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What is sometimes called the opportunity set?
The model that economists use for illustrating the process of individual choice in a situation of scarcity is the budget constraint, sometimes also called the opportunity set, a diagram which shows what choices are possible.
How is marginal thinking best demonstrated?
Marginal thinking is best demonstrated by: choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time.
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What best describes a fiscal policy tool?
Fiscal policy is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation’s economy. It is the sister strategy to monetary policy through which a central bank influences a nation’s money supply.
Is to forget about the money that’s irretrievably gone?
The lesson of sunk costs is to forget about the money and time that is irretrievably gone and instead to focus on the marginal costs and benefits of current and future options.
What are the three basic decisions every household must make?
Terms in this set (15) The three basic decisions every household must make: How much of each product, or output, to demand, how much labor to supply, how much to spend today and how much to save for the future.
When deciding between purchasing two goods an individual should purchase the good with the highest?
the consumer optimum. To maximize your satisfaction when deciding between two goods: you must get the most satisfaction out of every dollar you spend.
When nations desire a healthy macroeconomy?
When nations desire a healthy macroeconomy, they typically focus on four goals: growth in the standard of living, a low level of unemployment, low inflation, and a sustainable balance of trade between countries.
Are markets always in equilibrium?
Economic equilibrium is a theoretical construct only. The market never actually reaches equilibrium, though it is constantly moving toward equilibrium.
When other things remain the same the market demand curve for a typical good has a?
The demand curve for a typical good has a(n): negative slope because some consumers switch to other goods as the price rises.
Which country has biggest economy?
| # | Country | GDP (abbrev.) |
|---|---|---|
| 1 | United States | $19.485 trillion |
| 2 | China | $12.238 trillion |
| 3 | Japan | $4.872 trillion |
| 4 | Germany | $3.693 trillion |
When might workers be exempt from paying income taxes?
When might workers be exempt from paying income taxes? When they don’t make enough money.
What are the 3 fiscal policies?
There are three main types of fiscal policy – neutral policy, expansionary, and contractionary.
Long working hours ‘kills 745,000 people a year’: BBC News Review
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When economists use the term ceteris paribus?
When economists use the term Ceteris paribus, they are indicating that. all other variables except the ones specified are assumed to be constant. a positive economics statement is. a very higher income tax rate will reduce the amount of time that people spend working.
Why is there scarcity a Because the opportunity set determines this?
Why is there scarcity? Because the opportunity set determines this. Because theory dictates it. Because our unlimited wants exceed our limited resources.
When quantity demanded decreases in response to an increase in price?
When quantity demanded decreases in response to a change in price: the demand curve shifts to the right.
Which of the following are potential sources of market failure?
Reasons for market failure include: positive and negative externalities, environmental concerns, lack of public goods, underprovision of merit goods, overprovision of demerit goods, and abuse of monopoly power.
What does the law of diminishing marginal utility State?
The law of diminishing marginal utility states that all else equal, as consumption increases, the marginal utility derived from each additional unit declines. Marginal utility is the incremental increase in utility that results from the consumption of one additional unit.
Who proposed the concept of law of diminishing marginal utility?
The Law of Diminishing Marginal Utility in Alfred Marshall’s Principles of Economics.
What are two important issues to consider when making a personal buying decision?
always maximize utility. When making personal buying decisions, two important issues to consider are the: a. satisfaction you receive from the choices that you make and the satisfaction others receive from your choices.
When consumers make decisions without perfect information the decision reflects?
Whenever consumers make decisions without perfect information, the decision reflects: bounded rationality.
Who determines how much utility or benefit an individual will receive from consuming a good?
Individuals are the only judge of their own utility. In general, greater consumption of a good brings higher total utility. However, the additional utility received from each unit of greater consumption tends to decline in a pattern of diminishing marginal utility.
What does macroeconomics deal with?
Macroeconomics is the study of whole economies–the part of economics concerned with large-scale or general economic factors and how they interact in economies.
To find work you love, don’t follow your passion | Benjamin Todd | TEDxYouth@Tallinn
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What is most likely to encourage underground economies?
What is most likely to encourage underground economies? Correct. Control economies are characterized by heavy government regulations, which limit development and motivate underground economies to emerge.
What macroeconomics primarily examines?
Macroeconomics primarily examines: broad issues such as national output, employment and inflation.
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