The supply curve shifting right would result in

consumers being better off because they can purchase more

The unemployment rate is

the percentage of the labor force that is unemployed

What is the law of demand?

Price increases, demand decreases

The three types of imperfect competition are

Monopoly, oligopoly, and monopolistic competition

A market has reached equilibrium when

When neither consumer or producer need change their behavior

What happens when consumers are taxed

the demand curve will shift down

all individuals employed or unemployed and seeking a job

Intermediate goods are

goods that are used up in the production of a final good

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Academic Decathlon Economics

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A #economics Quiz for the 2017-2018 Georgia Academic Decathlon

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Questions 19

Answers

1
The supply curve shifting right would result in
consumers having no money
a general increase in wealth into the economy
economic collapse
consumers being better off because they can purchase more
2
The unemployment rate is
the percentage of the labor force that is unemployed
none of the above
the total number of people unemployed in the economy
the percentage of the population that is unemployed
3
What is the law of demand?
Price increases, demand decreases
Price increases, demand does not make a change in any way
Price decreases, demand decreases
Price increases, demand increases
4
What is this the formula of?
elasticity of demand
demand curve
equilibrium of demand
elasticity of supply
5
Measure of the market value of all final goods produced in a country during a year is called
total product
gross domestic product
total domestic product
none of the above
6
Money is
medium of exchange
all of the above
a unit of account
and store of value
7
The supply curve can change based on factors such as
Input prices
Government
Economic power
Expectations
8
Not having a Job but searching for a job is an example of
working
Unemployed
Out of labor force
Employed
9
The three types of imperfect competition are
Monarchy, anarcho-monarchism, and trotskyism
Monopoly, oligopoly, and monopolistic competition
Monopoly, mono-market, and monopolistic competition
Monopoly, oligopoly, and oligarchy
10
How many factors does average labor productivity depends on?
3
2
6
5
11
Which of these is a main feature of colonial rule
The shape and structure of African Government
Colonial policies and the structure of African economies
all of the above
Limited investments in African human capital
12
A market has reached equilibrium when
When producer makes more than demanded
When neither consumer or producer need change their behavior
When either consumer or producer need change their behavior
When consumer buys more than supplied
13
one of the different demand curves which demonstrates a different possible elasticity is
anti-elastic
non complete elastic
perfectly inelastic
outwardly inhumanly super elastic
14
Which was the first African colony (other than North Africa) to become independent
Ethiopia
Morocco
Kenya
Ghana
15
What happens when consumers are taxed
the demand curve will shift down
overall demand for products increases
the supply curve will shift down
the equilibrium will appear at a higher place
16
The labor force is
equal to the size of the population
all individuals employed or unemployed and seeking a job
equal to the size of the adult population
none of the above
17
Intermediate goods are
goods that are used up in the production of a final good
excludable and rival goods
non-excludable and rival
none of the above
18
This is a
Supply curve
Demand curve
19
Competitive markets tend to gravitate towards equilibrium
true
false

Academic Decathlon Economics Flashcards | StudBud