| Hint | Answer |
|---|
| The impact of one person's decisions upon a neighbor's well-being. | |
| A cost that has already occured and cannot be recovered. | |
| The market value of all final goods and services produced within an economy in a certain period of time. | |
| Represents what is given up when an entity makes a decision. | |
| The Golden Rule of profit maximization states the the profit maximizing quantity of output occurs where ______________. | |
| Occurs when quantity demanded exceeds the quantity supplied. | |
| The type of policy described by the manipulation of the money supply by the central bank. | |
| The study of how society allocates its scarce resources. | |
| A prolonged, severe recession. | |
| A measure of the overall price of goods and services to consumers. | |
| | Hint | Answer |
|---|
| Committee of the Federal Reserve that manipulates the money supply via exchange of government bonds on the open market. | |
| A tax levied on a specific good or service, such as cigarettes. | |
| The federal institution that backs bank deposits. | |
| This curve shows the trade-off between inflation and unemployment in the short-run. | |
| A type of good in which more income induces a consumer to demand less of it. | |
| Quoted saying, 'In the long run, we're all dead.' | |
| Quoted saying, 'Inflation is always and everywhere a monitary phenomenon.' | |
| Wrote 'The Wealth of Nations' in 1776 in support the idea of the 'invisible hand' that guides the economy. | |
| Parable illustrating that communal goods will be used beyond their socially efficient level. | |
| Category of the money supply made up of coins and currency, demand deposites, travelor's checks, and other checkable deposits. | |
|
The Nine Planets 
Digits of Pi 
Multiplication Table
