Ten principles of Mankiw Flashcards

1
Q
  1. People Face Trade offs
A
  1. The Cost of Something is What You Give Up to Get It
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2
Q
  1. Rational People Think at the Margin
A
  1. People Respond to Incentives
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3
Q
  1. Trade Can Make Everyone Better Off
A
  1. Markets Are Usually a Good Way to Organize Economic Activity
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4
Q
  1. The government can sometimes improves economic outcomes
A
  1. The standard of living depends upon country’s production
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5
Q
  1. Prices Rise When the Government Prints Too Much Money
A
  1. Society Faces a Short-Run Tradeoff Between Inflation and Unemployment
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