Econ 101
The Macroeconomy
Prices
We need jobs!
Pot Luck
100
It is THE economic problem.
What is scarcity?
100
trough, expansion, peak, contraction
What are the stages of the business cycle?
100
It is a decrease in the general level of prices.
What is deflation?
100
This is a worker without a job that is looking for work.
What is an unemployed worker?
100
In 1776, this Scottish economist and philosopher published "The Wealth of Nations". His laissez faire belief is the model for free market capitalism.
Who is Adam Smith?
200
This refers to differences in the amount and quality of a product caused by different uses of resources.
What are production possibilities?
200

The textbook defines a recession as this.



What are two quarters of negative GDP??

200
This represents a time period when inflation rates are positive, but declining over time.
What is disinflation?
200

It is the shrinking of this group in a post-Covid that has been a major factor to the recent fall of the unemployment rate to under 4%?

What is the civilian labor force?

200
It is the primary function of stockholders in a company.
What is providing financial capital?
300
It is the value of what one gives up to get something else.
What is opportunity cost?
300

It is also referred to as the Great Lockdown, caused by the the global pandemic.  In the US, this began in February 2020 and lasted just two months, the shortest in American history.

What is the Covid recession?

300
It is the market basket of goods measured in the United States on a regular basis minus food and energy products.
What is the Core CPI?
300
Santa Claus, Life guards and construction workers all have this in common.
What is seasonal unemployment?
300
It is the value of the total amount of goods and services produced by a nation in a given year that is adjusted for inflation.
What is real GDP?
400
An increase in income results in a decrease in the demand for this type of good or service.
What is an inferior good?
400
This would include lowering taxes and an increase in government spending to cure an economic downturn.
What is expansionary fiscal policy?
400
It is an economic period of high levels of unemployment and high levels of inflation.
What is stagflation?
400
This represents a worker that is replaced by a robot or technology.
What is structural unemployment?
400

Term used to describe when price changes on these items, demand doesn't fluctuate much because these items are required in the everyday lives of most. Examples  include gasoline, necessary foods, and prescription drugs.

What is inelastic demand?

500
It is the study the of economic activity in Essex County, New Jersey or the United States.
What is macroeconomics?
500

This would be employed by a central bank seeking to cure unanticipated and accelerating inflation.

What is restrictive/tight monetary policy?

(What is an increase in interest rates?)

500

Most economists consider the lack of this in calculating the CPI to be a major flaw.

What is the substitution effect? 

(500 Jeopardy points yes ... not on final)

500
The Phd. computer programmer who leaves her job to move to Florida.
What is frictionally unemployed?
500

It is a stock market barometer of 30 prominent companies listed on stock exchanges in the United States

What is the Dow (or the Dow Jones Industrial Average or the DJIA)?

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