BAMM-6101 - Macroeconomics Theory and Practice oed answer key
Showing 101 to 120 of 132 total answers.
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Awesome StudentQuestion • Macroeconomics Theory and Practice
Transfer Payment - a payment made for which no goods or services are provided in return. Transfer payments are excluded from _______.
Answer
GDPCorrect
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Awesome StudentQuestion • Macroeconomics Theory and Practice
______ Latin term that used in economics means all other non-price factors that affect the amount we consume or produce do not change.
Answer
Ceteris ParibusCorrect
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Awesome StudentQuestion • Macroeconomics Theory and Practice
__________is the amount that the quantity supplied exceeds the quantity demanded when the market price is above the equilibrium price.
Answer
SurplusCorrect
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Awesome StudentQuestion • Macroeconomics Theory and Practice
The market value of final goods and services (ie, sold to final consumers) produced by a nation during a specific period, usually year
Answer
consumers) produced by a nation during a specific period, usually yearCorrect
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Awesome StudentQuestion • Macroeconomics Theory and Practice
___________is the amount that the quantity demanded exceeds the quantity supplied when the market price is below the equilibrium price.
Answer
ShortageCorrect
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Awesome StudentQuestion • Macroeconomics Theory and Practice
What approach that measures total economic activity by adding the amount spent by allultimate or final consumers of products and service?
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Awesome StudentQuestion • Macroeconomics Theory and Practice
____________________the amount by which the value of a firm's finished products exceeds the value of goods and services the firm purchases
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Awesome StudentQuestion • Macroeconomics Theory and Practice
Price Index = current-year total cost of market basket of goods and services / base-year total cost of market basket of goods and services
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Awesome StudentQuestion • Macroeconomics Theory and Practice
The market value of final goods and services (i.e., sold to final consumers) produced by a nation during a specific period, usually 1 year.
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Awesome StudentQuestion • Macroeconomics Theory and Practice
Understanding measures of Elasticity is critically important in Microeconomics, references to Elasticities are infrequent in Macroeconomics
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Awesome StudentQuestion • Macroeconomics Theory and Practice
Things that are available in sufficient amounts to satisfy all possible needs. There is no opportunity cost involved in their use or consumption.
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Awesome StudentQuestion • Macroeconomics Theory and Practice
__________as the price of a good or services increases, the quantity you would be willing and able to purchase during some period of time declines.
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Awesome StudentQuestion • Macroeconomics Theory and Practice
When the price of resources in the production process increases, firms try to pass on these increases to the product price this is called ________.
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Awesome StudentQuestion • Macroeconomics Theory and Practice
Another problem with the unemployment rate as a measure of overall labor activity is that the employed may not be working as much as they would like
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Awesome StudentQuestion • Macroeconomics Theory and Practice
______________ is a movement along a fixed supply curve in response to a change in the price of that good, ceteris paribus (everything else unchanged).
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Awesome StudentQuestion • Macroeconomics Theory and Practice
__________is the measure of the average level of prices for some specified bundle of goods and services, relative to the prices in a specified base year
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Awesome StudentQuestion • Macroeconomics Theory and Practice
Consumer Price Index=Only goods and services purchased by households included Quantities fixed (the market basket) Imports (of consumer goods) included.
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Awesome StudentQuestion • Macroeconomics Theory and Practice
The market value of final goods and services produced by labor and property supplied by the residents of a nation during a specific period, usually 1 year.
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Awesome StudentQuestion • Macroeconomics Theory and Practice