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Flashcards in Exam 1 Deck (21):
1

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

2

What should a Theory do well?

Predict

3

The Fallacy of Composition occurs with what type of logic?

Inductive

4

It is an essential requirement for a specific outcome (_____ Condition)

Necessary

5

Economic Goods are _____ while Free Goods are not.

Scarce

6

Minimizing inputs with a given level of output is called what?

Economy

7

A time series analysis of all significant variables is called

Dynamic

8

Marginal Cost is the slope of?

TC

9

What you would have gotten in the best thing you did not do is called?

Opportunity Cost

10

A lawyer prepares a contract for his client in August 1998. This action is properly accounted for in 97-98 GNP (True or False)

True

11

What is the economist's word for money?

Money

12

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)

13

Output is called what?

Product

14

Economic rent is a payment to what?

A factor of production

15

What are the Primary factors?

Land & Labor

16

What is the secondary factor

Capital

17

A factory that emits pollution into a neighboring stream as a by-product of its production is creating what?

External diseconomy

18

Marxism is distribution according to need, meritocracy is distribution according to?

Scarcity

19

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

D

20

First Person to profess the golden rule

Confucius

21

First person to develop the concept of Division of Labor

Mencius