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Straighterline Macroeconomics Lesson 1 Exam Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).
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Straighterline Macroeconomics Lesson 1 Exam Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).

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  • September 25, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • economic
  • straighterline macroeconomics lesson 1
  • macroeconomics ans the part of economics concer
  • marginalism ans the analysis of marginal or ext
  • economics ans the study of how people use scarc

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  • Straighterline Macroeconomics Lesson 1
  • Straighterline Macroeconomics Lesson 1

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Straighterline Macroeconomics Lesson 1
Macroeconomics - ANS The part of economics concerned with the economy as a whole,
including its major aggregate parts, such as households, businesses, and government.

Marginalism - ANS the analysis of marginal or extra benefits and costs when making decisions

Economics - ANS The study of how people use scarce resources

Economic Perspective - ANS (1) The way of viewing the world which explains economic
behavior and outcomes in terms of scarcity of resources and rational decision making based on
a cost-benefit analysis

(2) assumes scarcity of resources relative to human wants, assumes that individuals rationally
pursue their self-interest, and assumes that individuals compare costs and benefits at the
margin. These assumptions hold in both the long term and the short term.

Marginal Cost - ANS The extra cost that is over and above costs you have already
accumulated; the change in total cost of producing one additional unit of outcome

Marginal Benefit - ANS The extra reward or advantage above what you have already received;
the change in total benefit of producing one additional unit of outcome

Opportunity Cost - ANS The benefit forgone of the next best alternative

Marginal Analysis - ANS comparison of extra or incremental benefits and costs

Consumption - ANS the amount spent by consumers on final goods and services

Economic Theory - ANS statement about cause and effect relationships derived from rigorous
testing of hypothesis and generally accepted by most economists

Economic Principle - ANS commonly agreed upon assumption about the economic world,
based on accumulated results of cause-and-effect research

Economic Models - ANS abstract framework for perceiving the real world, based on
combinations of economic principles.

Theoretical Economists - ANS economists who systematically arrange facts, interpret them,
and generalize from them.

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