Blog

What could you improve upon? In other words, what information was missing from your response in comparison to the key? You MUST take the time to carefully review the key and list SPECIFICALLY below what was missing OR incorrect in your original response. If your response to this questions is incomplete, you may not be awarded full credit for this activity, so be sure to check your work against the key carefully! If you included something in your response that is OK/appropriate but not on the key, or if you’re not sure if it’s correct, it is OK to indicate that here as well (it’s recommended to discuss with a lab instructor during lab if you are unsure!).

  A positive statement  

  When one producer has a comparative advantage in production, he or she  

  Two goods that are used in place of each other are called ________ goods.  

Suppose that interest rates increase from 3% to 5%. In the short run, one can expect output in the United States to __________ and the price level to __________.

  By definition, macroeconomics is the study of  

  Ceteris paribus means  

Liability accounts have a normal ___________ balance.

  What is meant when one says that decisions are made at the margin? Provide an example of making a decision at the margin.  

Aggregate demand is about __________ and aggregate supply is about __________.