Academic Decathlon Economics Basics

The interaction of supply and demand is central to:

An economies GDP is $23 Mil and it employs 10,000 people. What is the GDP per capita?

The government raises its income through:

The overall production of goods and services valued at current prices is:

A market is in _ if no one has a reason to change their behavior.

Goods are _ when the decline in the price of one leads to an decline in demand of the other.

The alternating of periods of expansion and recession are called:

Which is true of GDP?

Which of the following is an example of a rival good?

Which is calculated monthly and measures the cost of a market basket of goods/services?

A movie $60. You decide do that instead of mowing a lawn for $30. What is the opportunity cost?

Cyclical Unemployment is

Government Purchases include all of the following except:

Economics is the study of how:

Markets consist of:

All of the below factors shift the demand curve except:

Scarcity says that:

What we consume is limited by:

The supply curve can shift because of all these factors except:

Changes in technology shift the supply curve.

Goods used up in producing _ goods are called intermediate goods.

Which of the following occurs at the price & quantity where supply and demand curves intersect?

The simplicity of economic models allows economists to:

What is structural unemployment?

The "Mona Lisa" is an example of a __ good.

Define unemployment

What is opportunity cost?

Goods that are USED UP in the production of another good are called:

What is a requirement for trade?

The interaction of ____ and ____ in markets is the central topic of microeconomics.

Which two types of unemployment are unavoidable?