ECENOMIC S A Bird's-Eye View of How Monetary Policy Affects Output and Inflation

EC并NOM|CS U.S. Net Exports Turned Sharply Negative in 1980S

Actual Structural and Cyclical Budget Deficits Government Debt Displaceste Capital T-260

This chapter introduces comparative advantage and shows that having people specialize in the production in which they are relatively more efficient allows the production of more of everything. It introduces the production possibilities curve and develops the production possibilities model to show precisely how specialization enhances the productive capacity of an economy

Multiple Choice 1. Equilibrium a. is a concept unique to economics. b. always occurs where supply equals demand. C. results when opposing forces fail to cancel each other out. d. indicates balance. e. all of the above

Chapter 1 Thinking Like an Economist Chapter 2 Comparative Advantage Chapter 3 Supply and Demand: An Introduction Chapter 4: Elasticity

1. A situation is efficient if a. no change can help some people without hurting others. b. the gain for some people offsets the loss for others. .C. the gain for some people more than offsets the loss to others. d. consumer surplus is maximized. e. producer surplus is maximized

Chapter 7 develops the concept of efficiency and explores why many tasks are best left up to the market It presents the concept of economic surplus in detail and looks at how unregulated markets can generate the largest possible economic surplus Chapter 7: Efficiency and Exchange

1. Which of the following best explains why wages in service industries have increased along with wages in manufacturing industries, even though service industry productivity has not increased as much? because

1. Which of the following explains why automobile engines are smaller in England than in the united states?