UNIT 1
UNIT 2
UNIT 3
UNIT 4
FOR FUN!
100
Something (like an orange) that has a limited amount available.
Scarcity
100
A single company controls the whole market for one good/service.
Monopoly
100
The dollar value of all final goods and services produced within a country's borders in a given year.
GDP
100
Name one trade barrier.
-embargoes
-tariffs
import quotas
-sanctions
100
What is Mr. Stegemiller's last name?
Stegemiller
200
The benefits lost by not choosing a certain option.
Opportunity cost
200
Where supply and demand are equal.
Equilibrium
200
State the differences in Nominal vs. Real GDP.
Nominal - changing prices and outputs, does not account for inflation
Real - a new output with old prices, accounts for inflation
200
Someone who enjoys the benefits of a good without contributing to its cost.
Free rider.
200
Who is IU playing this weekend (1/09)?
Oregon
300
What kind of incentive?
Children who are awarded an exclusive buffet because they made the honor roll.
Positive
300
The ability to borrow money to start and expand a business.
Financing
300
The percentage of income paid in taxes decreases as income increases.
Regressive Taxes.
300
Give one reason a country might engage in protectionist policies.
-Protect jobs
-Protect infant industries
-Safeguard national securities
300
Who is the father of Economics?
Adam Smith
400
The extra satisfaction you receive when you consume one additional unit of a good
Marginal Utility
400
Consumers are sensitive to a price change.
Elastic demand
400
Underemployment vs. Discouraged workers
Underemployment - overqualified workers (working a part time when they desire full-time)
Discouraged - have stopped searching for jobs despite wanting to have one
400
What are the 4 types of goods?
Private goods, Club Goods, Common Resources, Public goods
400
What is the average household income in Indiana?
$69,500
500
Where is inefficient?
A
500
The 5 determinants of demand.
Taste, Related goods, Income, Population, Expectations.
500
List the 4 types of unemployment.
Frictional, Structural, Cyclical, Seasonal
500
What is a club good? Give one example as well.
Nonexcludable, rival.
Ex: Netflix, Private parks, European Union
500
Who was the 32nd president?
Franklin D. Roosevelt