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Economic Terms Speedway
What is adverse selection?
What are the factors of production?
Economic Terms Speedway
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1
What are the factors of production?
Land, Labor
Capital, entrepreneurship, Laziness, Nothing
Land, Labor, Capital, entrepreneurship
Donald Trump
2
What is adverse selection?
Limitation of price
Limitation of information from one party
Limitation of the factors that provide information
Limitation of the quantity supplied by firms
3
Income Inequality is the gap between....
Urban and rural areas incomes
The poor and the rich
Races' incomes
the male and female incomes
4
What is NAFTA?
A trade agreement among the Americas, and Europe
A trade agreement among the U.S, Canada, and Mexico
5
GDP is...
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.
how much a single business produces in a period of time.
6
What are regulations?
The rules of the white house
Rules legislative branch makes about laws to be carried out
Rules executive branch makes about laws to be carried out
Rules judicial branch makes about laws to be carried out
7
Find the definition for: Communism
Economic system-everyone equal, no private property
support and devotion to one's people group
A government movement to free from Western ideas
Nation's freedom from another country
8
Which economic system leads to shortages and inefficiencies?
traditional
mixed
market
command
9
What is rational addiciton?
uncontrollable desires
a consistent plan to maximize utility over time
prevents oneself from achieving full potential
hinders one's utility maximization
10
The tragedy of the commons refers to the overuse of
a common property or free-access resources.
governmental regulation.
solar capital.
synthetic chemicals
11
psychic benefits
The non-monetary rewards we get from psychic income.
A reward we get from taking actions
The monetary reward we get from taking some action
The non-monetary reward we get from taking some action
12
What is a firm?
a commercial enterprise
a company that aims to make profit
All of the above
a company that buys and sells products/services
13
Where supply and demand curves meet is known as:
connection
coincide
equal
equilibrium
14
What is a mixed economy
an economic system combining private and public/governemnt enterprise.
an economy driven by country's individual citizens
None of the above
an economy driven by country's individual citizens
15
The principal agent problem is . . . .
The Senior Manager does not communicate with the workers.
Managers make decisions for themselves rather than owners.
Employees are unable to use their initiative
Lack of knowledge of needs and wants of the customers.
16
The conflict between defense spending and safety net programs is;
Guns or butter
Pizza or hand grenades
Bombs and biscuits
Napalm and bananas
17
What is a command/communist economy
an economy controlled by traditions, customs, and beliefs.
an economy driven by country's individual citizens
an economic system combining private and public enterprise.
an economy controlled centrally by a government.
18
worker gain this when specializtion is used to increase productivity
specialization
expertise
scarity
mixed economy
19
This program was used to build America's infastructure.
WPA
CCC
SDIC
AAA
20
The circular flow model shows...
Flow from businesses and households
Flow of goods and services and money
Circular flow of economies to each other
Markets for factors of production
21
What has led to an increase in income inequality?
Globalization of the economy
Government policies
Changes in the demographic traits of Americans
All of the above
22
To be considered scarce, an economic resource must be
Desirable and free
Desirable, useful, and free
Desirable, Useful, and Limited
Undesirable,useful, and limited
23
Standard of Living
Buying a box of pizza every 3 weeks
Living on the floor
A level of material comfort, goods, services, and luxuries
Eating dirt
24
What is an incentive?
A good smell
Getting money
Motivates one to do something
A shift in the PPC curve
25
An example of adverse selection is
not willing to pay top $ for used car bc of imperfect info
a person discovers serious illness and buys health insurance
All of the above are examples of adverse selection
high-qual loan applicants drive low- qual apps out of market
26
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
27
Which level of Maslows hierarchy does this belong to?
safety and security
self-actualisation
physiological
adequate standard of living
28
What are the consequences of bad public policy?
Both are correct
create an underground, unregulated and un-taxable economy.
result in widespread disrespect for the law
29
What is the invisible hand?
Producers and consumers talk to one another via market sales
Goods or services
Goods and services that are consumed together
Market and mixed economies
30
subsidy
a branch or the government in Russia
money granted by the government to business or industries
a millionaire
a person who donates a lot of money to charity
31
True or False: Correlation is always causation
True
False
32
Who determines demand?
Sellers
Buyers
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
The prisoner’s dilemma discusses the conflict between
Competition and friends
Competition and confusion
Cooperation and competition
Cooperation and friends
35
What is private property?
economic decisions goods and services are guided
i don't know
a legal ownership of property by non-governmental
nothing
36
define opportunity cost
the price of a good or service increases
a group of buyers and sellers
the benefits you could have received
total satisfaction received from consuming a good service
37
Who determines supply?
Sellers
Buyers
38
Choose two public goods...
School bus & Police (911)
Hospital & School
School bus & McDonalds
McDonalds & Burger King
39
What is the black market?
series of transactions that has some aspect of illegality
All of the above
a clandestine market
characterized by some form of noncompliant behavior with an institutional
40
NAFTA means
North Africa Free Trade Agreement
North American Free Trade Arguments
North American Free Trade Agreement
Nothing After Five Tomorrow Afternoon
41
What is Microeconomics?
Study behavior or choices that relate to the entire economy
Study behavior choices of a small group
Anything that forces us to choose
Value of the trade off
42
correlation
when two things are related
when two things occur together but don't cause each other
when two things cause each other
when two things occur together and cause each other
43
The players of the free market economy are
households & firms
firms & stores
households
stores
44
what is Intellectual property?
it protects the rights of those who create original works.
it is copyright but better
it gives the chance to copy the thing
not an EOC term
45
Trade off is..
Sacrificing one item for another
Giving an item to someone
Passing a ball
Throwing a frisbee
46
what is guns or butter
trade off nations face when choosing to produce more or less
deciding to use more than one resource
alternate given up as the result of a decision
an alternate that we gain when we make a decision
47
Define Scarcity
Needs and wants outweigh the amount of resources available.
A fundamental problem in society.
A limited amount of resources compared to prices.
A social science dealing with people's needs and wants.
48
Because of globalization, trade would increase. Would this be a cost or benefit?
both
benefit
cost
49
Bounded rationality
hedonistic calculus
decisions made on a cost-benefit basis
decisions bound by our environments
decisions made as best guesses & r limited by info provided
50
what does Capitalism means
economic and political system controlled by private owner...
usually its seat of government and administrative center.
none of the above
the most important city or town of a country or region,
51
Globalization is ....?
Countries don't want to trade together
Countries that do not want to trade.
Don't involve consumers
Countries are coming together as one big global economy.
52
What's an example of a good public policy?
prohibition of alcohol
Prohibiting the use of cellphones while driving
governments controlling prices
subsidizing corn growers
53
What is an externality?
A cost to the seller of a good/service.
A benefit to the seller of a good/service.
Anything external to a transaction
A benefit/cost that affects someone not directly involved.
54
What is utility?
Resource
Satisfaction
Elasticity
Usefulness
55
What are perverse incentives?
An incentive that has an unintended and undesirable result
An incentive created by a pervert
An incentive with only one positive result
An incentive that doesn't make sense
