西经题型和15个名词解释

Part One: Definitions(3 pts each, 15pts in total)

1.The opportunity cost

The opportunity cost of an action is the highest-valued alternative forgone. opportunity cost is a ratio.

2.Indifference curve

An indifference is a line that shows combinations of goods among which a consumer is indifferent.

3.Deflation

A persistently falling price level is called deflation.

4.Potential GDP

At the equilibrium quantity of labor, the economy is at full employment, and the quantity of real GDP at full the employment is potential GDP.

5.Macroeconomics

Is the study of the performance of the national economy and the global economy.

6.Marginal cost

The marginal cost of a good is the opportunity cost of producing one more unit of it. 7.The marginal rate of substitution

The marginal rate of substitution is the rate at which a person will give up good y to get an additional unit of good x while remaining.

8.Inflation

A persistently rising price level is called inflation.

9.Long-run Phillips curve

The Long-run Phillips curve shows the relationship between inflation and unemployment when the actual inflation rate equals the expected inflation rate.

10.Economics

Is the social sciences that studies the choices that individuals, businesses governments, and entire societies make as they cope with scanty and the incentives influence and reconcile those choices.

11 Marginal benefit.

The marginal benefit from a good or service is the benefit received from consuming one more unit of it .the benefit is subjective.

11.A diminishing marginal rate of substitution

A diminishing marginal rate of substitution is a general tendency for a person to be willing to give up less of good y to get one more unit of good x, while at the same time remaining indifferent as the quantity of x incteases.

12.Perfect competition

A diminishing marginal rate of substitution is a general tendency for a person to be willing to give up less of good y to get one more unit of good x, while at the same time remaining indifferent as the quantity of x incteases.

13.Perfect competition

Many firms sell identical products to many buyers

There are no restrictions on entry into the market

Established firms have no advantage over new ones

Sellers and buyers are well information about prices

14.Gross Domestic Product

GDP is the market value of the final goods and services produced within a contra in a given time period.

15.Short-run Phillips curve

The Short-run Phillips curve shows the relationship between inflation and unemployment, holding constant

Part Two: Multiple Choice ( please choose one of the best answers among the choices given in each question and then blacken it on your answer sheet. 1 points each, 30 points in total)

Part Three: TRUE or FALSE (2 pts each, 20pts in total)

Part Four: News Based Questions ( 4points each, 20 points in total)

Part Five Draw Figures To Illustrate The Issues Showed Below

(5 points each, 15 points in total)