Academic Decathlon Economics Basics

Question 1

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

Accepted Answer

Final Goods

Question 2

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

Accepted Answer

$30

Question 3

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

Accepted Answer

Consumer Price Index

Question 4

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

Accepted Answer

Substitutes

Question 5

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

Accepted Answer

Supply; Demand

Question 6

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

Accepted Answer

Intermediate Goods

Question 7

Who wrote AN INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF NATIONS?

Accepted Answer

Adam Smith

Question 8

What is opportunity cost?

Accepted Answer

The value of the next best option you gave up

Question 9

The interaction of supply and demand is central to:

Accepted Answer

Microeconomics

Question 10

Economics is the study of how:

Accepted Answer

All of the above

Question 11

Which country had a higher GDP in 2008?

Accepted Answer

The United States

Question 12

Government Purchases include all of the following except:

Accepted Answer

Social Security Benefits

Question 13

Changes in technology shift the supply curve.

Accepted Answer

True

Question 14

The alternating of periods of expansion and recession are called:

Accepted Answer

Business Cycle

Question 15

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

Accepted Answer

market equilibrium

Question 16

What we consume is limited by:

Accepted Answer

What we produce

Question 17

Markets consist of:

Accepted Answer

Buyers and Sellers

Question 18

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

Accepted Answer

$2,300

Question 19

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

Accepted Answer

Perfectly Inelastic

Question 20

Which is true of GDP?

Accepted Answer

It is adjusted to remove inflation

Question 21

In 2008, the American GDP per capita was approximately:

Accepted Answer

$43,000

Question 22

All of the below factors shift the demand curve except:

Accepted Answer

Price

Question 23

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

Accepted Answer

Nominal GDP

Question 24

The government raises its income through:

Accepted Answer

Taxes

Question 25

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

Accepted Answer

Pizza

Question 26

What is a requirement for trade?

Accepted Answer

Both parties benefit

Question 27

Scarcity says that:

Accepted Answer

Resources are specialized and in limited amounts

Question 28

The simplicity of economic models allows economists to:

Accepted Answer

Identify what assumptions are really important

Question 29

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

Accepted Answer

Equilibrium

Question 30

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

Accepted Answer

Number of buyers

Academic Decathlon Economics Basics

Questions 30

Academic Decathlon Economics Basics

Questions 30