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Questions and Answers
What is the primary purpose of an economic model?
What is the primary purpose of an economic model?
- To provide a simplified version of reality (correct)
- To analyze the effects of changes over time
- To predict the exact outcomes of economic behavior
- To regulate the factors of production
Who is the founder of monetarism?
Who is the founder of monetarism?
- Adam Smith
- Karl Marx
- John Maynard Keynes
- Friedrich Von Wieser (correct)
What is the primary goal of economic activity?
What is the primary goal of economic activity?
- To maximize profits
- To satisfy the needs and desires of individuals (correct)
- To create jobs
- To reduce inflation
What type of analysis is used to study the effects of changes over time?
What type of analysis is used to study the effects of changes over time?
What is the purpose of economic analysis?
What is the purpose of economic analysis?
What is the term for the flow of money around an economy?
What is the term for the flow of money around an economy?
What is the focus of the Marginal Utility Theory of Value?
What is the focus of the Marginal Utility Theory of Value?
What is the main goal of an economic system?
What is the main goal of an economic system?
What is the name of the analysis tool used to anticipate the likely economic effects of various policy alternatives?
What is the name of the analysis tool used to anticipate the likely economic effects of various policy alternatives?
What is the definition of economic theory?
What is the definition of economic theory?
What is the purpose of economic policy?
What is the purpose of economic policy?
What concept analyzes how changes in certain variables impact financial models or economic systems?
What concept analyzes how changes in certain variables impact financial models or economic systems?
What is the effect of an increase in the number of potential buyers on the demand for a particular good or service?
What is the effect of an increase in the number of potential buyers on the demand for a particular good or service?
What is the relationship between the price of a good or service and the quantity supplied, according to the Law of Supply?
What is the relationship between the price of a good or service and the quantity supplied, according to the Law of Supply?
What is the effect of an expectation of higher prices in the future on the current demand for a good or service?
What is the effect of an expectation of higher prices in the future on the current demand for a good or service?
What is the term for the price at which the quantity demanded equals the quantity supplied?
What is the term for the price at which the quantity demanded equals the quantity supplied?
What is the effect of a decrease in the cost of production on the supply of a good or service?
What is the effect of a decrease in the cost of production on the supply of a good or service?
What is the term for the state in which the market supply and demand balance each other, resulting in a stable price?
What is the term for the state in which the market supply and demand balance each other, resulting in a stable price?
What is the term for the price point at which the needs of producers and consumers match?
What is the term for the price point at which the needs of producers and consumers match?
Who is regarded as the father of modern economics?
Who is regarded as the father of modern economics?
What is the term for a market with only one seller of a particular product or service?
What is the term for a market with only one seller of a particular product or service?
What is the term for the effect of a market exchange on a third party who is outside or 'external' to the exchange?
What is the term for the effect of a market exchange on a third party who is outside or 'external' to the exchange?
What is the term for the voluntary exchange of goods or services between economic actors?
What is the term for the voluntary exchange of goods or services between economic actors?
What is the name of the American economist who advocated for free-market capitalism?
What is the name of the American economist who advocated for free-market capitalism?
What happens to demand when there are few or no alternative products?
What happens to demand when there are few or no alternative products?
Who bears the majority of the tax burden when supply is more elastic than demand?
Who bears the majority of the tax burden when supply is more elastic than demand?
What type of goods are characterized by a positive income elasticity of demand?
What type of goods are characterized by a positive income elasticity of demand?
What is the term for the study of how people decide to spend their money based on their individual preferences and budget constraints?
What is the term for the study of how people decide to spend their money based on their individual preferences and budget constraints?
What is the term for the ideas, customs, and social behavior of a particular people or society?
What is the term for the ideas, customs, and social behavior of a particular people or society?
What is a subculture?
What is a subculture?
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