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100

What is a graphed representation of the principle of diminishing marginal utility?

a marginal utility curve

100

What says that people tend to receive less and less additional satisfaction from any good or service they obtain more and more of during a period of time?

the principle of diminishing marginal utility


100

what is a tabular (chart) model of satisfaction a person receives from a particular action?

a marginal utility schedule 

100

Who is the current President of the United States?

Donald J Trump

200

what term do economists use to describe the act of buying?

demand

200

A leftward shift of the demand curve indicates what?

decreasing demand 

200

a rightward shift of the demand curve indicates what?

Rise in demand 

200

A couple days ago, Sen. Cory Booker beat a record held by former Sen. Strom Thurmond. What was the record?

The longest filibuster 

300

If a whole bunch of people lost their jobs, what would happen to the demand curve for normal goods? 

It would shift to the left

300

What is a good that may be used in place of another?

a substitute good

300

What type of goods would bacon and eggs be considered?

Complimentary Goods

300

Yesterday, the Trump administration instituted an economic measure on several countries across the world. What was action the administration took?

Reciprocal Tariffs (or raising the tariff/instituting a tariff). 

400

The lower the price is for something, the higher the demand for it. The higher the price is for something, the lower the demand for it. What is this describing?

The law of demand

400

Name two (of the four) conditions that may cause a change in demand. 

change in income, change in the price of related goods, change in tastes and preferences, or a change in expectations. 

400

Are most goods and services inferior goods, normal goods, or neither?

Neither! All goods are subjective depending upon the viewpoint of the consumer!

400
Last week, the Vice President and his wife visited a territory that holds strategic interest for the United States. The VP visited troops and also spoke poorly of the country that owns this territory. What was the territory? 

Greenland

500

What type of good sees a decline in popularity as individuals make more money?

inferior goods

500

What is a good that increases in demand when consumers incomes also increase?

Normal goods 

500

What does a change in the demand curve mean?

Buyers are willing to either buy more or less of a product at every price point.

500

Who is the current Governor of California who (according to Mr. Dickson's prediction) may be a Democratic frontrunner for President in 2028?

Gov. Gavin Newsom