Definitions
Explain It
Equations (Math and Definitions)
Graphs
Random Fun Bonuses (Econ & More)
100
What does GDP stand for?
Gross Domestic Product
100
Why can't we just print more money?
Inflation, more money means each money is worth less individually
100
How do you calculate unemployment rate?
U = (Unemployed Population/Labor Force) * 100
100
What does SRAS mean on a graph?
Short run aggregate supply
100
Since 1980, what four years have we had a budget surplus?
1998-2001
200
What is Economics?
The study of Human Action
200
How does progressive income tax work?
Tax rate increases as a person's income increases. Only the chunk of money between the tax bracket amounts are taxed in that percentage.
200
What do all parts of M*V=P*Y mean?
M - Quantity of Money
V - Velocity of Money (number of time a dollar changes hands)
P - Price Level
Y - Real GDP
200
If U > U*(Natural Unemployment)
Y < Y*(Full employment output)
and the level of cyclical unemployment is positive, what economic phase are we in?
Recession
200
What is one main component of Mandatory government outlays?
Bonus 100 - How much of the government budget is spent on mandatory outlays? (Within 5 percentage points in either direction)
Social Security, Medicare
Anywhere from 57 - 67 is acceptable (62%)
300
What is Fiat Money?
Money with no value except as a medium of exchange
300
What's the difference between nominal and real GDP?
Real is adjusted to some base level/year, removing the effects of inflation.
Nominal GDP is measured in current market prices, not adjusting for inflation
300
What are all of the components of Y=C+I+G+NX?
Y - Output: C - Consumption: I - Investment: G - Government Purchases: NX = Net Exports
300
Label the Loanable Funds Market Curve
See special paper example #2
1 - Demand of Loan-able funds
2 - Supply of Loan-able funds
3 - Quantity of Loan-able funds
4 - Real Interest Rate
300
What is my star sign?
Pisces
400
What are financial intermediaries?
Firms that help channel funds from savers to borrowers, such as banks
400
What's the difference between stocks and bonds?
Stocks are shares of a company - there is a "greater" potential of total loss
Bonds pay regular interest based on a set date - they are loans from you to a company
400
Calculate the Consumer Price Index
See Special Paper Example #1
Round to two decimal points
125.78
Bonus : 25.78% Inflation
400
Label the Business Cycle Curve
See Special Paper Example #3
1 - Peak
2 - Trough
3 - Contraction
4 - Expansion
5 - Real GDP
6 - Time
400
What color is the Federal Open Market Committee's (FOMC) folder containing the USA's economic forecast?
Bonus 100: How long is it classified for?
Green
5 Years
500
What is in M1 and M2
Bonus 100: What is the value of M1 or M2? (To the Trillion)
M1: currency, check-able deposits, savings deposits
M2: M1 + MMMF and small denomination CDs
Bonus: 20 Trillion : 23 Trillion
500
What are Keynesian Economics? (Core Beliefs)
1 - Adjustment will be long and occur unpredictably with many delays
2 - Prices are sticky
3 - Calls for Government intervention in the market
500
Calculate Labor Force Participation Rate (Round to two decimal places)
Labor Force: 962
Work Eligible Population: 1224
Discouraged Workers: 293
Unemployed: 262
78.59%
500
What am I and how do I work?
Laffer Curve
500
What are the names of my family members? (Dad, Mom, Sister, Dog, Snake) (100 Each)
OR
Draw the symbols for Pound, Lira, Baht, Shekel, and Rupee (Each correct is 100 points, must meet the standards of host)
Jason, Camby, Rowan, Elaine, Susan
Elaine
See Special Paper Header