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Econ Exam 1 > Forgotten Notes > Flashcards

Forgotten Notes Flashcards

1
Q

Expressing an opinion is considered ___________ economics.

A

Normative

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2
Q

Expressing a fact is considered ___________ economics.

A

Positive

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3
Q

Descriptive economics is _________ economics.

A

Data

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4
Q

Operating under the production possibilities curve causes what?

A

Unemployment

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5
Q

Operation over the production possibilities curve is not possible in the ________ run.

A

Short

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6
Q

The region above the production possibilities curve is what?

A

Unattainable without more resources

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7
Q

Labor is considered a __________ resource.

A

Variable

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8
Q

Capital is considered a __________ resource.

A

Fixed

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9
Q

The US is a mixed but mostly ________ economy.

A

Free

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10
Q

The US ranks where in terms of freedom according to heritage?

A

18th

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11
Q

What percent of GDP goes to consumption?

A

68%

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12
Q

What percent of our GDP goes to investment?

A

17%

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13
Q

What percent of our GDP goes to government?

A

17%

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14
Q

What are the three economic building blocks of the Us?

A

Equality
Freedom
Efficiency

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15
Q

We sacrifice some __________ for more ___________.

A

Freedom

Equality

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16
Q

The value of an opportunity costs can be calculated only by the what?

A

Individual

17
Q

Free economy = __________ goods.

A

Private

18
Q

Command economy = _________ goods.

A

Public

19
Q

What act recognized healthcare as a public good?

A

Affordable healthcare act

20
Q

Every business faces ___________ returns, that is why it’s a law.

A

Diminishing

21
Q

Any point on the production frontier is using all available resources and is the most what?

A

Efficient

22
Q

Market economy decisions come from the __________ itself.

A

Market

23
Q

Command economy decision come from someone in ____________.

A

Command

Econ Exam 1 (6 decks)

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