Exam 2
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| Analysis based on value judgments is called _____ analysis. | normative
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| The concept of equity focuses on: | fairness
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| In a market graph, consumer surplus is the area: | above the price and below the demand curve.
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| On a market graph, producer surplus is the area that is: | above the supply curve and below the price.
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| A market's deadweight loss is calculated as: | the economic surplus at the efficient quantity minus the economic surplus at the actual quantity.
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| Market failure occurs when market forces lead to: | an inefficient outcome.
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| To maximize production, people should | focus on the task in which they have a comparative advantage.
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| The person who has an absolute advantage in a task | is the one who is best at the task.
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| Comparative advantage explains why people | specialize and trade.
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| When a manager uses comparative advantage to assign tasks in a workplace, then each | task is assigned to the worker with the lowest opportunity cost for performing the task.
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| Barlow and Rusia own a nail salon. A manicure takes Barlow 60 minutes to complete and takes Rusia 45 minutes to complete. Completing a pedicure takes Barlow 45 minutes and takes Rusia 30 minutes. Who has a comparative advantage in pedicures? | Rusia because she has a lower opportunity cost.
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| A trade cost is: | the difference in price between a good that is bought or sold abroad rather than domestically.
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| Which of the following is a source of comparative advantage? | abundant inputs
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| A tariff is a: | tax on imported products.
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| What is social insurance? | It is government-provided financial funding to households to compensate for bad outcomes such as unemployment, illness, disability, or outliving their savings.
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| Which of the following is a social insurance program in the United States? | Social Security
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| Government-provided financial funding to households to compensate for bad outcomes such as unemployment, illness, disability, or outliving your savings is known as a: | social insurance system.
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| Intergenerational mobility is the extent to which: | the economic status of children is independent of the economic status of their parents.
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