Microeconomics
The additional satisfaction from one more unit
What is marginal utility?
This cryptocurrency founded in 2008 was adoped as a legal currency in El Salvador.
What is Bitcoin?
The total value of all final goods and services produced in a country.
What is GDP?
This school, associated with Adam Smith, emphasizes free markets and the “invisible hand”
What is Classical economics?
St Patrick's Day is typically associated with this country.
Ireland
A cost that does not change with output
What is a fixed cost?
This is the last year that the US penny was minted.
What is 2025?
When a country imports more than it exports.
What is a trade deficit?
This economist argued that insufficient demand can lead to prolonged unemployment.
Who is John Maynard Keynes?
This is the capital of Ireland.
What is Dublin?
Goods often bought together, like coffee and sugar.
What are complementary goods?
This country’s currency is called the yuan (or renminbi).
What is China
A situation with high inflation and high unemployment.
What is stagflation?
Under this system, countries sought to accumulate wealth by maximizing gold and silver reserves.
What is mercantilism?
This is the motto of the Cereal Brand "Lucky Charms"
What is "They're magically delicious!"
The market structure with differentiated products and many firms.
What is monopolistic competition?
This is the official term for countries that have adopted the euro as their legal tender is (Hint: it is not the European Union).
What is the Eurozone? (Or Euro Area)
This type of unemployment occurs when workers are between jobs.
What is frictional unemployment?
This school rejects the idea that markets operate independently of social and political systems.
What is Institutional economics?
St Patrick was from here.
What is Britain?
The loss of total surplus due to a tax.
What is deadweight loss?
This is the oldest modern currency still in circulation.
What is the British pound sterling?
This curve displays the trade-off between inflation and unemployment in the short run.
What is the Phillip's curve.
This school argues that people do not always act rationally and are influenced by biases.
What is Behavioral economics?
This is the traditional language of Ireland.
What is Gaeilge?