Olivia can produce 167 Versace Handbags and 100 Gucci Handbags in one hour. Meena can produce 169 Versace Handbags and 99 Gucci Handbags in one hour. Who has the absolute advantage in producing Versace Handbags?
What is
Meena
100
The curve shifts this way when our robot overlords eradicate the need for menial human labor
What is Right
100
This is the X-Axis on a Supply and Demand Graph
What is Quantity?
100
It shows how resources, goods, and services, and money flow between businesses and consumersIt shows how resources, goods, and services, and money flow between businesses and consumers
What is Circular Flow model?
100
The duration of a trough measured to another trough
What is a Cycle?
200
Ryan creates 88 pie and 100 cookies in one week. What is his opportunity cost for pie?
What is
25/22 cookies
200
This is the term for a PPC graph when the goods are equivalent to each other
What is constant opportunity cost graph?
200
This is the Y- Axis on a Supply and Demand Graph
What is Price?
200
All exchanges of goods and services take place
What is the product market?
200
How long does it take for a recession to become a depression?
What is two or more quarters?
300
Mr. Sager can say “Ladies and gentlemen” 98 times and “Math and science aren’t important” 40 times in one hour. Mr. Wayne can say “Ladies and gentlemen” 64 times and “Math and science aren’t important” 144 times in one hour. Who has the comparative advantage in saying “Ladies and gentlemen?”
What is Sager
300
The curve shifts this way when there is high unemployment
What is Nowhere?
300
This is the point where both Supply and Demand Lines Intersect on a Supply and Demand Graph
What is Equilibrium Point?
300
It's a market where productive resouces are bought and sold
What is the factor market?
300
What are the two axis of a business cycle graph?
What is real GDP and Time(years)?
400
Allen can harvest 180 carrots and 200 apples in one day. His brother, James, can harvest 200 carrots and 150 apples in one day. Their cousin Daniel can harvest 400 carrots and 650 apples in one day. Who has the comparative advantage in producing apples?
What is Daniel
400
This is the other term for a PPC curve
What is the production possibilities frontier?
400
When There are too many of a good in the market, and the price is too high that consumers won't buy it
What is Surplus?
400
Households give this to the Government in return for government transfers
What is taxes?
400
True/False: The slope of a business cycle graph is a constant.
What is false?
500
Nigeria can produce 60 Diamonds and 100 Sapphires in one day. Tunisia can produce 140 Diamonds and 200 Sapphires in one day. Which Advantage does Nigeria have in relation to Diamonds? Absolute, Comparative, both, or none?
What is none
500
The curve shifts this way when a fire burns down the whole town and there are NO SURVIVORS
What is to the left?
500
When there are not enough goods in the market, and the price is low enough to the point where consumers want to buy it
What is a Shortage?
500
Households give this to the Government in return for government transfers
What is disposable income?
500
The actual plot of the Business Cycle follows what trend?