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Microeconomics
Macroeconomics
Policy and Trade
Current Events
Miscellaneous
100
What type of market system is characterized by a few firms, each having a significant amount of market share?
Oligopoly
100
Which measure of Gross Domestic Product (GDP) is adjusted for inflation?
Real GDP
100
What term is used to describe the increasing value of one country's currency in relation to another country's currency?
Appreciation
100
Within ten dollars, what is the current price of a barrel of oil on the commodities market?
Answer is $44.47
100
What is the name of the stock index featuring 30 companies which account for more than 25 percent of the market value of all stocks traded on the New York Stock Exchange?
The Dow Jones Industrial Average or DOW
200
Peanut butter and jelly; cheeseburgers and fries; suits and ties; what type of goods do these represent?
Complementary Goods
200
What term is used to describe a period of increasing real GDP and falling unemployment in a country?
Expansion or Recovery
200
Suppose the Federal Reserve wishes to decrease the rate of inflation. Name one action the Fed will execute in order to do this.
Sell bonds (decrease money supply) or increase interest rates
200
Who did Janet Yellen succeed as chairman of the Board of Governors?
Ben Bernanke
200
Who is the department chair for the economics department here at CSB/SJU?
Parker Wheatley
300
What type of goods do people demand less when their income rises?
Inferior Goods
300
Which type of unemployment is typically targeted during recessions and is closely dependent on the business cycle?
Cyclical Unemployment
300
Suppose the United States places a tariff on the importation of foreign cars. What will happen to the quantity supplied of U.S.-made cars?
Quantity supplied will increase
300
Daily Double!
Which European country, while practicing economic austerity, reached an unemployment level of %26 in February of 2014? Greece
300
Besides Benjamin Franklin, which person on a currently circulated U.S. dollar did not serve as president?
Alexander Hamilton
400
A firm lowers the price of their product. Due to this decrease in price, the firm experiences an increase in revenue. What can be said about the elasticity of this product's demand curve?
The demand curve for this product is elastic
400
What four components make up the expenditure approach used to calculate a country's Gross Domestic Product?
Gross Private Consumption Expenditures (Consumption), Gross Private Investment (Investment), Government Purchases (Government), Net Exports
400
Daily Double!
What type of tax system, progressive, regressive, or proportional, does a sales tax exhibit? Answer: Regressive
400
To the nearest trillion, what is the current nominal GDP per year in the U.S.?
$17 trillion
400
Which Federal Reserve district, 1-12, is Minnesota in?
District 9
500
Suppose Sexton subs and McGlynn's burgers are substitutes. What will happen to the demand for McGlynn's burgers if the price of Sexton subs decreases?
Demand will decrease or shift left
500
What term is used to describe a decrease in the rate of inflation?
Disinflation
500
CSB and SJU produce two goods each: bread and cookies. SJU produces 60 loaves of bread and 40 cookies per week while CSB produces 50 loaves of bread and 30 cookies per week. Which college has a comparative advantage in cookie making?
SJU
500
Which country was the world's top producer of oil and natural gas in 2014?
United States
500
Which famous economist wrote a paper in 1798 which had a bleak outlook on population growth and the over-consumption of natural resources?
Thomas Malthus