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...opoly & Curves
Theories
Exchange
Money
Misc.
100
Production Possibility Analysis is useful to show...
What is hos many consumer and capital goods can be made with unlimited resources?
100
Monetary Policy is comprised of all the following tools EXCEPT ___________ spending.
What is Government?
100
Free Floating Exchange rate (hint define)
What is the free floating exchange rate is the supply and demand for currency determines the exchange rates?
100
The following are forms of money EXCEPT: Currency, Checkable Accounts, Credit Cards, Cash
What are Credit Cards?
100
Definition of Market Failure
What is the situation in which a market economy produces too much or too little of certain products and thus does not make the most efficient use of a society's limited resources?
200
Given a Production Possibilities Curve, any point outside (to the right of) is:
What is unattainable under the current production possibilities assumptions but would represent economic growth if these assumptions were released so that the economy could attain it?
200
Says and Classical Economists believed that ____________ was always voluntary.
What is unemployment
200
Demand-Pull inflation (define)
What is the type of inlfation caused by increased spending for goods and services?
200
________ states have a minimum wage rate higher than the federal minimum wage rate.
What is a few?
200
Consumption accounts for (aproximately) ________ of GDP.
What is 66%
300
The Tennessee Valley Authority is an example of government ownership of a _____________.
What is a monopoly?
300
One difference between Say, Classical Economists and Keynes is that __________believed that the economy can be in equilibrium with high rates of unemployement.
Who is Keynes?
300
According to the "Big Mac Index," __________.
What is that you'll be able to buy a Big Mac much more cheaply in China or Russian than the U.S.?
300
Surrounding most military bases in the United States you'll find ___________.
What is a payday lender?
300
Define Discretionary Fiscal Policy
What is action by the federal government to increase or decrease consumer spending?
400
If both a perfectly competitive producer and a monopolist have identical costs, the ____________ will produce a smaller output and charge a _________ price than the perfect competitor.
What is monopolist...higher?
400
The Aggregate Supply curve is initially perfectly elastic because ___________ argued that with high levels of unemployment could be increased without increasing the price level.
Who is Keynes
400
If you're planning to travel to a foreign country, you would be better off if the exchange rate was ___________ US dollars to buy the foreign currency.
What is fewer?
400
Earned income tax credit is _______________.
What is a form of welfare?
400
If two nations produce both beer and wine the nation that had the _______________ in wine production should produce wine.
What is comparative advantage?
500
The real Aggregate Demand curve would increase if...
What is if unemployment decreases?
500
According to the theory of the Kinked Demand Curve, if a firm were to raise its price, its competitors would ___________ theirs.
What is raise?
500
Excess demand (foreign trade consideration) for a good exists when the _____ supply is ______ than the __________ demand.
What is domestic/less/domestic?
500
Unaticipated inflation is beneficial to __________.
What are debtors?
500
Define Collective bargaining negotiation.
What is both a test of power and a presentation discussion of real issues?