Scarcity, Choice, Opportunity Costs, PPC
An increase in PPC results in a shift to the ______
What is shifts Right
A business where you are the only employee
What is a sole proprietorship
The law of demand states that as prices decrease, demand does this
What is quantity demanded increases
first person to hit the buzzer gets 100 free points
LETS GO!
Two tools of fiscal policy
Taxation and spending
Largest part of GDP which includes places like retail stores.
Consumer Spending
What are two benefits of specialization and trade instead of producing goods on your own ?
What is you can outconsume your PPC on your own and things cost less than if you were to produce it on your own
What is lifestyle inflation?
What is Increasing spending as income increases
This is point that most likely represents the United States current production (inside the PPC line)
What is inefficient, because of high unemployment (inefficient use of resources).
What is Marginal Benefit?
What is the benefit of adding one additional good
Supply comes primarily from what group
Who are producers/suppliers
Red sox set price limit on tickets for 2012 season at $50 this is a example of a...
What is a price ceiling
Monetary policy tool where the Fed charges interest for banks borrowing from it.
What is Discount Rate
GDP adjusted for inflation
real GDP
What does the World Trade Organization do?
What is Regulate Global Trade so it is fair, settle disputes between nations
What does a credit score represent?
What is your trustworthiness in repaying debt
A grass football field outside is an example of what kind of capital
What is Physical Capital
List 3 different business structures
what is entrepreneurship, partnership, and corporation
What will happen to the equilibrium price for sunglasses when the price of hats (a substitute) decreases
What is equilibrium price goes down
An effective price floor is set _____ Equilibrium
What is above
When the government receives more in taxes than it spends, this causes a...
What is a budget surplus?
Part of GDP that involves Federal, State, and local branches spending money
Government spending
How does free trade affect developing nations?
What is foreign competition can come in and wipe out domestic industry Or it lowers prices for consumers and gives access to more goods.
List three factors that affect your credit score.
What is payment history, credit utilization, length of credit history
When we move from on the PPC line to outside of it we went from ______ to ______
What is efficient to unattainable
You can spend 1 hour studying and get a 40% on your Math test, the second Hour studying your grade becomes a 60%, the Third Hour studying your grade becomes a 70%. What is the Marginal Benefit of the second hour studying and what is the marginal benefit of the third hour studying?
What is 2nd hour benefit is 20% on your math test, and 3rd hour studying 10% on your math test
A brand becomes less popular what happens to demand?
What is demand shifts left
Give one example of a price floor, what does a price floor create?
What is Minimum wage, surplus
People who lose from unanticipated inflation?
Who are lenders?
Part of GDP where businesses spend on productive resources
Investment spending
1 USD = 1.25 Euros
1 USD = 25 Pesos
1 USD = 150 Yen
I want to buy a calculator that costs 6,000 dollars, how much would that cost in Euros?
What is 7,500 Euros
6000 x 1.25= 7500
What’s a safe rule for how much student loan debt to take on?
What is No more than your expected first year’s salary
List 4 Factors of production.
What are land, labor, capital, entrepreneurship.
You can spend 1 hour studying and get a 40% on your Math test, the second Hour studying your grade becomes a 60%, the Third Hour studying your grade becomes a 70%. Which hour studying is the most effective?
What is the first hour you gain 40% by studying the first hour
The government gives Elon Musk a tax break what will happen to the supply of Tesla's?
What is shift to the right
A fall in the price of shoes from $10.50 to $9.50 per shoe increases the quantity demanded from
19,200 to 20,800 The price elasticity of demand is
what is 0.80 in elastic
(Q2-Q1)/((Q2+Q1)/2)
_________________
(P2-P1)/((P2+P1)/2)
20800-19200/(20800+19200)/2/
(9.50-10.50)/((9.50+10.50)/2)
(1600/20000)/(-1/10)
0.08/0.1 = 0.8
Monetary Policy tool that is the most effective
What is buying/selling bonds
Part of GDP that involves international trade
net exports
Assume on their Own Country Zeta can make 500 Trucks or 500 Gumballs and country Delta can make 300 Trucks or 150 Gumballs. What are fair terms of trade in terms of Gumballs for Trucks?
What is 1 Gumball for 1.5 Trucks is fair trade both sides gain 0.5 trucks on each trade
If you earn $4,000/month, how much should you save based on the 50/30/20 rule?
What is $800