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Macroeconomics

Chapter 1

QuestionAnswer
What is the 1st principle of economics? People face trade-offs
What is the 2nd principle of economics? The cost of something is what you give up to get it
What is the 3rd principle of economics? Rational people think at the margin
What is the 4th principle of economics? People respond to incentives
What is the 5th principle of economics? Trade can make everyone better off
What is the 6th principle of economics? Markets are usually a good way to organize economic activity
What is the 7th principle of economics? Governments can sometimes improve market outcome
What is the 8th principle of economics? A country's standard of living depends on its ability to produce goods and services
What is the 9th principle of economics? Prices rise when the government prints too much money
What is the 10th principle of economics? Society faces a short-run trade-off between inflation and unemployment
What do the first 4 principles of economics discuses? How rational people make decisions and what costs are
What does the 5th, 6th, and 7th principle of economics discuses? How people interact
What do the last 3 principles of economics discuses? GDP, what happens when the Federal Reserve increases the money supply, and unemployment
What is an increase in the overall level of prices in the economy? Inflation
Created by: beckster3000
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