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Macroeconomics 201

Teacher: Wendy Alexander
Horizontales
Division of_____ occurs when , for example, in a factor one group of workers is assigned to quality checks and another group is assigned to production of a good.
Macroeconomics is the study of the behavior of the economy as a whole, including economywide phenomena as changes in unemployment, the general price level, and national ______
If the costs of the inputs for a product increase, the supply curve will shift in what direction.
Uing the attached table, at what price does a surplus occur
The rationality assumption is the assumption that people will not make a decision that will make them
Gains from trade are measured by combining producer and __________ surplus
Inez can make a fishing net in 1 hour and a wood box in 4 hours. Maria can make a fishing net in one hour and a wood box in 5 hours. Who has the comparative advantage in making fishing nets?
These individuals specialize in the lowering transaction costs
The law of increasing additional ___, indicates that the opportunity cost of producing additional units of a good increase as more of that good is produced.
When the demand for a good decreases and the supply increases, equilibrium price will_
Refer to item #2 on the attached sheet, what is the number of new workers (expressed in 100s) who would want to work at the wage but cannot find jobs___
Demand for this good rises when the price of another good rises
If an economy operates at a point within the PPC, the economy is operating efficiently. Enter True of False.
A ______is also known as a negative tax for producers
Refer to item #2 on the attached sheet, what number (expressed in 100’s) of workers that would have been employed at the minimum wage but now lose jobs
Inez can make a fishing net in 1 hour and a wood box in 4 hours. Maria can make a fishing net in one hour and a wood box in 5 hours. Who has the absolute advantage in making wood boxes?
As an economy grows, the production possibilities curve moves in this direction.
Demand for these goods rises as income rises
In a ______system, decision making is decentralized and the signaling aspect of this system provides information to buyers and sellers about what and how many items should be produce
Verticales
These are the biggest losers when rent ceilings are imposed.
Macroeconomics is the study of the behavior of the economy as a whole, including economywide phenomena as changes in unemployment, the general price level, and national ______
The Law of Demand States that as the price of a good goes up, people buy____.
Using the attached table, determine the equilibrium price
When the demand for a good decreases and the supply decreases, equilibrium quantity will
Demand for this good falls when the price of another good rises
The ______ price of a good is the the price of the good in comparison to the price of another good.
______ economics involves peoples values and typically uses the word should.
This is what people would buy if they had unlimited income_
A change in income or a change in the taste and preferences of consumers is considered a change in the ________ paribus conditions.
Refer to item #2 o the attached sheet, what is the total unemployment created(expressed in 100s)____
Agricultural supports are a type of price ______
If demand decreases with no change in supply, equilibrium price will be _____.
As a factor of production, education can be characterized as _______ capital
A change in this for a good causes movement along the demand or supply curve
This curve measures possible trade-offs in the production of capital and consumption (use abbreviation)