Opp Cost/ PPC/Factors of Production
Supply/Demand
Graph, Graph, Graphs
Macroeconomics
Everything Else
100
List the 4 factors of production
What are Land, Labor, Capital, Entrepruenuership
100
Define the law of supply and the law of demand
What is
Supply- as price goes up Quantity Supplied goes up
Demand- as price goes up Quantity demanded goes down
100
What happens to GDP and unemployment at an expansion?
What are they both increase
100
Calcluate GDP
Consumer Spending 100
Rent 300
Income 200
Government Spending 400
Military Spending 600
Imports 500
Exports 300
Investment Spending 300
What is 600
100
What type of economy is this , Business can do whatever they want, their is no governemnt regulation
What is a market economy
200
First person to hit the buzzer gets 200 free points
LETS GO!!!
200
List the 2 shifters of Supply
What are Input prices and Productivitiy
200
As a result of the price floor you will have a ______ in the market
What is a surplus as QD>QS
200
What is the name of the organization that controls the money supply in the US?
What is the Federal Reserve
200
Who should make what and what are fair terms of trade in tersm of Cars for T-shirts
US can make 10 cars or 5 T-shirts
Canada can make 20 cars or 20 T shirts
What is the US should make Cars and Canada should make T-shirts
1 car for 0.75 T-Shirts
300
Owen needed to study for his exam but instead he went to the mall. What is the opportunity cost of Owen going to the mall?
What is studying for his tess
300
List the 5 shifters of Demand
What are
Change in Consumer taste, Number of Consumers, Change in Consumer Income, Consumer Expectations, Price of Related goods both complements and substitutes.
300
What could cause the shift in this graph? AND What happens to equilibrium price and quantity as a result of the shift?
What is an increase in Consumer taste, Increase in Number of Consumers, Increase in Consumer Income, Consumer Expectations, Price of complements decresed or price of substitute increased
Equilbrium price and quantity both increase as a result of the shift
300
2 parts
A car made in China sold in the US counts towards Who's GPD?
Also does Rent paid in 2024 from a building built in 2000 count towards GDP in 2024?
What is the car does not count towards US GPD as it was produced in China then exported to the US
What is Rent does count in 2024 GDP rent is a service provided by a landlord to a tentant in 2024 that income counts towards GDP in 2024
300
Who are tarrifs good for?
Who are domestic producers
400
Why is the PPC curve bowed outward?
What is becuase the opportunity cost is increasing
400
If the price of Ice has incresed what will happen to the demand for ice?
What is the demand for Ice has not changed but the Quantity demand for ice has decreased (movement along the line)
400
The Opportunity cost of1 bike is how many cars? AND Why is the PPC curve linear?
What is 1 bike gives up the opportunity to make 0.5 cars. The PPC curve is linear because opportunity cost is constant
400
2 partsmList the 3 tools of monetary policy and the two tools of fiscal policy
AND
What line shifts as a result of monetary or fiscal policy?
What is
Monetary Policy, Change the Discount Rate, Change Reserve Requirements, Buy/Sell Bonds
Fiscal Policy- Change Taxes and Government Spending
The above policies will shift Aggregate Demand
400
Calculate Unemployment rate and the labor force participation rate
Unemployed 10k
Employed 90k
Population 110k
What is the unemployment rate is 10% and the Labor Force Participation 81.81%
500
2 PARTS TO THIS In the long run producing at which point is most beneficial? And Which point/points are unattainable, efficient and inefficient?
What is point 4 is best in the long run as you want to produce more capital goods to make your company better in the long run.
Point 2 is unattainable, Points 3+4 are efficient and point 1 is inefficient
500
What will happen the equilibrium price and quanity in this scenario. In the market for Kleenex the cost of labor has increased and consumer income has increased.
What is Equilbirium price has increased and equilbiirum quanity is indeterminate as we do not know the size of the shifts.
Supply shifts left and demand shifts right
500
What action did the government take to get out of the recessionary gap? AND What happened to unemployment as a result of this change?
What is the government used expansionary monetary or fiscal policy. Unemployment decreased as a result of this change
500
Calcluate Real GDP for 2017 Using 2015 as the base year
What is 530K
Use 2017 Q X 2015 P
500
Calculate Nominal GDP for 2016 using 2015 as the base year
What is $470,000
This is Price x Quantity