Exam 1 Flashcards
President Carter Said, “That may be a good theory, but it doesn’t hold water in the real world.” Mr. Carter is a…
A. Democrat B. Unclear on the concept C. A former peanut farmer D. A victim of lust in his heart E. All the Above
E. All the Above
What should a Theory do well?
Predict
The Fallacy of Composition occurs with what type of logic?
Inductive
It is an essential requirement for a specific outcome (_____ Condition)
Necessary
Economic Goods are _____ while Free Goods are not.
Scarce
Minimizing inputs with a given level of output is called what?
Economy
A time series analysis of all significant variables is called
Dynamic
Marginal Cost is the slope of?
TC
What you would have gotten in the best thing you did not do is called?
Opportunity Cost
A lawyer prepares a contract for his client in August 1998. This action is properly accounted for in 97-98 GNP (True or False)
True
What is the economist’s word for money?
Money
What is a Frontier line of maximum output capabilities that may be achieved when all available factors of production are being fully employed at their highest and best use called?
Production Possibilities Curve (PPC)
Output is called what?
Product
Economic rent is a payment to what?
A factor of production
What are the Primary factors?
Land & Labor
