted part of the FICO score is

payment history

11
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According to the GAO, what is the largest part of the projected national debt is

future interest payments

12
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The relationship between price and quantity on the demand curve can best be explained by

common sense, income, and law of diminishing curve

13
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In a command economy the central planners must decide

what to produce, how much to produce, and who will produce it

14
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The lowest cost producing country would more than likely be

the exporter

15
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The U.S. Debt Clock shows a debt of $31

trillion

16
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A movement along the production possibilities curve means that the quantity of one product has increased and the quantity of the other has decreased

true

17
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All markets have in common Demand, Supply, Price and Quantity

true

18
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a equilibrium marginal benefit equals marginal cost

true

19
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China's miss allocation pf resources under Mao between farming and industry is a clear violation of production possibilities curve

true

20
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Comparative advantage goes to the lowest cost producer

true

21
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GDP at Purchasing Power Parity neutralizes the effect of market exchange rates

true

22
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Inefficiency exists at equilibrium because there is always a shortage

false

23
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Market clearing always results in a surplus

false

24
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Market demand is influenced by Tastes and Preferences, Number of
Buyers, and Income

true

25
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Normative economics is defined by "what it ought to be"

true

26
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Price and quantity are determined by the invisible hand

true

27
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Scarcity is best described as nothing available.

false

28
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When a product is at Equilibrium there is said to be a surplus

false

29
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Does the phrase "unlimited wants and limited resources" apply only to the wealthy

false

30
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In economics opportunity cost is what you have to give up to get what
you want

true