Micro
Macro
Micro
Macro
Trivia
100
This is the name for the economic system that combines elements of market and command economies.
What is a mixed economy?
100
Nominal GDP = $2,000
Consumer Spending = $1,200
Govt. Spending = $400
Business Investment = ?
Imports = $400
Exports = $500
$300
100
If a price floor is set at $7 in this market, (fill in the blanks)
A ____________ of _____ units will exist.
Surplus, 4 units
100
Johnny lost his job as a result of a recession hurting the company he worked for. Johnny would be considered _____________ unemployed.
Cyclically
100
What was the average amount of hours manufacturing workers worked in 1890? (closest answer wins)
100 hours.
200
In which market structure can firms earn positive profits by selling either similar or differentiated products?
Oligopoly.
200
Population = 1,250
Labor Force = 1,000
Employed = 800
What is the unemployment rate?
20%
200
Name 3 of the five parts of the demand shifter acronym (not just the letters!)
P - Preferences & Tastes
R - Price of Related Goods
I - Incomes of Consumers
C - # of Consumers
E - Expected Future Prices
200
Working-age Population = 1,250
Labor Force = 1,000
Employed = 800
Name someone not counted in the labor force.
Answers may vary
Example: Mr. Adams' retired parents.
200
What is the median income in the United States? (closest answer wins)
$70,784
300
Name 3 of the 5 supply shifters (not just the letters!)
S - Subsidies & Taxes
P - Price of Inputs
E - Expected Future Prices
N - # of Producers
T - Technology
300
The GDP Deflator in 1990 was 240. The GDP Deflator in 1989 was 200. Two questions:
What is the inflation rate between 1989 and 1990?
How much would a $5 movie ticket in 1989 cost in 1990?
1. 20%
2. $6
300
What is the value of consumer surplus in this market?
$8
300
Name a fiscal policy and a monetary policy used to correct a recessionary gap.
Fiscal - Low taxes, increase govt. spending
Monetary - Buy bonds, decrease discount rate, decrease R.R. ratio
300
The Phoenix Suns lost a basketball game last night by a lot of points. Name two Phoenix Suns players.
Answers may vary
Example: Jock Landale and Landry Shamet.
400
What is the profit-maximizing quantity for this good if the sale price is $2?
Zero!
400
What are the impacts on nominal interest rates, output, and unemployment rates when the Fed sells bonds?
Nom. I.R. increases
Output decreases
Unemployment Rates increase
400
Last year, onions sold for $6 each and 5 were sold. This year, onions sold for $4 each and 8 were sold. What is the Price Elasticity of Demand value, and interpret the value.
1.8, relatively elastic.
400
Based on comparative advantages, who should produce blocks and dimes? (all calculations needed!)
Nikola = Dimes
Aaron = Blocks
400
Suns owner Mat Ishbia has a net worth of $5.9 billion right now. How much did his net worth decrease on Wednesday? (closest answer wins)
$1.2 billion. Oof.