ECON 1000 Midterm: ECON 1000 Kennesaw State ECON1000 Fall2017 Exam2A Key
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As discussed in lecture, society can achieve economic growth by. More than one (perhaps all) of the above answers is correct. Gross domestic product can be expressed by the following formula: __________. Y = c + i + g + nx. _______________ refers to the logical error whereby someone incorrectly concludes that simply because there are benefits (to some people) from higher levels of an activity, that more of the activity is always better. The _________________ function of government can be described as attempts by government to minimize fluctuations in overall macroeconomic activity. Consider a market in which the maximum possible value of total social surplus is ,500,000. If the realized level of total social surplus is ,200,000, then deadweight loss in this market is equal to ____________. The expanded circular flow diagram builds upon the basic circular flow diagram by adding an illustration of the role of government and the foreign sector.
