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Macroeconomics - Ten Principles

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gaducuje's version from 2016-11-07 20:09

Section

Question Answer
How people make decisionsPeople face trade-offs, The cost of something is what you give, Rational people think at th margin, People respond to incentives
How people interactTrade can make everyone better off, Markets are usually a good way to organize economic activity, Governments can sometimes improve market outcomes
How the economy works as a wholeA country's standard of living depends on its ability to produce goods and services, Prices rise when the government prints, Society faces a short-run trade-off
between inflation and unemployment
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