Microeconomics
Define scarcity
limited resources, unlimited wants
The three major economic goals are stable inflation, steady economic growth, and low ____
unemployment rate
What’s revenue expenditure?
finance spent on daily operations
Define marketing.
the management process of predicting, identifying and meeting the needs and wants of customers, usually in profitable ways.
Where is Mr. Baker from?
He's an Aussie
Which curve is upwards sloping? Supply or demand?
supply
The negative output gap is also known as ____
recessionary gap
What is the time period to determine between a short-term and long-term finance?
less than one year is short term, more than one year is long term
How do you calculate market share?
100* firm’s sales revenue/industry’s sales revenue
What does BE stand for in Club BE?
Business & Economics
(If someone says economy instead of economics we're marking it incorrect)
What does the Lorenz curve measure?
income inequality
What are two main approaches for fiscal policies?
Government spending and taxes
How do you calculate gross profit margin?
sales revenue – cost of sales (cost of goods sold)
ime series analysis in sales forecasting includes which three variances?
cyclical, seasonal, random
Who’s the tallest club BE exec?
Not David
What’s the firm profit maximizing rule?
MR = MC
Marginal Revenue = Marginal Cost
The Loanable Funds market graph measures the relationship between ____ and ____
real interest rate and quantity of loans
Define adverse variances in terms of budgets.
difference between actual outcome and expected outcome that’s NOT in your favor
What type of time series analysis variance is COVID-19?
Random
Which month has 28 days?
Every month has 28 days.
(We are counting February as an incorrect answer because that's the whole point of the riddle)
For monopolies: why is the Marginal Revenue Curve always under the demand curve?
Because monopolies don’t have the ability to price discriminate
Why can’t the government just print more and more money to have a higher GDP?
according to the quantity theory of money, MV = PY, assuming that velocity of money and quantity of output is fixed, an increase in money supply would result in an increase in price level, or in other words, a lot of inflation
The best example of business angels is a famous TV show. What is it (hint: Mark Cuban)
Shark Tank
For some reason my ice cream stand sells better in the summer than the winter, what type of time series analysis variance is this?
Seasonal
John has three brothers, north, east, and south. What’s the 4th brothers name?
John
Not West