A movement along the demand curve represents a change in this.
What is quantity demanded?
100
This type of market features many buyers and many sellers, all of whom are price takers with perfect information, with a homogeneous product, and zero barriers to entry.
What is perfect competition?
100
Draw a PPF curve for the economy of Gina-landia, an island that produces fish and brownies.
What is a graph that matches the one that Ellen has on her paper?
100
The equation for GDP is as follows.
What is GDP=C+I+G+(EX-IM)
100
THE PROFIT MAXIMIZING CONDITION!!! KNOW THIS OR ELSE!!
What is MR=MC?
200
List three determinants of supply.
What are own price, taxes/subsidies, technology, expectations, the number of producers, and the price of inputs?
200
True or false: the government choosing between defense contracts is an example of a monopsony.
What is true?
200
Draw a graph for the market of candy canes after the government has passed legislation that no candy cane can cost more than $1.00. The initial equilibrium price and quantity were $2 and 50. Show changes in surplus, etc.
What is a price ceiling graph that matches what Ellen has on her paper?
200
The three types of unemployment are _________.
What are cyclical, structural, and frictional?
200
Ramen noodles are this type of good if someone eats a lot of them while in college but never ever eats them again on s/he is a powerful corporate lawyer making lots of money.
What is an inferior good?
300
True or false: a change in a product's own price will cause a shift of the demand curve.
What is false? A change in a product's own price corresponds with a movement along the demand curve (a change in quantity demanded).
300
The profit maximizing magic condition of all market structures is this.
What is MR=MC?
300
Draw a graph that shows what happens to the market for festive Starbucks drinks when a drought severely decreases the harvest of coffee beans.
What is a supply and demand graph with a shift/decrease in supply that matches what Ellen has?
300
Describe the three functions of money.
What is a unit of account, a medium of exchange, and a store of value?
300
This type of GDP has been adjusted for inflation.
What is real GDP?
400
Draw a price ceiling and label the consumer surplus, the producer surplus, and the deadweight loss.
What is a graph that matches Ellen has on her paper?
400
If Samantha gets paid $0.75 for each glass of lemonade, how many glasses should she sell?
# Total Cost
0 $2
1 $3
2 $4
3 $4.75
4 $5.30
5 $6.00
What is 3 glasses?
400
Draw a graph of the market for Gummy Bears once the Surgeon General has issued a statement saying that Gummy Bears prevent cancer.
What is a S and D graph with a shift/increase in D?
400
The United States government is involved in __________ policy.
What is fiscal?
400
Expansionary fiscal policy consists of these two policies?
What is an increase in government spending (G) and/or a decrease in taxes (T)?
500
The burden of a tax falls upon this group.
What is whomever has the more inelastic curve?
500
A market in which there are many buyers and sellers but products are differentiated/heterogeneous is this type.
What is monopolistic competition?
500
Draw a graph showing the market for the production of cigarette, before and after a tax has been imposed to account for the increased healthcare costs from smoking.
What is a negative externality graph that looks like what Ellen has on her paper?
500
The Fed conducts Open Market Operations to do this (describe both actions).
What is buy government bonds to make the money supply bigger and sell government bonds to make the money supply smaller?
500
A resource that is rival and non-excludable, such as the latest Harry Potter book at the library, is this type of resource.