Basics of Econ
Which basic rule of econ states that we have unlimited wants, but limited resources?
People Choose
How does the government raise funds?
Taxes
North Korea is an example of what kind of Economy?
Command
As the price increases, quantity decreases is also known as the law of...
Demand
What are the names of the main characters in Lady & The Tramp
Lady & The Tramp
What do we call the value of the alternative we didn't take when making a decision?
Opportunity Cost
What do we call unintended consequences (either positive or negative) to economic activity? It is the government's job to fix these from time to time
Externalities
F.A Hayek was a proponent of which type of Economy?
Market
Demand
Which company makes the tennis shoes "All Stars"
Converse
Name 3 of the factors of Production
Land, Labor, Capital, and Entrepreneurship
Eminent Domain is an example of protecting property rights. Please define how it works
If the gov't takes your property for public goods/services, they must reimburse you at the market price for said property.
What type of market is characterized by no competition and a total barrier to entry
Monopoly
Rising the price on a product while changing no other factors will always lead to a
Surplus
What US City is the new Pope from?
Chicago
Marginal Utility states that every single additional unit of a product we buy...
gives us less satisfaction then the one before it.
Give and example of 2 Private goods and 2 Public Goods
Private: Laptop/Car/Water Bottle
Public: Park/Public School/Road
What type of market is characterized by:
No barrier to entry
Identical Products
Many Sellers
Perfect Competition
Please identify which curve (supply or demand) will shift, and which direction it will shift based on the example given.
We are talking about Car Rims which are a normal good.
The price of car tires has risen 75% because of import tariffs.
Demand, shift to the left or decrease
Which US state is closest to Africa
Maine
Katie has chosen to spend almost all of her money on her wedding, because of this she cannot go on a fancy honeymoon with her new husband.
Please identify at least 2 basic rules of econ that applies here
Consequences of Choices are in the Future
All Choices Have Cost
The government uses both Monetary and Fiscal Policy to reduce inflation and unemployment. Please give 1 example of Monetary Policy, and One example of Fiscal Policy.
Monetary: Change interest rates, change the amount of money given to banks
Fiscal: Government Spending/ Government Taxes
Name 2 Characteristics of an Oligopoly
High Barriers to Entry
Similar Products
Few Sellers
What happens to the price and quantity of a good if both supply and demand increase?
Price: Stays the Same
Quantity: Increases
What is Mr. Kurucz's middle Name (hint: it has 6 letters and is in the Bible)
Joseph