Econ 101
This is the branch of economics concerned with individual markets and decision-making.
Microeconomics
This term refers to a general increase in prices and fall in the purchasing power of money.
Inflation
This term refers to the cost of producing one more unit of a good or service.
What is marginal cost?
Dr. S’s major as an undergraduate before switching to Econ
Chemistry
This is the fourth planet from the earth
Mars
This law states that, all else equal, as the price of a good increases, quantity demanded decreases.
The law of demand
The Federal Reserve primarily controls this rate to influence the money supply.
federal funds rate
This is the term for a situation where the government prevent a price from rising above a certain level
price ceiling
Other than soccer, what sport did Dr. S play in high school?
Volleyball
By letter count, “May” is the shortest month of the year. Coming in at a record nine letters, what’s the longest month of the year?
September
This is the term for the next best alternative foregone when making a decision.
Opportunity Cost
This curve shows the maximum possible output combinations of two goods an economy can produce.
the production possibilities frontier (PPF)?
A period of US economic history where its proponents claim that total spending in an economy is the primary driver of economic growth and employment.
Keynesian economics
Name another country (other than the USA) that Dr. S taught Economics as a professor in
Hint: A recent soccer world cup was hosted here
Qatar
Which soccer team recently won the Premier League Title
Liverpool (Best Team)
This is the total value of all goods and services produced within a country in a given year.
Gross Domestic Product (GDP)?
This concept refers to when the actions of individuals have effects on third parties not involved in the transaction.
Edternalities
This economic theory focuses on how limited resources and infinite wants drive decision-making and allocation in an economy.
Scarcity
At what school did Dr. S get his PhD from?
Western Michigan University
This country, located in Asia, has the largest bowling alley in the world
Japan
This occurs when a market fails to allocate resources efficiently on its own.
Market failure
his measure reflects the average change over time in the prices paid by urban consumers for a market basket of goods and services.
Consumer Price Index (CPI)
This is the idea that as the size of a firm increases, it can achieve lower costs due to increased production efficiency.
Economies of Scale
How many siblings does Dr. Shukralla have?
6
Which Great Lake does Niagara Falls empty into?
Lake Ontario