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Economic Terms Speedway
what is Intellectual property?
What are perverse incentives?
Economic Terms Speedway
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1
What are perverse incentives?
An incentive created by a pervert
An incentive that has an unintended and undesirable result
An incentive with only one positive result
An incentive that doesn't make sense
2
what is Intellectual property?
it gives the chance to copy the thing
it is copyright but better
it protects the rights of those who create original works.
not an EOC term
3
Which level of Maslows hierarchy does this belong to?
physiological
self-actualisation
safety and security
adequate standard of living
4
The principal agent problem is . . . .
Employees are unable to use their initiative
The Senior Manager does not communicate with the workers.
Managers make decisions for themselves rather than owners.
Lack of knowledge of needs and wants of the customers.
5
worker gain this when specializtion is used to increase productivity
scarity
mixed economy
expertise
specialization
6
True or False: Correlation is always causation
False
True
7
An example of adverse selection is
a person discovers serious illness and buys health insurance
All of the above are examples of adverse selection
not willing to pay top $ for used car bc of imperfect info
high-qual loan applicants drive low- qual apps out of market
8
Trade off is..
Throwing a frisbee
Passing a ball
Sacrificing one item for another
Giving an item to someone
9
Define Scarcity
A social science dealing with people's needs and wants.
A fundamental problem in society.
A limited amount of resources compared to prices.
Needs and wants outweigh the amount of resources available.
10
What is the invisible hand?
Goods or services
Goods and services that are consumed together
Producers and consumers talk to one another via market sales
Market and mixed economies
11
NAFTA means
Nothing After Five Tomorrow Afternoon
North American Free Trade Arguments
North Africa Free Trade Agreement
North American Free Trade Agreement
12
Where supply and demand curves meet is known as:
connection
equilibrium
coincide
equal
13
What is an externality?
A benefit/cost that affects someone not directly involved.
Anything external to a transaction
A cost to the seller of a good/service.
A benefit to the seller of a good/service.
14
What are the factors of production?
Land, Labor
Donald Trump
Capital, entrepreneurship, Laziness, Nothing
Land, Labor, Capital, entrepreneurship
15
To be considered scarce, an economic resource must be
Undesirable,useful, and limited
Desirable, useful, and free
Desirable and free
Desirable, Useful, and Limited
16
What's an example of a good public policy?
governments controlling prices
prohibition of alcohol
Prohibiting the use of cellphones while driving
subsidizing corn growers
17
subsidy
a branch or the government in Russia
a person who donates a lot of money to charity
money granted by the government to business or industries
a millionaire
18
What is NAFTA?
A trade agreement among the U.S, Canada, and Mexico
A trade agreement among the Americas, and Europe
19
This program was used to build America's infastructure.
WPA
CCC
AAA
SDIC
20
The players of the free market economy are
households & firms
households
stores
firms & stores
21
GDP is...
how much a single business produces in a period of time.
a country's unemployment rate over a period of time.
value of goods and services produced in a country over time.
taxes payed by citizens over a specific period of time.
22
define opportunity cost
a group of buyers and sellers
the benefits you could have received
the price of a good or service increases
total satisfaction received from consuming a good service
23
Income Inequality is the gap between....
the male and female incomes
Races' incomes
The poor and the rich
Urban and rural areas incomes
24
What is a command/communist economy
an economy driven by country's individual citizens
an economic system combining private and public enterprise.
an economy controlled centrally by a government.
an economy controlled by traditions, customs, and beliefs.
25
What is an incentive?
A good smell
Motivates one to do something
Getting money
A shift in the PPC curve
26
Choose two public goods...
McDonalds & Burger King
Hospital & School
School bus & McDonalds
School bus & Police (911)
27
Because of globalization, trade would increase. Would this be a cost or benefit?
both
cost
benefit
28
What is Microeconomics?
Study behavior choices of a small group
Value of the trade off
Anything that forces us to choose
Study behavior or choices that relate to the entire economy
29
What is private property?
economic decisions goods and services are guided
i don't know
a legal ownership of property by non-governmental
nothing
30
The tragedy of the commons refers to the overuse of
a common property or free-access resources.
synthetic chemicals
governmental regulation.
solar capital.
31
What are regulations?
Rules executive branch makes about laws to be carried out
Rules judicial branch makes about laws to be carried out
Rules legislative branch makes about laws to be carried out
The rules of the white house
32
what is guns or butter
deciding to use more than one resource
trade off nations face when choosing to produce more or less
alternate given up as the result of a decision
an alternate that we gain when we make a decision
33
What is market failure?
When there is a 3-firm concentration ration of 95%.
When the allocation of goods and resources is inefficient.
When there are not economies of scale.
When everyone has perfect knowledge about the market.
34
What is adverse selection?
Limitation of information from one party
Limitation of price
Limitation of the factors that provide information
Limitation of the quantity supplied by firms
35
Globalization is ....?
Countries that do not want to trade.
Countries are coming together as one big global economy.
Countries don't want to trade together
Don't involve consumers
36
What are the consequences of bad public policy?
result in widespread disrespect for the law
Both are correct
create an underground, unregulated and un-taxable economy.
37
what does Capitalism means
the most important city or town of a country or region,
usually its seat of government and administrative center.
economic and political system controlled by private owner...
none of the above
38
Who determines supply?
Sellers
Buyers
39
What is rational addiciton?
uncontrollable desires
prevents oneself from achieving full potential
a consistent plan to maximize utility over time
hinders one's utility maximization
40
Standard of Living
Buying a box of pizza every 3 weeks
A level of material comfort, goods, services, and luxuries
Living on the floor
Eating dirt
41
Who determines demand?
Sellers
Buyers
42
The circular flow model shows...
Flow of goods and services and money
Markets for factors of production
Flow from businesses and households
Circular flow of economies to each other
43
What is the black market?
a clandestine market
All of the above
characterized by some form of noncompliant behavior with an institutional
series of transactions that has some aspect of illegality
44
What is utility?
Elasticity
Resource
Satisfaction
Usefulness
45
Bounded rationality
hedonistic calculus
decisions bound by our environments
decisions made on a cost-benefit basis
decisions made as best guesses & r limited by info provided
46
The conflict between defense spending and safety net programs is;
Napalm and bananas
Guns or butter
Pizza or hand grenades
Bombs and biscuits
47
psychic benefits
A reward we get from taking actions
The non-monetary reward we get from taking some action
The monetary reward we get from taking some action
The non-monetary rewards we get from psychic income.
48
Which economic system leads to shortages and inefficiencies?
command
mixed
traditional
market
49
Find the definition for: Communism
Nation's freedom from another country
Economic system-everyone equal, no private property
A government movement to free from Western ideas
support and devotion to one's people group
50
What is a mixed economy
an economic system combining private and public/governemnt enterprise.
None of the above
an economy driven by country's individual citizens
an economy driven by country's individual citizens
51
What has led to an increase in income inequality?
All of the above
Government policies
Changes in the demographic traits of Americans
Globalization of the economy
52
The prisoner’s dilemma discusses the conflict between
Competition and friends
Cooperation and competition
Cooperation and friends
Competition and confusion
53
What is a free rider?
Someone who searches and takes advantage of new buisness
A person who receives the benefits of a good without paying
54
What is a firm?
a commercial enterprise
All of the above
a company that buys and sells products/services
a company that aims to make profit
55
correlation
when two things occur together and cause each other
when two things occur together but don't cause each other
when two things are related
when two things cause each other
