Acadec Econ

If the equilibrium price of sandwiches is $5, and they are being sold at $3, what will happen?

In which year was the Economic Opportunity Act signed into law?

This is subjective economics.

In the event of a recession, the government should perform which of the following actions?

On a graph, the area above the point at which a demand and supply curve intersect designates

Which of the following is counted in GDP?

If a country’s exports increase, which of the following is a direct result of that event?

If a dollar bill is described as a unit of account, what does that mean?

The money supply curve is almost always

If all the resources in a market are used, that market is

Most of the technological knowledge used in the production of goods is

What does the Federal Reserve charge on loans that it makes to banks?

Saying what should happen in an economic scenario is known as

Items that are not needed in everyday life are known as

Increased government spending creates what shift?

The Federal Reserve can

Which of the following is NOT a form of monetary policy used by the federal government?

Instituting rent control has all of the following effects except

Which of the following is the amount of money that banks create from each dollar of reserves?

Price elasticity of supply is equal to percentage change in quantity supplied divided by what?

Which of the following government entities was created by Lyndon B. Johnson’s programs?

In which type of competition does a singular firm hold the most market power?

Costs that do not change based on production levels are known as

It costs $50 to produce 100 sandwiches. If you make to 200 for $75, what is the marginal cost?

Which of the following statements concerning the consumer price index is correct?

Kennedy hoped to stimulate the economy by

Consumer surplus is equal to the sum of

If the price of olive oil rising causes an increase in demand for corn oil, what are the oils?

Which of the following is NOT displayed in a typical aggregate demand/aggregate supply graph?

If the price of an item went up and 10 units were initially supplied, what is likely to happen?

Phillips curve reflects the relationships between which of the following?

At which price for oranges will the highest quantity be demanded?

The neutrality of money states that, in the long run,

Which of the following is simply a fact of human existence?

How can scarcity be completely eliminated?

If the equilibrium price of sandwiches is $5, and it is being sold at $7, what will happen?

If the quantity of a good increases 30% and the price decreases 60%, what is the elasticity?

The downward sloping line graphing a demand schedule is known as the

If a lower price for one good causes demand for another good to increase, that good is known as

What do households contribute to governments in the circular flow model?

The government can sell a bond, which is much like

This type of entity sells shares of stock.

Which two groups operate in the circular flow model?

Unemployment attributable to the mismatch between job openings and job-seekers is known as

If you have US currency and the US goes through inflation, what happens to your money?

What is market demand?

Economic analysis relies on which of the following elements?

The amount the producers can control who consumes a good is known as

Which of the following was the key element of Johnson’s Great Society?

What are individuals who take on the risk of attempting to create new products or service?

What did Arthur Okun work as?

If firms make market prices rather than taking prices as given, they have

What constitutes a negative supply shock?

When the money supply should be adjusted, the Fed adjusts the money supply primarily through

Which concept is defined as the value of all final goods and services produced in a country?

If 250 workers make 5000 units, the average labor productivity for that economy is

Who said that recessions are now generally considered fundamentally preventable?

Goods with high rivalry but low excludability are

The alternation of periods between expansion and recession is known as

The sum of all buyers and sellers of one particular good or service comprise the

Which of the following can permanently increase the production of businesses?

Which of the following does the FOMC use to alter the economy?

More quantity is demanded of which type of goods as income falls?

Which is the term for the average number of times a typical dollar bill is used during a year?

The law of supply is that there is

One of John F. Kennedy’s primary economic goals was to

The kind of market that tends to gravitate around equilibrium quantity and price is a

Federal funds today account for what percent of public school funds?

Which of the following statements explains why the market for gasoline is highly competitive?

Which measure released by the government shows how the price of living has changed?

What is currency?

How does a price floor that creates a shortage appear on a supply/demand graph?

What is the term for a downturn in the economy for over 6 months?

Suppliers agreeing to cooperate and behave like a monopoly is known as

Which of the following occurs when a firm charges different prices to different customers?

All of the following factors influence price elasticity of demand except

If unemployment goes from 5% to 10%, and the output gap was 10%, what will the output gap be?

Because of specialization, which of the following concepts exists?

What is comparative advantage?

What's the term for the output of an economy at maximum efficiency and 0% unemployment?

What is marginal cost?

Going to a store that has both better quality and lower prices is known as

Which metric measures how much the quantity demanded responds to a change in price?

You can calculate the output gap between actual output and potential output by calculating

Which economist created a new response to shifts in the economy?