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Econ Final Project
Econ Final Project
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Questions
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Answers
1
GDP
: Which is
not
a way to calculate GDP?
Value Added Approach
Income Approach
Expenditure Approach
Cyclical Approach
2
PPC
: What does the PPC represent?
Supply
Marginal utility (utils)
Trade offs
Demand
3
When is it a shortage on a Supply/Demand graph?
Below equilibrium
At equilibrium
Never happens
Above equilibrium
4
What is Inflation + Nominal Interest Rate?
Exports
Taxes
Government Payments
Real interest rate
5
Supply:
True or False: Supply graphs go downwards
False
True
6
What is the Law of Demand?
Lower price, higher quantity demanded
Higher price, lower quantity demanded
Higher price, higher quantity demanded
Lower price, lower quantity demanded
7
Demand
:
True or False: Demand graphs go downwards
False
True
8
Who has the Comparative Advantage in Potatoes?
China
India
9
Solve
: Consumer spending:$5000 , Investments: $3000 , GovSpending: $10000, Imports: $2000 , Exports: $1500
$17,500
$21,500
$18,500
$14,500
10
What does
NOT
define a Discouraged Worker?
Not in labor force
Not looking for work
Lost job due to recession
Not included in unemployment numbers
11
What is the definition of
Frictional Unemployment
?
Time it takes to get a job
New tech makes jobs obsolete
Unemployment due to a recession
12
Unemployment
: What is the Unemployment Rate Formula?
# unemployment / population
# unemployed / labor force
labor force / # unemployed
# unemployed / employed
13
Which of these does
NOT
causes a shift in a supply graph?
Number of buyers
Technology
Number of suppliers
Input Prices
14
What is the T in TRIBE?
Technology
Tastes
15
If I am a baker and the price of flour rises, what happens?
Demand shifts left
Price change
Supply shifts left
Supply shifts right
16
On a PPC graph, a point above the line means what?
Inefficient
Efficient
Imaginary shift
Impossible
17
Equilibrium
: What is equilibrium?
Quantity supplied = Quantity demanded
A line on Supply/Demand graph
Quantity supplied < Quantity demanded
Quantity supplied > Quantity demanded
18
What is
Hyperinflation?
Inflation is under 1%
Inflation at an insane rate
Decrease in price levels
Inflation is slowing down
19
Inflation
: What is Inflation?
Raise in Price Level in an economy
Raise in crime levels
People getting fired
People getting bigger
20
What is Quantity Demanded?
Quantity at a certain price
TRIBE
ITEN
Price at a certain Quantity
21
If the average price of rent is $2000 a month at equilibrium, what happens if government makes rent become $1500/month?
Indeterminate
Surplus
Shortage
Nothing happens
22
If supply shifts to the right on a supply/demand graph, what happens to equilibrium?
Price decrease ; quantity increase
Price increase ; quantity decrease
price decrease ; quantity indeterminate
Price decrease ; quantity decrease
23
If the Actual Unemployment Rate is 15% and the Natural Rate is 10%, what is the
Cyclical rate
?
25%
5%
10%
Not enough info
24
When is it a surplus on a Supply/Demand graph?
At equilibrium
Above equilibrium
Never happens
Below equilibrium
25
Per year,Joe can grow 100 ears of corn or 300 tomatoes. Bart can grow 220 ears of corn or 440 tomatoes. CompAdv in corn?
José
They are the same
Bart
Joe
