Miscellaneous Quiz / Macroeconomics Review Granning Ch1-5

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Can you name the Macroeconomics Chapters 1-5?

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This occurs when a country makes more of two products than another coutnry. ______________ Advantag
A good that is used together with another good
Land, labor, capital and entrepreneurship make up....
The other-things-equal assumption is better known as
products whose demand vary directly with money income are referred to as _____________ goods
This says the higher the price the lower the demand and vise-versa
If supply exceeds demand you will experience a
If demand exceeds supply you will experience a......
two or more individuals agree to operate a business together is a reference to .......
The creation of new products completely destroys the market position of older products
This is the percent of american income received in wages and salaries
This is the maximum legal price a seller may charge for a product or service
When the dollar price of yen increases we say that there is a ________________ of the dollar
a busines owned and operated by one person
Adam Smith created this term to refer to how people will look out for their own self-interest but will also help the community as a whole
The trade bloc in Europe is known as the
The U.S., Mexico and Canada are all part of this trade bloc
When the dollar price of the yen decreases we say that there is a __________________________of the dollar
This organization replaced GATT
when a single seller controls an entire industry
Production or consumption costs inflicted on a third party without compensation are called
In this economic system private enterprise is encouraged and the people make the choices
This is the second best choice or alternative
QuestionAnswer
A product that is expected to last three years or more is referred to as a ______________ good
Goods whose demand varies inversely with money income are referred to as _______________ goods
This is the problem created between stockholders and their CEO's
This compares marginal benefits and marginal costs
If a PPC moves outward there is either an increase in resources or __________________
most revenue generated for the federal government comes from this tax
In this economic system an individual or small group make the choices for the people
This can be used to determine the opportunity costs between making two different products by a company
This field of economics involves judgement
When discussing the public sector, you must have this economic actor
The principle that as the production of a good increases, the cost of producing an additional unit also rises
Scarcity can be best defined as limited resources and ______________ wants
A product that is supposed to last less than three years is referred to as a _______________ good
The tools used in making a product are referred to as
This method is used to determine economic theories and principles
This field of economics concentrates on facts and cause-and-effect relationships
A good that can be used in place of another
This tax is one of the main ways governments interfere with trade
In a circular flow model there are two markets, a product market and a _________________ market
an organization that employs resources to produce goods and services for profit and operates on or more plants
This form of firm has the most sales
This represents a share of ownership in a corporation
A situation where a country can produce a specific product at a lower opportunity cost than another country
QuestionAnswer
This act was meant to encourage americans to buy domestic by placing a tariff on foreign goods, but created an adverse effect where foreign countries also put a tariff on the Unite
A minimum price fixed by the government
Economics is basically the study of
Human specialization
The point where demand and supply are equal is referred to as the
In economics, this word means total
34% of all federal expenditures go to this
a group of firms that produce the same, or similar products
This refers to the more you consume of a product the less utility you receive from the product
A physical establishment
This says the higher the price the more product will be supplied so that the producer may make more of a profit
If a demand or supply curve is increasing it is shifting this way
This field of economics looks at the choices made by entire countries
These involve nonrivalry and nonexcludability
Welfare checks and food stamps are examples of this payment
The pleasure, happiness, or satisfaction of consuming a good
In economics, if something is desired or wanted it has
Most firms in america are of this kind
This field of economics looks at the choices made by individuals, households and corporations
Products that satisfy your wants and are final products read for sale are ________________ goods
This problem occurs when a person receives a public good without paying for it
when you lend money to a corporation with a promise of a certain percent returned you are involved in a

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