Basic Econ
Economic Indicators
Aggregate
Policies
Global Economics
Fun
100

Limited resources but unlimited wants & needs

What is Scarcity

100

Definition of a recession.

2 quarters or more of declining RGDP

100

An event that shifts the aggregate supply curve

What is a supply shock

100
The Tax Multiplier

What is 

-MPC/MPS

100

Value of one currency compared to another

What is exchange rates

100

What was the name of the first Disney princess?

Who is Snow White

200

This is the period of recovery after an economic downturn.

What is Expansion?

200

What is the relationship between interest rates and bond prices?

Inverse

200

Exists when Aggregate output is above potential output.

What is an inflationary gap

200

Administered Rates (interest on reserves & discount rate)

What are the two tools for ample reserves monetary policy?

200

How does the value of a currency change when another country demands more of their products

What is appreciate

200

What does NASA stand for

National Aeronautics and Space Administration

300

The most valuable thing given up when making a decision. 

What is opportunity cost

300

New-Old/ Old x 100

What is the equation used to find changes in prices? 

300

Caused by natural disasters and oil becoming expensive

What is Stagflation

300

MPC is 0.8 and government increases taxes by $50 million. What will occur to Real GDP?

What is decrease by 200 million.

300

LRAS, PPC, and Business Cycle

What is they all show economic growth

300

Who was the first basketball star to appear on a box of cereal?

Who is Michael Jordan

400

These points represent productive efficiency on the PPC graph. 

What are points that are ON THE LINE? 

400

What is the equation of exchange?

MxV= PxQ

400

SRAS curve increasing or decreasing back to equilibrium

What is self correcting

400

Expansionary Fiscal policy leads to increase _________ in the loanable funds market. Which causes interest rates to ___________. The inversely affects _______ & ________. 

This situation is called ________________

What is demand, increase, I & NX, and crowding out?

400

Ethiopian fruits become more popular in America. What happens to the Ethiopian currency? What happens to the American? Explain.

Be detailed

Ethiopian currency will increase in demand and will cause the currency to appreciate


American currency will increase in supply and will cause the currency to depreciate

400

What is the biggest mammal in the world

What is a blue whale

500

On the PPC graph, an increase in unemployment could be represented by a movement by

What moving from a point on the line to a point below the line? 

500

This type of unemployment describes a person who is unemployed because of a recession. 

What is Cyclical Unemployment? 

500

Curve that is used to measure potential .

What is Long Run Aggregate Supply

500

Susan makes a $100 deposit at City Bank. Their current reserve requirement is 10%. What is the change to the money supply based on Susan's deposit? 

What is $900 increase

500

Remitopia has been exporting toys to Oliverland. While Oliverland does not export as much. What is happening in Remitopia and Oliverland's CA & CFA accounts?

Remitopia has a surplus in CA, deficit in FA

Oliverland has a deficit in CA, surplus in FA 

500

What is the strongest muscle in the human body?

masseter or jaw muscle

600

In Velaris for every 1 chocolate pie being produced they could have made 2 apple pies. In Genovia for every 1 chocolate pie being made they could have made 4 apple pies. Who has the comparative advantage?

What is Velaris

600

This is the inflation rate from 2012 to 2013.

Year   CPI

2012   229.6

2013   233.0

What is 1.5%? 

(233.0 − 229.6)/229.6 × 100 = 1.5%

600

A change is C, I, NX, G will cause

What is a change in Aggregate Demand

600

The United States GDP falls shorts by $75 million. Their current MPS is 25%. How much and how could they change in Taxes AND Government spending to reach this goal? 

Decrease taxes by $25 million

Increase spending by $18.75 million

600

What happens to exports and imports when a currency appreciates? 

What happens to exports and imports when a currency depreciates? 


Appreciate- Exports decrease, imports increase

Depreciate- Exports increase, imports decrease

600

What is ailurophobia? (Hint: Mr. McD has 3 and would lose these 3 if he developed this fear)

Fear of cats

M
e
n
u