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Unit 1
Unit 2 Pt 1
Unit 3 Pt 1
Unit 4
100

Which of the following is a factor of production? 

  1. Gold

  2. Love

  3. Happiness

  4. Land

What is land

100

 What is the monetary value of all the final goods and services produced in a given year using that year's prices, adjusted for inflation?

What is Real GDP

100

Which of the following is a determinant of aggregate supply? 

  1. Change in Investments

  2. Change in Government Spending

  3. Change in Net Exports

  4. Change in Resource Prices

What is Change in Resource Prices

100

What is the relationship between real interest rate and quantity of funds supplied?


What is direct

200

 If an individual, business, or country can produce more of a good or service than any other producer with the same quantity of resources, what do they have? 

  1. Absolute Advantage

  2. Comparative Advantage

  3. More efficient machines

  4. Better trade

What is absolute advantage.

200

. Who of the following is considered unemployed. 

  1. A 16 year old high school student looking for a part time job.

  2. A 40 year old man, who got fired from his job soon after his arrest.

  3. A recent college graduate looking for work.

  4. A 30 year old man, who is broke, but is too lazy to apply for anything.


What is a recent college graduate looking for work.

200

If the MPC is 0.5, how much will an increase of $10 million in personal income taxes decrease real GDP?

What is it would decrease by $10 million.

200

You lend $80 with 10% interest. Prices are expected to rise 15%. What are the nominal and real interest rates?

  1. Nominal: 15%

  2. Real: -5%

300

What is the definition of economics? 


What is the study of how individuals, firms, and governments make choices to efficiently use limited resources to achieve the maximum satisfaction of social needs and wants

300

What is the CPI when the market basket for a given year is $300, and the same basket in the base year is $100.

What is 300

300

If the government were to increase military spending from $700 billion to $705 billion, would aggregate demand increase by the same amount? Why or why not?

What is it wouldn’t, it would increase by more because that spending becomes income, which is also spent.

300

Alex buys a Macbook for $1000 instead of a Lenovo Chromebook for $75. What is the function of money in this scenario?

  1. Medium of Exchange

  2. Unit of Account

  3. Store of Value

What is Store of Value

400

What type of economies does comparative advantage apply to? 

What is all types of economies

400

What is the GDP deflator when the nominal GDP is $100 billion and the real GDP is $50 billion?

What is 200

400

What makes automatic stabilizers automatic?



What is no legislation has to be passed for them to be put into effect

400

What is the velocity of money? 

What is the frequency at which a unit of currency is spent in an economy

500

What is a situation in which an individual, business, or country can produce a good or service at a lower opportunity cost than another producer  

What is comparative advantage.

500

What is the monetary value of all the final goods and services produced in a given year using that year's prices?

What is Nominal GDP

500

In which economic theory are prices sticky? 


What is Keynesian

500

What is does a nation’s balance of payments do?

What is it records the nation’s trade transactions and behavior