MACRO FINAL #2 Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Question | Answer |
| Analysis based on value judgments is called _____ analysis. | normative |
| The concept of equity focuses on: | fairness |
| In a market graph, consumer surplus is the area: | above the price and below the demand curve. |
| On a market graph, producer surplus is the area that is: | above the supply curve and below the price. |
| A market's deadweight loss is calculated as: | the economic surplus at the efficient quantity minus the economic surplus at the actual quantity. |
| Market failure occurs when market forces lead to: | an inefficient outcome. |
| To maximize production, people should | focus on the task in which they have a comparative advantage. |
| The person who has an absolute advantage in a task | is the one who is best at the task. |
| Comparative advantage explains why people | specialize and trade. |
| 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. |
| 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. |
| A trade cost is: | the difference in price between a good that is bought or sold abroad rather than domestically. |
| Which of the following is a source of comparative advantage? | abundant inputs |
| A tariff is a: | tax on imported products. |
| 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. |
| Which of the following is a social insurance program in the United States? | Social Security |
| 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. |
| Intergenerational mobility is the extent to which: | the economic status of children is independent of the economic status of their parents. |
Created by:
C_Row
Popular Economics sets