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Academic Decathlon > economics 376-450 > Flashcards

economics 376-450 Flashcards

1
Q

true or false- a change in consumer incomes changes demand for a good

A

TRUE

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2
Q

the demand curve is the graphic representation of the demand…..

A

schedule

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3
Q

the price of the product A increases by 10% as a result the quantity demanded of a product B increases by 5%. what is the coefficient of cross-price elasticity between these two products?

A

0.5

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4
Q

if demand is unit-elastic then the price elasticity of demand is equal to

A

one

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5
Q

true or false a change in the number of consumers changes demand for a good

A

TRUE

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6
Q

ticket prices go up at lakers games and overall ticket revenue decreases at the staples center this meeands that demand in this price range is

A

elastic

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7
Q

goods and services that are purchased together are called

A

complements

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8
Q

true or false a change in consumer tastes and preferances changed demand

A

TRUE

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9
Q

elasticity of demand is generally highly (objective/negative)

A

subjective

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10
Q

substitutes have a (positive/negative) cross price elastiticity

A

positive

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11
Q

the price of a producte changes 10% as a result the quanitity demand changes by 25% what is the price elasticity of demand?

A

2.5

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12
Q

if demand is inelastic, what does this mean for the price elasticity of demand

A

the price elasticity of demand is less than one

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13
Q

goods and services that satisfy the same want are called

A

subsititutes

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14
Q

what is marginal costs

A

the cost of the next unit of production

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15
Q

what is the term of the restriction that income places on quanitity demanded

A

the budget constraint

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16
Q

elasticity is the relationship between the change in and the change in quantity demand or supplied

A

price

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17
Q

what is the measure of the responsiveness f demand to consumer income

A

income elasticity of demand

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18
Q

in a graph of supply and demand, what does the horizontal axis represent

A

quanitity

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19
Q

What does price elasticity of demand tell us?

A

Price elasticity of demand tells us how much quantity demanded will be affected by a change in price.

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20
Q

If the price of one good rises, what happens to the demand for its complementary good?

A

Demand for a complement will increase.

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21
Q

Pens and pencils are substitutes. The price of pens decreases? what happens to the equilibrium price of pencils?

A

decreases, because demand for pencils decreases

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22
Q

Demand decreases and supply increases. What happens to equilibrium quantity?

A

the change is indeterminate.

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23
Q

Demand decreases and supply decreases. What happens to equilibrium quantity?

A

decreases

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24
Q

Demand decreases and supply decreases. What happens to equilibrium price?

A

The change is indeterminate.

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25
Supply decreases. What happens to equilibrium quantity?
increases
26
Supply increases. What happens to equilibrium price?
decreases
27
Name some factors that can change supply.
changes in technology, change in the number of suppliers, change in the cost of inputs, and change in expectations of future price changes
28
Technology for producing remote controls improves. The supply of remote controls (increases/decreases/stays the same).
increases
29
Investment represents about __% of GDP in the United States.
15
30
How much was U.S. per capita GDP in 1998?
$31,487
31
Randy decides to leave his job in New York and travel to Morocco, then back to California, where he is looking for a new job. What kind of unemployment is this?
frictional
32
Define the labor force.
Every civilian age 16 or older who has a job or is seeking one. Military personnel and convicts do not count
33
What is the Labor Force Participation rate?
The percentage of the civilian population i the labor force out of everyone who could be in the labor force.
34
What government agency keeps track of unemployment data?
the Bureau of Labor Statistics
35
The Employment Act of 1946 most targeted what kind of unemployment?
cyclical unemployment
36
When did the Employment Act of 1946 expire?
2000
37
About what percentage of workers earning the federal minimum wage are 20 or older?
75%
38
How many times more likely is someone who has not gone to college to earn the minimum wage than someone who has graduated from college?
twice as likely
39
What government agency measures the Consumer Price Index?
the Bureau of Labor Statistics
40
What was the average inflation rate in 2004?
2.68%
41
True or false: full employment is 0% unemployment.
False-- for instance, there is always a certain degree of frictional unemployment.
42
What is bullion?
precious metal
43
What are three common types of unemployment?
frictional, structural, and cyclical
44
How are the fundamental economic questions answered in a traditional economic system?
with tradition and history
45
At what percent unemployment is an economy said to be at "full employment"?
4%
46
What is a "discouraged worker"?
someone who has given up looking for work
47
For an individual to be considered unemployed, does he have to be trying to find a job?
yes
48
Who wrote The Communist Manifesto?
Karl Marx
49
What is structural unemployment?
unemployment that occurs when the economy (usually due to technology) changes in such a way as to decrease demand for certain skills
50
What is cyclical unemployment?
unemployment associated with fluctuations in the business cycle
51
What is the labor force?
all civilians 16 and over who have a job or are seeking one and capable of holding one--thus, for instance, not mentally disabled are part of the labor force
52
What is underemployment?
Being employed at a lower level than education and training suggest would be optimal -- for instance, an engineer working to sell ice cream because of a decline in the availability of engineering jobs
53
Advertising to give your product name recognition and a unique reputation is known as _______.
branding
54
investment is sometimes called___ formation
capital
55
education and training are examples of investments in ___ capital
human
56
workers are what type of capital
human capital
57
what term refers to a wage rate based on worker output
productivity adjusted wage
58
give an example of investment in human capital
training, education, hiring new labor, increasing wages and health benefits technology that helps workers improve effiency
59
net investments is the value of the total investment minus
depreciation
60
true or false, the largest and most steady increase in real wages occurred after the industrial revolution
TRUE
61
beginning with he peak, list the four major phrases of the business cycle
peak, precession, trough, expansion
62
why does aggregate demand increase if more income is distributed to lower income families and less income to higher income families
lower income families spend a great percentage of their incomes on consumption
63
did the median income of households in 1999 increase in every racial group
yes
64
new orders odor capital goods are ____ economic indicator
leading
65
government spendings represents about __% of GDP in the US
20
66
what is an intermediate good
a good that is made rom a resource for use in the production of a final good
67
in which range is the aggregate supply curve nearly vertical
classical
68
in which range is the shape of the aggregate supply curve similar to that of the supply curve of a single good
intermediate
69
list three fundamental economic questions
1. What to produce (and in what quantity)?2. How to produce?3. Who will receive the benefits of production?
70
what is a transfer payment from the government
a transfer of funds in which an individual might gain wealth, but nothing has been produced
71
labor cost per unit of output is a (leading/concurrent/lagging) economic indicator
lagging
72
what is the measure of the output of a nation's permanent residents, regardless of where they produce
gross national product
73
what is real gross domestic product
nominal GDP, adjusted for inflation
74
which racial group made the lowest median household income in the us in 1999
blacks
75
barbara eckler and amy brown and american citizens who live and own a smoothie bar in mexico city. is their income part of US gap? how about gnp?
no, yes

Academic Decathlon (35 decks)

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