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Academic Decathlon > economics 676-750 > Flashcards

economics 676-750 Flashcards

1
Q

Labor productivity is defined as

A

output per unit of labor input

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2
Q

When input increases but output stays constant

A

productivity decreases

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3
Q

What is the term for higher wages paid to workers unpleasant jobs?

A

compensating wage differentials

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4
Q

The length of life and the consumption of food, clothing, and housing are measurements used to gauge a person’s _____ ______ _______

A

standard of living

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5
Q

Investment is spending on which factor of production?

A

capital

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6
Q

What term refer to the extent to which capital has been used up or lost its value

A

depreciation

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7
Q

what is the difference between a depression and a recession?

A

in a recession output is diminishing for at least two quarters . a depression is a rapid fall in output over a longer period of time, but there is no cutoff point between the two.

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8
Q

true or false a change in foreign income shifts aggregate demand

A

TRUE

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9
Q

aggregate demand demonstrates (a direct/ an inverse) relationship between price level and total spending in the economy.

A

an inverse- people spend more at lower price levels

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10
Q

consumption represents about ….% of GDP in the united states

A

60

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11
Q

how much was u.s. nominal GDP in 1998

A

over $8.51 trillion

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12
Q

what is a final good?

A

a good that is sold in an economy and will not be sold later as any part if another good, nor used to produce another good for sale

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13
Q

consumer debt relatice to income is a (leading/concurrernt/lagging) economic indicator

A

lagging

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14
Q

is homemaking included in gdp measurement

A

no

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15
Q

sales are a (leading/concurrent/lagging) economic indicator

A

concurrent

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16
Q

are servers tips included in gdp measurement

A

reported tips are included in gdp measurement. tips that are unclaimed, however. are not included in gdp even though they are a part of a servers income

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17
Q

is homemaking included in GDP measurement?

A

no

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18
Q

changed in inventories are a (leading/concurrent/lagging) economic indictator.

A

leading

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19
Q

what is the index of consumer confidence

A

based on datat obtained by the conference board, the index of consumer confidence is a measure of consumers expectations for their economic futures

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20
Q

what is the nomial gross domestic product

A

GDP expressed in current dollar values

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21
Q

what was the us real median income of households in 1999?

A

40,816

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22
Q

in a free market system how is the for whom question of economics resolved?

A

goods and services go to the people who are willing to pay the market price for them

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23
Q

the choice between hand made production and production by machine is an example of which basic economic question?

A

how to produce

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24
Q

production output is a(leading/concurrent/lagging) economic indicator

A

concurrent

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25
Q

if your neighbor mows your parents lawn for 20 each week, and reports that income to the IRS, is it included in GDP

A

yes

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26
Q

stock prices are a (leading/concurrent/lagging) economic indicator

A

leading

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27
Q

in which range is the aggregate supply Curve nearly horizontal

A

keynesian

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28
Q

the median household income of this racial group in the us was 30,735 in 1999

A

hispanics

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29
Q

what are the two sectors in the circular flow model

A

the househol sector and the business sector

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30
Q

name three ranges of the aggregate supply Curve

A

keynesian, intermediate, classical

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31
Q

are transfer paymens included in GDP measurement

A

no

32
Q

how do we determine per capita gross domestic product

A

dividing GDP by total population

33
Q

when a person’s income goes up, he buys fewer cans of generic tomato juice. generic tomato juice is therefore what kind of good?

A

inferior

34
Q

price of hot dogs increases. what happens to demand for hot dog buns?

A

decreases, because hot dog buns are a complementary good

35
Q

price of salsa decreases. What happens to the demand for tortilla chips?

A

increases

36
Q

when summer comes, what happens to the demand for lemonade?

A

increases

37
Q

T or F- a change in the quantity supplied of a good changes demand that good

A

FALSE

38
Q

T or F- change in the season can change demand

A

TRUE

39
Q

the price of cottage cheese goes up. what happens to the demand for its substitute, yogurt?

A

demand for yogurt increases

40
Q

movement of the demand curve represents a change in (demand/quantity demanded)

A

demand

41
Q

T or F- a change in the price of a good changes demand for that good

A

FALSE

42
Q

T or F- change in the price of complementary goods changes demand for a good

A

TRUE

43
Q

define exchange rate

A

the price of a nation’s currency, expressed in terms of the value of another

44
Q

the law of supply states that quantity supplied is (directly/inversely) related to price.

A

directly

45
Q

the slope of the supply curve is usually _________

A

positive

46
Q

what is X-inefficiency?

A

inefficiency that results when a monoply stops searching for ways to keep costs down; services, efficiency, and productivity, may not improve because there is no incentive.

47
Q

who regulates monopolies in the US?

A

federal trade commission

48
Q

what is the structure of the markets for breakfast cereal

A

oligopoly

49
Q

natural monopoly occurs in markets where the demand curve intersects the average cost curve at a quantity where average costs are (rising/falling)

A

falling

50
Q

in a perfectly competitive market, should a firm advertise

A

no, the product is completely homogeneous

51
Q

in monopolistic competitive market, there are (few/many) barriers to entry

A

few

52
Q

what markets in the real world are the closest to perfect competition

A

the markets for commodities such as wheat

53
Q

welfare loss due to monopoly is also known as________ loss

A

dead weight

54
Q

price, marginal revenue and marginal cost are equal for a profit-maximizing firm in which market structure

A

perfect competition

55
Q

T or F- a monopoly experiences a downward sloping demand curve

A

TRUE

56
Q

what is the term for a market controlled by just a few firms?

A

oligopoly

57
Q

monopolies occur in markets where production involves economics of ________

A

scale

58
Q

which organization replaced GATT in 1995?

A

the world trade organization

59
Q

most of the governing rules used by the world trade organization come from which round of gatt negotiations

A

the uruguay round

60
Q

economics analysis of tariffs shows that the gain in tax revenue and the increase in profits by domestic producers is (more/less) than the economic loss to consumers

A

less

61
Q

what is a trade sanction

A

a trade penalty imposed by one nation or another

62
Q

how does a country pay for a trade deficit

A

it must either run down its assets or owe money

63
Q

by conention, the president of the world bank is always

A

european

64
Q

when was gatt founded

A

1947

65
Q

if a developing country seeks support for building a hydroelectric dam, it is more likely to turn to the.. for a loan of funds

A

world bank

66
Q

in what year was the uruguay round of gatt talks completed

A

1993

67
Q

what free trade organization is headquartered in geneva, switzerland

A

world trade organization

68
Q

by convention, managing director of the imf is always

A

european

69
Q

what was the goal of gatt

A

for member countries to meet regularly to discuss trade and reduce barriers to trade

70
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

71
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

72
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

73
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

74
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

75
Q

an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage

A

they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type

Academic Decathlon (35 decks)

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