Show:
Opportunity Costs & Chill
GDP & Other Things
AD-AS & the Fiscal Fight
Mo' Money, Mo' Problems
FX & Trade
100
When unlimited wants meets limited resources... this is?
SCARCITY
100

What does CIGXn stand for and what is its purpose?

Consumer Spending (Consumption)
Investment Spending (Investment)
Government Spending
Net Exports (Exports - Imports) (X-M)

To calculate GDP... 

also... the shifters of Aggregate Demand (AD)

100

MPC is = to...?
(BOTH FORMULAS)

Change in consumption / Change in income

100
What is the money multiplier equation?
1 / RRR
100

Two types of "accounts" in the Balance of Payments system are?

Current Account & Capital Financial Account

200
What are the two "markets" that are both in demand and supply at various times within the Circular Flow Model?
Product Market & Resource Market
200

If in a recessionary gap, and NO POLICY changes, what "self adjusts" back to the long-run and which direction does it go?

SRAS, shifts right as wages lower (due to lower wages).

200
What is the spending multiplier equation?
1 / MPS
200
Something that SERVES as money but has NO VALUE other than for the purpose of being used as money?
FIAT MONEY
200

Japan suffers a massive tsunami which wrecks most of its coastal cities. As a result, they receive humanitarian donations from multiple countries... what type of account does this fall under in the Balance of Payments system?

Current Account

300

The next best alternative of a choice... or the cost of choosing option 1.

Opportunity Cost

300
The best way to measure a given country's standard of living is by looking at?
GDP per capita
300
What is the tax multiplier equation?
MPC / MPS
300
The ease with which an asset can be accessed and used as a medium of exchange is referred to as?
LIQUIDITY
300

If there is a Current Account deficit,
there MUST be a...

Capital/Financial Account Surplus.

400
Mani-ville can produce 20 Hugs or 40 Punches and Grace-town can produce 20 Hugs or 100 punches. 1) Who has a comparative advantage in Punches? 2) Who has an absolute advantage in Punches? 3) Who has a comparative advantage in Hugs? 4) Who should import Hugs?
1) Grace 2) Grace 3) Mani 4) Grace
400

What are the three types of Unemployment
 AND describe each type?

Frictional (in-between jobs),
Structural (loss of skills),
Cyclical (poor economy).

400
Automatic stabilizers in an economy are an example of what SPECIFIC policy type?
Non-Discretionary Fiscal Policy
400

In an ample reserve system, what must be adjusted in order to incentivize banks to expand or shrink the economy?

The Policy Rate or the IOR rate (Interest on Reserve)

400

What are the FOUR shifters of the Foreign Exchange Market?

Changes in Tastes/Preferences

Changes in Relative Income
Changes in Interest Rates
Changes in Price Level
(*Change in Speculation)

500

First person to draw on their board a fully labeled constant PPC graph showing the 1:1 relationship between Guns & Butter.

A correct PPC?

500

Draw and label three points showing a drop of unemployment from 8% (point A) to 3 % (point B) which is below the natural rate of 5% (point C) on BOTH a PPC & a Philips Curve (both fully labeled).

Well...good luck?

500

A correctly labeled AD-AS Model showing shifts when government spending increases at the same time as resource prices increases, and write below the graph of whether PL & Y increase, decrease or are indeterminate.

PL increases, Y indeterminate

500
First person to the board to draw a fully-labeled Loanable Funds graph at initial equilibrium with a SHIFT from equilibrium after the government increases deficit spending.
Maybe a correct graph? who know!?
500

First person to draw fully labeled FOREX graph of the US AND England showing the results of appreciation/depreciation between the US Dollar and the Pound after American tourists increase visits to the the English countryside. (TWO GRAPHS)

Maybe?