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Al Leuschke

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Term1/14
What is the amount of a good or service that a consumer is willing to buy called
Definition1/14

Demand is considered what consumers are willing and able to buy. If the product or service is too expensive, then people won't buy it because they can't afford it and there will be no demand. If it's affordable but people don't see the use, they still won't buy it and there will still be no demand. In order to create demand, a product has to be both useful and affordable. The more useful and affordable it is, the more demand there will be.

Term1/14
What part of the economy is involved in the study of macroeconomics
Definition1/14

All parts

Term1/14
Keynes believed that the government must get involved in the economy to bring the country out of the Great Depression
Definition1/14

True

Term1/14
Between 1890 and 1930 what type of economy caused leading economists to be critical of the inequalities that it had created among the people
Definition1/14

capitalism

Term1/14
Keynes emphasized that income was determined by which of these
Definition1/14

consumption, investment, and government spending

Term1/14
Who was Considered to be the most influential economist of the twentieth century
Definition1/14

Keynes

Term1/14
This type of economics addresses the question what is
Definition1/14

Pure economics addresses this question.

Term1/14
In which direction does the demand curve on a graph slant
Definition1/14

Downward left to right

Term1/14
In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers
Definition1/14

Agriculture

Term1/14
Which of these should happen in order for a country to increase capital effectively
Definition1/14

More money invested and/or saved.

Term1/14
What type of view of economics did the rational expectation school of economics headed by lucas and sargent take
Definition1/14

macroeconomic

Term1/14
The interaction of the producer and the consumer establishes a price
Definition1/14

True.

Term1/14
What department operates US Custom Service that collects duties on imports combats smuggling and other international crimes
Definition1/14

Treasury

Term1/14
Which of these described they economic view of the Chicago school of economists
Definition1/14

microeconomic

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Cards in this guide (14)
What is the amount of a good or service that a consumer is willing to buy called

Demand is considered what consumers are willing and able to buy. If the product or service is too expensive, then people won't buy it because they can't afford it and there will be no demand. If it's affordable but people don't see the use, they still won't buy it and there will still be no demand. In order to create demand, a product has to be both useful and affordable. The more useful and affordable it is, the more demand there will be.

What part of the economy is involved in the study of macroeconomics

All parts

Keynes believed that the government must get involved in the economy to bring the country out of the Great Depression

True

Between 1890 and 1930 what type of economy caused leading economists to be critical of the inequalities that it had created among the people

capitalism

Keynes emphasized that income was determined by which of these

consumption, investment, and government spending

Who was Considered to be the most influential economist of the twentieth century

Keynes

This type of economics addresses the question what is

Pure economics addresses this question.

In which direction does the demand curve on a graph slant

Downward left to right

In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers

Agriculture

Which of these should happen in order for a country to increase capital effectively

More money invested and/or saved.

What type of view of economics did the rational expectation school of economics headed by lucas and sargent take

macroeconomic

The interaction of the producer and the consumer establishes a price

True.

What department operates US Custom Service that collects duties on imports combats smuggling and other international crimes

Treasury

Which of these described they economic view of the Chicago school of economists

microeconomic

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