eco
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| the fundamental problem in economics. | scarcity
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| Specialization requires | trade
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| the branch of economics that focuses on broad issues like growth, unemployment, inflation, and trade balance. | Macroeconomics
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| focuses on actions of individual agents within the economy like households, workers, and businesses. | Microeconomics
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| The Circular Flow diagram is an example of | economic model
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| a line depicting all combinations of goods that are affordable with a given income and given prices. | budget constraint
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| he ability and willingness to sell specific quantities of a good, while supply is the ability and willingness to buy specific quantities of a good. | quality supplied
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| lower limit imposed on the price of a good | price floor
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| The World Bank deems a legal system effective if property rights and contractual rights are upheld. | true
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| Growth rate of total output equals | Growth rate of labor force + growth rate of productivity
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| Natural unemployment consists of which type of unemployment? |
Both Structural & Frictional
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| ull employment is the same as zero unemployment. | false
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| One of the three core economic questions that must be resolved is what to produce with (unlimited/limited) resources | limited
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| an upper limit imposed on the price of a good. | price ceiling
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| the willingness and ability to buy specific quantities of a good at alternative prices | demand
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| the ability and willingness to sell specific quantities of a good at alternative prices. | supply
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| he value of final output measured in current prices | Nominal GDP
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| value of final output measured in constant prices. | Real GDP
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| consists of both expansions and contractions. | business cycle
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| Examples of economic contractions include |
Recessions & Depressions
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| The World Bank deems a legal system effective if what is upheld? | Both property & contractual rights
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| Growth rate of total output = | growth rate of labor force + growth rate of productivity
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| New growth theory focuses on which of the following: | Investing in ideas
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