Flashcards in Exam 1 Deck (21):
President Carter Said, "That may be a good theory, but it doesn't hold water in the real world." Mr. Carter is a...
A. Democrat B. Unclear on the concept C. A former peanut farmer D. A victim of lust in his heart E. All the Above
E. All the Above
What should a Theory do well?
The Fallacy of Composition occurs with what type of logic?
It is an essential requirement for a specific outcome (_____ Condition)
Economic Goods are _____ while Free Goods are not.
Minimizing inputs with a given level of output is called what?
A time series analysis of all significant variables is called
Marginal Cost is the slope of?
What you would have gotten in the best thing you did not do is called?
A lawyer prepares a contract for his client in August 1998. This action is properly accounted for in 97-98 GNP (True or False)
What is the economist's word for money?
What is a Frontier line of maximum output capabilities that may be achieved when all available factors of production are being fully employed at their highest and best use called?
Production Possibilities Curve (PPC)
Output is called what?
Economic rent is a payment to what?
A factor of production
What are the Primary factors?
Land & Labor
What is the secondary factor
A factory that emits pollution into a neighboring stream as a by-product of its production is creating what?
Marxism is distribution according to need, meritocracy is distribution according to?
A weight decreasing industry would tend to operate near A. Overweight People B. The point of Sale C. Canada D. Raw materials E. The Ocean
First Person to profess the golden rule