Download Micro final part 2 | ECON - Microeconomics 1 - Introduction and more Quizzes Microeconomics in PDF only on Docsity!
TERM 1
True
DEFINITION 1 At the state and local levels of government, the biggest slice of the expenditures "pie" is for education (excluding the "all other" category). TERM 2
True
DEFINITION 2 all points on the Production Possibility Frontier (PPF) are efficient TERM 3
True
DEFINITION 3 Since peanut butter and jelly are strong complements, an increase in the price of peanut butter would decrease the demand for jelly. TERM 4
goods
DEFINITION 4 In the circular flow diagram, we have goods and services from businesses to households and expenditures for those goods and services from households to businesses in the ____ market. TERM 5
tradeoff
DEFINITION 5 The amount of one good that must be given up to attain more of the other good indicates the _____ between the two goods.
TERM 6
DEFINITION 6 The US produces what percent of the value of production in the global economy:a. 5b. 20c. 50d. none of the above TERM 7
Spain
DEFINITION 7 Which one of the following countries is in the most deep financial trouble in the Euro zonea. Germanyb. Spainc. Franced. Finland TERM 8
None of the above
DEFINITION 8 The PPF is concave (bowed out from) to the point of origin because:a. Of relative scarcityb. peak efficiency is not possible to achievec. Consumers have different preferences for the goods in questiond. none of the above TERM 9
Increase the demand for a normal good
DEFINITION 9 an increase in income will:a. increase the demand for an inferior goodb. decrease the demand for a normal goodc. increase the demand for a normal goodd. cause a change in quantity demand for the good in question TERM 10
True
DEFINITION 10 Over the last three years, consumer confidence overall has been slowly climbing
