What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy
currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies
and monetary policies would be appropriate at this time?
The current macroeconomi
1. (TCO 1) Opportunity cost is best defined as (Points : 4)
m arginal cost minus marginal benefit.
t he time spent on an economic activity.
- the value of the best forgone alternative.
t he money cost of an economic decision.
2. (TCO1) Which of the follow
1. (TCO 5) An increase in expected future income will (Points : 4)
increase aggregate demand and aggregate supply.
decrease aggregate demand and aggregate supply.
increase aggregate supply.
- increase aggregate demand.
2. (TCO 5) The short-run aggregate s
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Introduction to Economics
Introduction | Scarcity and Opportunity Cost | PPC and Circular Flow | Economic
Systems | Circular Flow Model
In order to apply the concepts to satisfy the Terminal Course Objectives (TCOs), you have
Demand, Supply, and Elasticity
Demand and the Law of Demand | Determinants of Demand | Determinants of Supply | Market
Equilibrium | Market Disequilibrium - Price Controls | Price Elasticity of Demand | Calculating
Price Elasticity of Demand | Elasticity
Week 2 Key terms
1. Ceteris Paribus
3. Law of Demand
4. Determinants of Demand [TIPEN]
6. Inferior vs. Normal goods
7. Examples of Complementary goods and examples of Substitute goods
a. Coke and Pepsi [substitutes] b. Coke
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Economic Costs | Market Structures
When economists talk about costs, they refer to all costs involved-explicit costs and implicit costs. This is
different from what an accountant would report as costs becau