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Exam (elaborations)

Macroeconomics 8th Edition by Glenn Hubbard and O’Brian Study Set Chapter 1-3

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Macroeconomics 8th Edition by Glenn Hubbard and O’Brian Study Set Chapter 1-3

Institution
Macroeconomics
Module
Macroeconomics









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Institution
Macroeconomics
Module
Macroeconomics

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Uploaded on
December 5, 2024
Number of pages
6
Written in
2024/2025
Type
Exam (elaborations)
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Macroeconomics 8th Edition by Glenn Hubbard and
O’Brian Study Set Chapter 1-3


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economicsz-zCORRECTzANSWER-
thezstudyzofzhowzpeoplezseekztozsatisfyztheirzneedszandzwantszbyzmakingzchoices



economiczmodelz-zCORRECTzANSWER-azsimplifiedzversionzofzrealityzusedztozanalyzezreal-
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marketz-zCORRECTzANSWER-azgroupzofzbuyerszandzsellerszofzazparticularzgoodzorzservice



marginalzanalysisz-zCORRECTzANSWER-
analysiszthatzinvolveszcomparingzmarginalzbenefitszandzmarginalzcosts



centrallyzplannedzeconomyz-zCORRECTzANSWER-
Anzeconomyzinzwhichzthezgovernmentzdecideszhowzeconomiczresourceszwillzbezallocated



marketzeconomyz-zCORRECTzANSWER-
anzeconomyzthatzallocateszresourceszthroughzthezdecentralizedzdecisionszofzmanyzfirmszandzhouseholdsza
sztheyzinteractzinzmarketszforzgoodszandzservices



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szbutzinzwhichzthezgovernmentzplayszazsignificantzrolezinzthezallocationzofzresources



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productivezefficiencyz-zCORRECTzANSWER-
thezsituationzinzwhichzazgoodzorzserviceziszproducedzatzthezlowestzpossiblezcost



allocativezefficiencyz-zCORRECTzANSWER-
Azstatezofzthezeconomyzinzwhichzproductionziszinzaccordancezwithzconsumerzpreferences;zinzparticular,zev
eryzgoodzorzserviceziszproducedzupztozthezpointzwherezthezlastzunitzprovideszazmarginalzbenefitztozsocietyz
equalztozthezmarginalzcostzofzproducingzit



voluntaryzexchangez-zCORRECTzANSWER-
azsituationzthatzoccurszinzmarketszwhenzbothzthezbuyerzandzsellerzofzazproductzarezmadezbetterzoffzbyzthez
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equityz-zCORRECTzANSWER-thezfairzdistributionzofzeconomiczbenefits



economiczvariablez-zCORRECTzANSWER-
somethingzmeasurablezthatzcanzhavezdifferentzvalues,zsuchzaszthezwageszofzsoftwarezprogrammers.



positivezanalysisz-zCORRECTzANSWER-analysiszconcernedzwithzwhatzis



normativezanalysisz-zCORRECTzANSWER-analysiszconcernedzwithzwhatzoughtztozbe



productionzpossibilitieszfrontierz(PPF)z-zCORRECTzANSWER-
azcurvezshowingzthezmaximumzattainablezcombinationszofztwozproductszthatzmayzbezproducedzwithzavail
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economiczgrowthz-zCORRECTzANSWER-
thezabilityzofzthezeconomyztozproducezincreasingzquantitieszofzgoodszandzservices



tradez-zCORRECTzANSWER-thezbuyingzandzsellingzofzgoods

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