Principles of Macroeconomics
(Midterm Exam 1)
% alternate - ANS-new cost-antique value/ vintage value
three Main sources of upgrades in technology - ANS-1. Better machinery and gadget
2. Higher way of organizing and handling manufacturing
three. Increases in human capital
three Most Important Indicators of the Performance of an Economy - ANS-The boom rate of
real GDP, the unemployment fee, and the inflation fee
Absolute Advantage - ANS-The potential of an character, a firm, or a country to provide extra
of an awesome or carrier than competition, the use of the identical quantity of sources
(normally time)
Centrally deliberate financial system - ANS-An financial system in which the government
comes to a decision how monetary resources can be allotted
Ceteris Parabis - ANS-The requirement that once analyzing the relationship between
variables - inclusive of charge and quantity demanded - different variables should be held
constant
Circular-drift diagram - ANS-A version that illustrates how individuals in markets are related
Comparative Advantage - ANS-The capability of an individual, a firm, or a rustic to provide
an awesome or service at a decrease opportunity cost than competitors
Competitive Market Equilibrium - ANS-A marketplace equilibrium with many consumers and
dealers
Complements - ANS-Goods and offerings which can be used collectively
Consumption - ANS-Spending with the aid of families on goods and services, no longer
consisting of spending on new homes
CPI: Consumer Price Index - ANS-An average of the prices of the goods and services
bought via the standard city circle of relatives of 4 ( price of basket in present day year/fee of
basket in base yr x 100 )
Cyclical unemployment - ANS-Unemployment due to a business cycle recession (
unemployment rate-herbal fee of unemployment )
Deflation - ANS-A decline within the price stage
, Demand curve - ANS-A curve that shows the connection between the rate of a product and
the quantity of the product demanded
Demand schedule - ANS-A desk that suggests the relationship between the fee of a product
and the quantity of the product demanded
Demographics - ANS-The traits of a population with admire to age, race, and gender
Discouraged workers - ANS-People who are to be had for paintings however have not
searched for a activity throughout the preceding 4 weeks due to the fact they agree with no
jobs are available for them
Economic Growth - ANS-The ability of the economy to boom the manufacturing of goods
and services
Economics - ANS-The examine of the selections people reap their dreams, given their
scarce resources
Efficiency salary - ANS-A higher than market salary that a company pays to boom worker
productivity
Employed - ANS-The individual labored at some point of the preceding week or was
temporarily absent from their activity because of vacation, illness, strike, or horrific weather
Entrepreneur - ANS-Someone who operates a enterprise, bringing together the factors of
production - labor, capital, and natural sources - to supply goods and services
Exports - ANS-Goods and services produced regionally but offered in other international
locations
Factor Market - ANS-A market for factors of production, including hard work, capital, herbal
sources and entrepreneurial potential
Factors of manufacturing - ANS-The inputs used to make goods and offerings
Final items or offerings - ANS-A top or carrier bought by way of a very last consumer
Free Market - ANS-A market with few government regulations on how an amazing or a
provider may be produced or offered or on how a issue of production may be employed
Free change - ANS-Trade between countries without authorities restrictions
Frictional unemployment price - ANS-Short term unemployment that arises from the manner
of matching workers with jobs
GDP deflator - ANS-A measure of the price stage, calculated through dividing nominal GDP
by actual GDP and multiplying by 100
(Midterm Exam 1)
% alternate - ANS-new cost-antique value/ vintage value
three Main sources of upgrades in technology - ANS-1. Better machinery and gadget
2. Higher way of organizing and handling manufacturing
three. Increases in human capital
three Most Important Indicators of the Performance of an Economy - ANS-The boom rate of
real GDP, the unemployment fee, and the inflation fee
Absolute Advantage - ANS-The potential of an character, a firm, or a country to provide extra
of an awesome or carrier than competition, the use of the identical quantity of sources
(normally time)
Centrally deliberate financial system - ANS-An financial system in which the government
comes to a decision how monetary resources can be allotted
Ceteris Parabis - ANS-The requirement that once analyzing the relationship between
variables - inclusive of charge and quantity demanded - different variables should be held
constant
Circular-drift diagram - ANS-A version that illustrates how individuals in markets are related
Comparative Advantage - ANS-The capability of an individual, a firm, or a rustic to provide
an awesome or service at a decrease opportunity cost than competitors
Competitive Market Equilibrium - ANS-A marketplace equilibrium with many consumers and
dealers
Complements - ANS-Goods and offerings which can be used collectively
Consumption - ANS-Spending with the aid of families on goods and services, no longer
consisting of spending on new homes
CPI: Consumer Price Index - ANS-An average of the prices of the goods and services
bought via the standard city circle of relatives of 4 ( price of basket in present day year/fee of
basket in base yr x 100 )
Cyclical unemployment - ANS-Unemployment due to a business cycle recession (
unemployment rate-herbal fee of unemployment )
Deflation - ANS-A decline within the price stage
, Demand curve - ANS-A curve that shows the connection between the rate of a product and
the quantity of the product demanded
Demand schedule - ANS-A desk that suggests the relationship between the fee of a product
and the quantity of the product demanded
Demographics - ANS-The traits of a population with admire to age, race, and gender
Discouraged workers - ANS-People who are to be had for paintings however have not
searched for a activity throughout the preceding 4 weeks due to the fact they agree with no
jobs are available for them
Economic Growth - ANS-The ability of the economy to boom the manufacturing of goods
and services
Economics - ANS-The examine of the selections people reap their dreams, given their
scarce resources
Efficiency salary - ANS-A higher than market salary that a company pays to boom worker
productivity
Employed - ANS-The individual labored at some point of the preceding week or was
temporarily absent from their activity because of vacation, illness, strike, or horrific weather
Entrepreneur - ANS-Someone who operates a enterprise, bringing together the factors of
production - labor, capital, and natural sources - to supply goods and services
Exports - ANS-Goods and services produced regionally but offered in other international
locations
Factor Market - ANS-A market for factors of production, including hard work, capital, herbal
sources and entrepreneurial potential
Factors of manufacturing - ANS-The inputs used to make goods and offerings
Final items or offerings - ANS-A top or carrier bought by way of a very last consumer
Free Market - ANS-A market with few government regulations on how an amazing or a
provider may be produced or offered or on how a issue of production may be employed
Free change - ANS-Trade between countries without authorities restrictions
Frictional unemployment price - ANS-Short term unemployment that arises from the manner
of matching workers with jobs
GDP deflator - ANS-A measure of the price stage, calculated through dividing nominal GDP
by actual GDP and multiplying by 100
