Micro
When the price of a product increases, the demand will ____ ?
decrease
When a government's expenditures exceed its revenue in a given year, it results in this fiscal condition.
budget deficit
Children's books are considered a(n) _____ good?
inelastic
What is the term for a tax imposed on imported goods?
tariff
Who was the founder of Microsoft?
Bill Gates
The highest price a seller can charge for a product or service is called ______?
price ceiling
The Federal Reserve lowers this rate to encourage borrowing and spending, stimulating economic growth.
federal funds rate
Groundhog Day brings over $1 million to the town of Punxsutawney, which is in the state of _______?
Pennsylvania
This trade agreement between the U.S., Canada, and Mexico was replaced by the USMCA in 2020.
NAFTA
Which year was Instagram created?
2010
What is it called when a single supplier produces and sells a given product or service?
monopoly
This type of unemployment occurs when workers are between jobs or searching for their first job.
frictional unemployment
The most expensive Super Bowl ticket this year was $69,180! That’s the starting price of what brand new car?
Corvette
A country has this type of advantage when it can produce a good more efficiently than another country.
absolute advantage
Who did Justin Bieber date before Hailey?
Selena Gomez
When the demand is perfectly elastic, the demand curve will be what shape?
a horizontal line
In the AD-AS model, a leftward shift in aggregate supply due to rising production costs leads to this economic condition, which combines high inflation and high unemployment.
stagflation
Businesses lose an estimated $13.8 BILLION due to distracted employees because of what event?
March Madness
What international organization was created to regulate global trade and resolve disputes between countries?
the World Trade Organization (WTO)
What’s the best selling Green Day album?
American Idiot
The Lerner index is a measure of this economic concept?
This automatic stabilizer increases government spending during recessions without new legislation by providing direct financial assistance to unemployed individuals.
unemployment insurance
What snack food market is valued at $24.2 billion?
the tortilla chip market
This international financial institution provides loans to developing countries for infrastructure projects and poverty reduction efforts.
world bank
What was the name of the movie that won 11 awards in 2004?
Lord Of The Rings: Return Of The King