Cobb Douglas saved my session
Any business firm that has the ability to control the price of the product it sells:
A) Faces a downward-sloping demand curve
B) Has a supply curve that is horizontal
C) Does not have any entry or exit barriers in its industry
D) Has a demand curve that is horizontal
A) Faces a downward-sloping demand curve
A period during which GDP is rising and unemployment is falling is called a(n):
a) Trough
b)Recession
c) Expansion
d) Peak
What is Lasissez-Faire?
The idea that the government should play as small a role as possible in economic affairs.
Who is the Supplemental Instruction Coordinator?
What is the name most associated with hosting Jeopardy?
Alex Trebek
Monopolistic competition is characterized by:
A relatively large group of sellers who produce differentiated products
Which one of the following most accurately describes the normal sequence of a business cycle?
a) Expansion, peak, contraction, and trough
b) Trough, contraction, expansion, and peak
d) Peak, contraction, expansion, and trough
a) Expansion, peak, contraction, and trough
What is the concept of the “Invisible Hand”
In a free market economy, the self interest of individuals will result in the most efficient allocation of resources
What is Mai's job title?
Supplemental Instruction Assistant Director
Which company is responsible for creating Hello Kitty
Sanrio
Which of the following is an assumption in a perfectly competitive financial market?
A) trading prices vary based on supply only
B) Information about borrowing/lending activities is only available to those willing to pay market prices
C) No single trader or traders can have a significant impact on market prices
D) Some traders can impact market prices more than others
C) No single trader or traders can have a significant impact on market prices
Which of the following would indicate that the economy is in an expansionary phase?
a) Businesses increase capital investment
b) The economy's resources are underused
c) Potential national income will exceed actual national income
d) Building up of inventories is in excess of consumer demand
a) Businesses increase capital investment
What is one characteristic of mercantilism?
Pure gold standard
Acute shortages of gold and silver
Extreme protectionism
Establishment of state monopolies
Acquisitive, maximizing, individualistic behavior
Christian paternalistic ethic where profit was “the engine of capitalism”
Name all the subjects that CBE offers.
Accounting, Economics, Finance, ISDS
How is a college men's basketball game split up?
(Women's college basketball, WNBA, and NBA all use the four-quarter split.)
In microeconomics, the distinguishing characteristic of the long run on the supply side is that:
A) Only supply factors determine price and output
B) All inputs are variable
C) Only demand factors determine price and output
D) Firms are not allowed to enter or exit the industry
B) All inputs are variable
E.g.: the fixed costs of depreciation of a factory building become a variable cost when a second factory building is added
A country recently experienced a drop in consumer purchases and a rise in business inventories of durable goods. Wages grew slowly, and unemployment increased. Business investment in plant and equipment dropped sharply, and profits fell. Both interest rates and stock prices fell. Which of the following statements best represents the country's current economy?
a) Exiting an inflationary period
b) Amid an economic recession
c) exiting a depression period
d) entering an economic "stagflation"
b) Amid an economic recession
What is Supply Side Economics?
a macroeconomic theory arguing that economic growth can be most effectively created by lowering taxes and decreasing regulation
How many subjects is the program CURRENTLY offering?
(bonus if you can name them all)
11 Subjects: Accounting, Biology, Chemistry, Computer Science, Economics, Engineering, Finance, ISDS, Math, Physics, Psychology
Who is the composer of the musicals: West Side Story, Sweeney Todd: Demon Barber of Fleet Street, and Into the Woods?
Stephen Sondheim
How many front desk assistants are there and what are their names?
Kourtney, Miranda, Sophia (me :) )
In May 2022, this comic surpassed and outsold Batman, becoming the best-selling comic in history.
One Piece