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Academic Decathlon > economics 526-600 > Flashcards

economics 526-600 Flashcards

1
Q

imports are (leaks from/injections into) the real flow

A

injections into

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2
Q

true or false: a monopoly’s marginal revenue curve is equal to its demand curve

A

FALSE

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3
Q

describe the characteristics of monopolistic competition

A

a large number of sellers, product differentiation, few barriers to entry or exit

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4
Q

a producer may become a if it obtains exclusive ownership of a resource

A

monopoly

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5
Q

describe the shape of the demand curve in an oligopoly

A

kinked

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6
Q

which market structure has a large number of sellers offering differentiated products with few barriers to entry

A

monopolistic competition

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7
Q

in a perfectly competitive market the demand curve for individual producers is completely

A

elastic

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8
Q

the u.s. constitution guarantees that people will not be deprived of their private property without __ of law

A

due process

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9
Q

what is a patent

A

an exclusive right to make or sell an invention over a fixed period

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10
Q

what is the term for laws that prohibit agreements requiring employers to hire only union members

A

right to work or open shop law

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11
Q

what is the term for an employer that only hires union labor

A

closed shop

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12
Q

collective bargaining is a tool used by what institution to increase workers wages

A

labor union

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13
Q

what is the difference between saving and investing

A

saving is abstinence from present consumption. investment is the use of resources for future production

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14
Q

what is a copyright

A

a right to exclusively control intellectual property

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15
Q

the market structure of a union

A

monopoly

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16
Q

labor unions often try to increase wages by __ the supply labor

A

decreasing

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17
Q

commons is another name for what type of good

A

public good

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18
Q

what is the term for the price paid for borrowing money for a period of time

A

interest rate

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19
Q

name some methods that labor unions use to raise wages

A

restricting the supply of labor, collective bargaining, increasing the demand for labor

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20
Q

the tragedy of the commons occurs when this type of good is abused

A

public good

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21
Q

money earned today can be spent months or years from now. during that time, money is serving which functions

A

a store of value

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22
Q

what are the three functions of money

A

a medium of exchange, a unit of account, and a store of value

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23
Q

money that is used in a transaction is serving which function

A

a medium of exchange

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24
Q

what does it mean for money to be a unit of account

A

it serves as a measure of value; goods and services can be compared based on how much money it takes to purchase them

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25
the value of money is
instrumental
26
what physical properties must currency have for it to be an effective form of money
it must be durable; easy to transport, handle, and distinguish from other types of money; and difficult to counterfeit
27
about _ percent of the money used for daily transactions is in the forms of coins and currency
25
28
Describe characteristics of a monopoly
one firm, no close substitutes, high barriers to entry
29
What are some examples of artificial barriers to entry?
government regulation, import quotas and tariffs, patents, others
30
What is the structure of the market for automobiles?
oligopoly
31
In a perfect competitive market, demand is perfectly (elastic/inelastic).
elastic
32
True or False: In a monopoly, there are high barriers to entry.
TRUE
33
The auto industry is generally considered to be which type of market structure?
oligopoly
34
What type of market structure has only one buyer?
monopsony
35
A monopolistic competitive market has (one/few/many) sellers.
many
36
How are backpacks an example of monopolistic competition?
There are many producers of backpacks - Osprey, Gregory, Jansport, Eastpak, Lowe Alpine, REI, Arcteryx, among others - each trying to convince users that its products are different from the others.
37
Monopolies have an incentive to maximize profit by restricting (prices/output).
output
38
Why is advertising important in monopolistic competition?
In a monopolistic competitive market, firms compete by differentiating their products.
39
What is contrived scarcity?
Contrived scarcity occurs when a monopoly withholds goods from consumers in order to raise the price.
40
Which market structure has a large number of sellers offering identical products with no barriers to entry?
perfect competition
41
Competition among sellers tends to result in (higher/lower) prices.
lower
42
If there are no barriers to entry or exit, what does it mean for any individual firm?
It can enter or leave the market at any time.
43
As prices increase in a perfectly competitive market, what happens to the number of sellers?
The number of sellers increases because new producers have an incentive to enter the market.
44
Local telephone, electricity, and gas utilities generally have what type of market structure?
monopoly
45
What are two legal grants of exclusive ownership?
patents and copyrights
46
As prices increase in a perfectly competitive market, what happens to the number of buyers?
The number of buyers decreases because some buyers will seek substitutes.
47
If one firm in an oligopoly lowers its prices, other firms tend to (ignore/match) this increase.
match
48
What is the structure of the market for airline travel?
oligopoly
49
Competition among sellers tends to result in (better/worse) quality of goods and services/
better
50
What is a price taker?
a firm that must "take" (accept) the market price
51
A perfectly competitive market has (one/few/many) sellers.
many
52
What is the structure of the market for wheat?
perfect competition
53
Competition among buyers tends to result in (higher/lower) prices.
higher
54
An oligopoly has (one/few/many) sellers.
few
55
the new deal provided a test of whose economic theory
john maynard keynes
56
what does it mean for some of the national debt to be externally held?
external debt is owed to foreign individuals firms banks and govts
57
which economist wrote the general theory of employment, interest, and money?
john maynard keynes
58
if the marginal propensity to consume (MPC) is .8, what is the govt expenditure multiplier
5
59
what might have caused an almost tenfold increase in the national debt between 1935 and 1945?
the new deal's income security and govt spending programs, as well as spending on ww2
60
currently, the national debt is about how much per person in the us?
about 20,000$ perperson
61
what does it mean for some of the national debt to be internally held?
internal debt is owed to parties within the us
62
if a govt spends more than it receives in revenue during a given year, it is running _____
a deficit
63
if a govt spends less than it receives in revenue during a given year, it is running _____
a surplus
64
the national debt increased from under one trillion dollars in 1980 to about how many trillion dollars in 1990?
three
65
what is contractionary fiscal policy?
govt intervention to slow rising inflation
66
what are the two most important tools for the govt in implementing fiscal policy?
govt spending and taxes; either can be increased or decreased
67
increased taxes result in (lower/higher) GPD
lower
68
what does "loose money" mean with regard to the federal reserves?
it means the fed reserve is undertaking policies that encourage the growth of the money supply
69
how does the marginal propensity to consume relate to the multiplier effect?
the MPC indecates the amount of each dollar pumped into the economy that will be re-spent
70
what is expansionary fiscal policy?
govt intervention to increase GDP and decrease unemployment
71
what prompted the creation of the fed reserve
the money panic of 1907
72
which banks must belong to the fed reserve system,?
national banks (banks operating in more that one state)
73
explain the difference between debt and deficit
a budget deficit is the amount by which govt spending exceeds tax revenue in a given year. The natl debt is the total outstanding securities and interest obligations of the fed govt
74
how does the fed reserve manipulate the money supply?
the fed buys and and sells us securities and raises and lowers interest rates in order to stimulate or stifle growth as it deems necessary
75
into how many districts is the fed reserve divided?
12

Academic Decathlon (35 decks)

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