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Practice Quizzes Topic 1 C1 2

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Practice Quizzes - Overview of Macroeconomics Topic 1: OVERVIEW OF MACROECONOMICS I. TERMS AND DEFINITIONS : Choose a definition for each key term 1. Scarcity 2. Economics 3. Efficiency 4. Equity 5. Opportunity cost 6. Marginal changes 7. Market economy 8. Invisible hand 9. Market failure 10. Externality 11. Market power 12. Monopoly 13. Productivity 14. Inflation 15. Phillips curve a/ The property of distributing output fairly among society’s members b/ A situation in which the market fails to allocate resources efficiently c/ Limited resources and unlimited wants d/ The amount of goods and services produced per hour by a worker e/ The case in which there is only one seller in the market f/ The principle that self-interested market participants may unknowingly maximize the welfare of society as a whole g/ The property of society getting the most from its scarce resources h/ The short-run tradeoff between inflation and unemployment i/ When one person’s actions have impact on a bystander j/ An increase in the overall level of prices Principles of Macroeconomics - Nguyen Thi Thuy VINH Page 1 Practice Quizzes - Overview of Macroeconomics k/ Incremental adjustments to an existing plan l/ Study of how society manages its scarce resources m/ Whatever is given up to get something else n/ The ability of an individual or group to substantially influence market prices o/ An economic system where interaction of households and firms in market determine the allocation of resource ...
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