HIST 151 - 3wk

In the Keynesian equation: (a)   = C + I + G + NX

A (a)   is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services and can be physical or digital

Which of the following is a term in economics that states that people know what they like and can rank different things.

• Utility

• Completeness

• Non-satiation

• Transitivity

• None of these

Which of the following is a term in economics that states that preferences extend to other items. If I like A>B and B>C then you can guess that I would like A>C

• Utility

• Completeness

• Non-satiation

• Transitivity

• None of these

Which of the following is a term in economics that states that more is always better than less

• Utility

• Completeness

• Non-satiation

• Transitivity

• None of these

Which of the following is under-supplied by a free market?

• Private Goods

• Club Goods

• Public Goods

• Common Resources

• All of these

A market (a)   is the economic situation defined by an inefficient distribution of goods and services in the free market. Examples of this are externalities and information asymmetries.

If prices in a market are very high, this is a market failure.

• True

• False

Externalities are included in the price of an item.

• True

• False

The following is a positive economic statement: Women must make the same income as men.

• True

• False