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Econ Final chapters 1-5

front 1

BIllie Jean has $120 to spend and wants to buy either a new amplifier for her guitar or a new mp3 player. Both the amp and the mp3 player cost $120, so she can only buy one. This illustrates the basic concept that

back 1

People face tradeoffs

front 2

Efficiency means that

back 2

society is getting the maximum benefits from its scarce resources.

front 3

When the government redistributes income from the wealthy to the poor

back 3

Equality is improved, but efficiency is not.

front 4

When computing the opportunity cost of attending a basketball game, you should include what?

back 4

The price you pay for the ticket and the value of your time.

front 5

Melody decides to spend 3 hours working overtime rather than going to the park with her friends. She earns $20 per hour for overtime work. Her opportunity cost of working is?

back 5

The enjoyment she would have received had she gone to the park.

front 6

The "invisible hand" works to promote general well-being in the economy primarily through?

back 6

People's pursuit of self-interest.

front 7

Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate. The opportunity cost of 1 mixer for Maya is

back 7

1.6 toasters

front 8

The opportunity cost of 1 mixer for Miguel is

back 8

2 toasters

front 9

The opportunity cost of 1 toaster for Maya is

back 9

0.625 mixers.

front 10

The opportunity cost of 1 toaster for Miguel is

back 10

1/2 mixer.

front 11

Maya has an absolute advantage in the production of what?

back 11

Both goods, and a comparative advantage in the production of mixers.

front 12

Which of the following best describes the movement from E1 to E2?

back 12

A decrease in supply.

front 13

Which of the following would explain a movement from E1 to E2?

back 13

The cost of an input to the production of this good increases.

front 14

Equilibrium price and quantity are respectively:

back 14

$25 and 400 units.

front 15

At a price of $35, there would be a:

back 15

surplus of 400 units.

front 16

U.S GNP

back 16

excludes production of foreigners working in the US but includes production by US citizens working in foreign countries.

front 17

A US citizen buys a tea kettle manufactered in China by a company that is owned and operated by US citizens. In which of the following components of US GDP is this transaction accounted for?

back 17

Consumption and imports.

front 18

Which of the following items is included in US GDP?

back 18

All of the above are included in US GDP.

front 19

If in some year nominal GDP was $20 billion and GDP deflator was 50, what was the real GDP?

back 19

$40 billion.

front 20

When a US citizen buys $500 of Chinese made parts for a motorcycle:

back 20

US consumption increases by $500, US net exports decline by $500, and US GDP remains the same.

front 21

Disposable personal income is the income that

back 21

Households and noncorporate businesses have left after paying taxes and non-tax payments to the government.

front 22

Nominal GDP will definitely increase when

back 22

prices increase and outputs increase.

front 23

In the economy of Talikastan in 2015, consumption was $200, exports were $150, GDP was $475, government purchases were $100, imports were $75, and investment was $100. What were Talikastan's net exports in 2015?

back 23

$75.

front 24

If an economy is producing efficiently, then:

back 24

There is no way to produce more of one good without producing less of another good.

front 25

Economics is the study of

back 25

How society manages its scarce resources.

front 26

The adage, "there is no such thing as a free lunch", means

back 26

People face tradeoffs.

front 27

The terms equality and efficiency are similar in that they both refer to benefits in society. However, they are different in that

back 27

equality refers to uniform distribution of those benefits, and efficiency refers to maximizing benefits from scarce resources.