ECON 1BB3 Lecture Notes - Inferior Good, Gdp Deflator, Perfect Competition
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27 Nov 2012
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The word economy comes from the greek word for one who manages a household (economy and households both have to make decisions about how to allocate its scarce resources among its members while considering abilities, efforts, and desires. ) Scarcity society has limited resources and so they cannot produce all the goods and services people desire. Economics is the study of how society manages its scares resources. How people make decisions (how much they work, what do they buy, how much they save) How people interact with each other (the multitude of buyers and sellers together determine the price of a good and how much is sold) Analyze forces and trends that effect society as a whole (growth on average income, fraction of the population that cant work) The behavior of an economy reflects the behavior of the people who make up the economy. To get something that we like we usually have to give up something that we like.
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21. The English word that comes from the Greek word for "one who manages a household" is
A- market
B- consumer
C- producer
D- economy
B- should be counted only to the extent that they are more expensive at college than elsewhere. C- usually exceed the opportunity cost of going to college. D- plus the cost of tuition, equals the opportunity cost of going to college. |
B- in most economies, wealthy people consume disproportionate quantities of goods and services. C- governments restrict the production of too many goods and services. D- resources are limited. |
B- markets guiding economic activity. Today many countries that did not have this system have implemented it. C- government guiding economic activity. Today many countries that had this system have abandoned it. D- government guiding economic activity. Today many countries that did not have this system have implemented it. |
B- we should agree with Senator Johnson. C- a good decision requires that we recognize both viewpoints. D- there are no tradeoffs between equity and efficiency. |
B- it does not matter if they charge $10 or $15. C- they would do better charging $15 than $10. D- they should raise the price even more. |
B- helps to explain how the economy is organized. C- incorporates all aspects of the real economy. D- Both (a) and (b) are correct. |
B- households provide firms with labor, land, and capital. C- firms provide households with output. D- firms provide households with profit. |
B- grew rapidly, due to several increases in the minimum wage during those decades. C- grew rapidly, due to government policies that discouraged the importation of foreign products during those decades. D- grew slowly, due to the slow growth of the output of goods and services per hour of U.S. workers' time during those decades. |
Question 30. 30. For economists, statements about the world are of two types: |
A- assumptions and theories.
B- true statements and false statements.
C- specific statements and general statements.
D- positive statements and normative statements.