Macro
Micro and Macro
Micro
Trivia
100
Which of the following is not a component of aggregate demand?
A. Consumer Spending
B. Government Spending
C. Transfer Payments
D. Net Exports
What is
C. Transfer Payments
100
Who wrote "The Wealth of Nations" in 1776 and is often referred to as the "Father of Economics" or the "Father of Capitalism"?
Who is Adam Smith?
100
Which of the following is the best example of a perfectly competitive market?
A. Diamonds
B. Athletic Shoes
C. Soft Drinks
D. Farming
What is
D. Farming
100
How much is one share of stock in Apple Computers valued at right now? (Closest answer wins.)
What is $142.35?
200
A local library purchases new audio books. Which component of GDP is impacted by this transaction?
What is Government Spending?
200
If exports decrease while imports increase, what happens to total GDP production in an economy?
What is GDP output decreases?
200
Which of the following best describes the shape of a perfectly inelastic demand curve?
A. Vertical
B. Horizontal
C. Upward sloping
D. Downward sloping
What is
A. Vertical
200
What two letters do not appear on a telephone dial?
What are Q and Z?
300
If year 1's values are on the left and year 2's on the right, what is year 1's nominal GDP?
What is $565?
300
Canada has a population of 50 million. Of those, 40 million people are employed and 5 million people are unemployed. What is Canada's labor-force participation rate?
What is 90%?
300
When the price of pancakes increases by 20%, the quantity of pancakes demanded falls by 30%. Which term describes the price elasticity of demand for pancakes?
A. Relatively elastic
B. Unit Elastic
C. Relative inelastic
D. Perfectly inelastic
What is
A. Relatively elastic to price
300
How many wins did the Phoenix Suns have in the regular season this year? (Closest answer wins.)
What is 64 wins?
400
Fill in the blanks: "An increase in the money supply will cause aggregate demand to shift to the ____________, causing price level to _________ and short-run real GDP to ____________.
What is:
Right, Increase, and increase?
400
If year 1's values are on the left and year 2's are on the right, what is year 2's real GDP? (Assume year 1 is the base year.)
What is $890?
400
The average total cost of producing 50 helmets is $2, and the average fixed cost is $0.50. What is the total variable cost for producing 50 helmets?
What is $75?
400
How much is the company Meta (the company that owns Facebook and Instagram) valued at right now?
What is about $520 billion?
500
What is the main difference between CPI and GDP Deflators?
What is:
-Though both measure inflation, CPI uses market baskets of consumer spending to measure changes in prices, while GDP Deflators measure changes in prices across all goods in an economy?
500
What will the price and the quantity of output be in this market?
What is P1 and Q1?
500
Which of the following market types has only a few competing firms?
A. Perfect Competition
B. Monopolistic Competition
C. Monopoly
D. Oligopoly
What is
D. Oligopoly
500
Which president's face is on a dime?
Who is Franklin D. Roosevelt?