Price Controls and Comparative Advantage
Demand and Supply
GDP
Math
General Knowledge
100
In a single day, Sarah can produce 10 hamburgers, and Abe can produce 5 hamburgers. Therefore, _____ has a(n) _____ advantage in making hamburgers.
what is Sarah; absolute?
100
1. | A positive relationship between swimsuits purchased and ice cream purchased could be the result of: | ||
What is Omitted Variable such as the external temperature?
100
34. | If during 2010, the Republic of Sildavia recorded investment spending of $3 billion, government purchases of $3 billion, consumer spending of $7 billion, imports of $5 billion, government transfers of $1 billion, and exports of $3 billion, Sildavia's GDP in 2010 was: | ||
What is $11 Billion?
100
10. The vertices of ABC are A (0, 0), B (6, 0), and C (3, 7). What type of triangle is ABC?
A. acute isosceles triangle
B. acute scalene triangle
C. right isosceles triangle
D. right scalene triangle
what is an acute isosceles triangle?
100
Who is called the father of Economics?
who is Adam Smith?
200
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What is quantity demanded will increase and quantity supplied will decrease?
200
5. | Which of the following is TRUE of a normal good? | ||
A) | When income increases, the demand for the good remains unchanged. | ||
B) | When income increases, the demand for the good decreases. | ||
C) | When income increases, the demand for the good increases. | ||
D) | Income and the demand are unrelated. | ||
What is when income increases the demand for the good increases?
200
69. | The Arcadia Entertainment Co. produced 20,000 DVDs of the movie Thor in 2011. Only 4,000 copies remained unsold at the end of 2011. As a result the GDP will include these many DVDs in these categories: | ||
What is all 20,000 DVDs will be included in GDP in 2011, 16,000 as consumption expenditure and 4,000 as investment expenditure?
200
A line has a slope of 3/4 and passes through the point ( -4, 2). Which represents the equation of the line written in standard form?
What is -3x + 4y= 20
200
In which year was the new currency Euro introduced?
What is 1999?
300
16. | Farmers in developing countries want the United States to reduce the subsidies that it gives to U.S. farmers because subsidized agricultural products from the United States: | ||
lead to agricultural surpluses and lower prices for farmers in developing countries. | |||
raise the world price of agricultural products. | |||
have led to a global shortage of agricultural products. | |||
have led to an increase in the demand for agricultural products from the developing world. | |||
What will lead to agricultural surpluses and lower prices for farmers in developing countries?
300
11. | In the local market for coffee, if Joyce's Java and Everyday Joe's coffee shops go out of business, the _____ curve shifts to the _____. | ||
What is Supply; Left?
300
2013 Output | 2013 Prices | 2014 Output | 2014 Prices | |
Lemonade | 200 glasses | $1 per glass | 220 glasses | $1 per glass |
Cookies | 100 cookies | $2 per cookie | 100 cookies | $2.25 per cookie |
40. | (Table: Lemonade and Cookies) Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. Nominal GDP in 2013 was: | ||
What is $400?
300
|
What is 9/20?
300
The BRIC economies are:
What are Brazil , Russia , India and China?
400
18. | Producers may supply a good with inefficiently high quality if the government imposes: | ||
A) | a price ceiling set above the equilibrium price. | ||
B) | a price floor set below the equilibrium price. | ||
C) | a binding price floor. | ||
D) | a binding price ceiling. | ||
What is a binding price floor?
400
13. | Good X and good Y are related goods. Holding everything else constant, if the price of X decreases and the demand for Y increases, X and Y are probably: | ||
What are complements?
400
35. | (Table: Pizza Economy I) Look at the table Pizza Economy 1. GDP in this economy is: | ||
What is $65,000?
400
What is the y-intercept of the line that contains the points (3, 3) and (6, 1)?
What is 7?
400
The purpose of the World bank is to?
what is to Give international loans for development purposes?
500
23. | Keynesian economics promotes ideas: | ||
A) | that government intervention can be destabilizing. | ||
B) | that the government can help a depressed economy via fiscal and monetary policies. | ||
C) | that the private sector is perfectly capable of regulating itself. | ||
D) | that the free market system will always prevail. | ||
What is that the government can help a depressed economy via fiscal and monetary policies?
500
21. | (Figure: The Market for Tea in Sri Lanka) Look at the figure The Market for Tea in Sri Lanka. In autarky, the price is P1. When the economy is opened to trade, the price rises to PW and the change in total surplus is: | ||
What is I?
500
47. | Suppose that nominal GDP is $1,000 in 2009 and $1,500 in 2010. If the overall price level _____ between 2009 and 2010, we could say that real GDP _____. | ||
What is increased by 50%, stayed constant?
500
3. There are 250 seniors in a class. 60% have plans to go to college. Of those with plans to go to college, 40% plan to go to a college out-of-state. How many students plan to attend an in-state college?
What is 90?
500
The Number of member countries in the IMF are:
what is 189?