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Normative statement
answer
statement which describes how the world should be
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What will not shift the opportunity curve outward
answer
A reduction in unemployment
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Households
answer
Factors of production are owned by ______
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Positive statements
answer
statements of description that can be tested.
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money
answer
what is NOT a factor of production
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Comparative advantage
answer
Trade is always based on ______
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An increase in price and ambiguous quantity
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An increase in both supply and demand results in
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Only one seller
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A monopolist market has
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Quantity demanded=Quantity supplied
answer
If the price of a good is equal to the equilibrium price,
question
depreciation
answer
The value of plant and equipment worn out in the process of manufacturing goods and services is measured by
question
GDP
answer
the total market value of all final goods and services produced annually in an economy
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CPI
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a measure of the overall cost of the goods and services bought by a typical consumer
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Illicit goods, intermediate goods, and out of country
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Not included in GDP
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Base year; Current year
answer
Real GDP is measured in ______ prices while nominal GDP is measured in ______ prices.
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risen or fallen because there is not enough information to determine what happened to real output.
answer
If nominal GDP in 2019 exceeds nominal GDP in 2018, then the production of output must have
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Foreigners are producing more in the United States than Americans are producing in foreign countries.
answer
If U.S. GDP exceeds U.S. GNP, then
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Consumption, investment, government purchases, and net exports.
answer
Gross domestic product can be measured as the sum of
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GNP (Gross National Product)
answer
The sum of all goods and services produced in a nation in a year
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ONLY price changes of the good itself
answer
What cause something to move along a curve
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Anything but a change in price
answer
What causes a shift in a curve?
question
production possibilities curve
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A graph that shows alternative ways to use an economy's productive resources
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Households
answer
Buy and consume goods and services; Own and sell factors of production
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Firms
answer
Produce and sell goods and services; Hire and use factors of production
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Markets for goods and services
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firms sell, households buy
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Markets for factors of production
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households sell, firms buy
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Lenders will gain at the expense of borrowers.
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If borrowers and lenders agree on a nominal interest rate and inflation turns out to be less than they had expected,
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Firms will gain at the expense of workers.
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If workers and firms agree on an increase in wages based on their expectations of inflation and inflation turns out to be more than they expected,
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Inflation-nominal
answer
How to find real interest rate
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