Micro and Macro Quiz Bowl

If quantity supplied increases by 2% when prices rise by 20%, what is price elasticity of supply?

______ _____ is an economic theory that inflation and unemployment have a stable and inverse relationship.

Who's law shows that a rise in employment is often associated with a rise in GDP

Raising the Federal Reserve's discount rate or increasing the reserve requirement are examples of what type of policy?

Which school of economics favored by libertarians believes monetary policy has dangerous unintended consequences?

Keynes believed that prices and wages are _____.

The sale of products below cost in a foreign country is called ____.

The slope of the budget constraint is ____.

Which Nobel-prize winning economist from the U. of Chicago advised both President Reagan and Prime Minister Thatcher?

The type of auction that begins with a high price and then slowly drops price until a buyer accepts is called?

In monopolistic competition in the long run, which is TRUE?

With a Giffen good, the ____ effect outweighs the ______ effect.