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Academic Decathlon > economics 825-900 > Flashcards

economics 825-900 Flashcards

1
Q

People sometimes donate their used vehicles to charity. What is one incentive for doing so?

A

less-developed

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2
Q

A nation with a per capita GDP of $2200 would be classified as having a (developed / developing/ less-developed) economy.

A

Many nations have a majority of people with very low incomes and a small number of people with very high incomes that bring the average up.

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3
Q

Why can per capita GDP be misleading?

A

less-developed

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4
Q

LDC stands for ______.

A

the profit motive

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5
Q

What is the most common economic incentive in a free market economy?

A

more

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6
Q

At present, fifty Euro are worth (less/more) than fifty American dollars?

A

more

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7
Q

At present, fifty British Pounds are worth (less/more) than fifty American dollars?

A

Great Britain

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8
Q

Which is the most significant country in Western Europe not to join the EU or use the Euro?

A

4

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9
Q

the humphrey hawkins act defines full employment as ___% unemployment

A

1946

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10
Q

The Employment Act of ____ gave the government the responsibility of creating and maintaining full employment

A

the humphrey-hawkins

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11
Q

what is another name for the full employment and balanced growth act of 1978

A

full employment, price stability, and the growth of economic output

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12
Q

what are the three major goals listed in the humphrey-hawkins act

A

FALSE

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13
Q

true or false: the federal reserve can change the prime rate directly

A

1913

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14
Q

the federal reserve was founded in —–.

A

the Federal Reserve Act of 1913

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15
Q

what piece of legislation created the Federal Reserve?

A

decreased

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16
Q

Between 1997 and 2000, the amount of interest paid on the federal debt (decreased/increased)

A

the fderal open market committee

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17
Q

which federal reserve group controls the purchase and sale of government bonds

A

12

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18
Q

how many members are on the federal open market committee

A

7 of the 12 members are the board of govenors and the other five are presidents of federal reserve district banks, with the New York district president always represented.

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19
Q

how are the members of the federal open market committee chosen

A

the banks that belong to the federal reserve system in that district

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20
Q

technically each federal reserve district bank is owned by

A

false the president of the new york district bank is always a member of the federal open market committee but not necessarily the board of governors

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21
Q

true or false the president of the new york district bank is always a member of the board of governors

A

open market operations the purchase and sale of government bonds

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22
Q

what is the tool the federal reserve most frequently uses to adjust the money supply

A

demand

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23
Q

a checking account is also known as a_____ deposit.

A

TRUE

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24
Q

true or false no two members of the federal reserve board of governors can be from the same federal reserve district

A

25

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25
Q

how many smaller branch banks are there in the federal reserve

A

the board of governors

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26
Q

which group heads the federal reserve

A

7

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27
Q

how many members are there on the board of governors of the federal reserve

A

governors are appointed by the president

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28
Q

how does one member become a member of the board of governors

A

TRUE

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29
Q

true or false the federal reserve handles check clearing

A

false they can choose to

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30
Q

true or false state banks cannot join the federal reserve system

A

false the figure commonly given is that 1/3 of us banks belong to the federal reserve system this number is probably climbing because of bank expansion and consolidation

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31
Q

true or false the majority of the nations bank belongs to the federal reserve system

A

discount

32
Q

the fed can indirectly affect the prime rate by changing the …. rate, the rate that member banks charge for overnight loans

A

debtor

33
Q

Young nations are usually (creditor/editor) nations.

A

can produce that good at a lower opportunity cost / lower relative price

34
Q

Are trade patterns dictated by absolute or comparative advantage in producing a good if it ____

A

yes

35
Q

If Country A is more efficient than country B in the production of all goods, is it possible for country A to benefit trading with country B?

A

surplus

36
Q

A trade (surplus/deficit) occurs when the value of exports exceeds the value if imports.

A

Country B

37
Q

With one hour of labor, country A can produce either one shirt or 4 apples. With the same amount of labor, country B can produce either two shirts or 10 apples. Which country has the comparative advantage in apples?

A

Country A

38
Q

With one hour of labor, country A can produce either one shirt or 4 apples. With the same amount of labor, country B can produce either two shirts or 10 apples. Which country has the comparative advantage in shirts?

A

an measure of the flow of products and capital resources between a country and the rest of the world

39
Q

What is a balance of international payments?

A

a good or service produced in a foreign country and purchased by domestic consumers

40
Q

Define import.

A

comparative

41
Q

A nation that produces a good with a low opportunity cost is using its absolute/comparative advantage

A

deficit

42
Q

A trade (surplus/deficit) occurs when the value of imports exceeds the value of exports.

A

an unfavorable

43
Q

Mercantilist writers argued that trade deficits represented (a favorable/an unfavorable) balance of trade.

A

credit

44
Q

In a balance of international payments, exports are listed as (credit/debit) items.

A

fixed, gold

45
Q

The Paris Conference of 1867 set most of the world on ___ exchange rate system based on the ___ standard/

A

TRUE

46
Q

True or false: Mercantilists thought that trade surpluses were good because they meant gold would flow into the home country.

A

an unfavorable

47
Q

Mercantilist writes argues that trade deficits represented (a favorable/an unfavorable) balance of trade.

A

deficits

48
Q

A trade (surplus/deficit) occurs when the value of imports exceeds the value of exports.

A

the Clayton Antitrust Act

49
Q

What law was passed in 1914 to clarify and strengthen the Sherman Act?

A

debtor

50
Q

Young nations are usually (creditor/editor) nations.

A

can produce that good at a lower opportunity cost / lower relative price

51
Q

Are trade patterns dictated by absolute or comparative advantage in producing a good if it ____

A

yes

52
Q

If Country A is more efficient than country B in the production of all goods, is it possible for country A to benefit trading with country B?

A

surplus

53
Q

A trade (surplus/deficit) occurs when the value of exports exceeds the value if imports.

A

Country B

54
Q

With one hour of labor, country A can produce either one shirt or 4 apples. With the same amount of labor, country B can produce either two shirts or 10 apples. Which country has the comparative advantage in apples?

A

Country A

55
Q

With one hour of labor, country A can produce either one shirt or 4 apples. With the same amount of labor, country B can produce either two shirts or 10 apples. Which country has the comparative advantage in shirts?

A

an measure of the flow of products and capital resources between a country and the rest of the world

56
Q

What is a balance of international payments?

A

a good or service produced in a foreign country and purchased by domestic consumers

57
Q

Define import.

A

comparative

58
Q

A nation that produces a good with a low opportunity cost is using its absolute/comparative advantage

A

less

59
Q

At present, fifty Canadian dollars are worth (less/more) than fifty American dollars.

A

deficit

60
Q

A trade (surplus/deficit) occurs when the value of imports exceeds the value of exports.

A

an unfavorable

61
Q

Mercantilist writers argued that trade deficits represented (a favorable/an unfavorable) balance of trade.

A

credit

62
Q

In a balance of international payments, exports are listed as (credit/debit) items.

A

fixed, gold

63
Q

The Paris Conference of 1867 set most of the world on ___ exchange rate system based on the ___ standard/

A

TRUE

64
Q

True or false: Mercantilists thought that trade surpluses were good because they meant gold would flow into the home country.

A

an unfavorable

65
Q

Mercantilist writes argues that trade deficits represented (a favorable/an unfavorable) balance of trade.

A

deficits

66
Q

A trade (surplus/deficit) occurs when the value of imports exceeds the value of exports.

A

the Clayton Antitrust Act

67
Q

What law was passed in 1914 to clarify and strengthen the Sherman Act?

A

debit

68
Q

If an item causes us to use up our stock of foreign currency, it counts as a (credit/debit) in our balance of international payments.

A

it will increase

69
Q

if the money supply increases and the price level remains constant, what will happen to gdp

A

TRUE

70
Q

true or false: milton friedman showed that the velocity of money was fairly stable from the 1940s to 1970

A

monetary

71
Q

federal reserve policies are referred to as ____ policies

A

quantity of output

72
Q

what does Q stand for in the equation of exchange

A

gdp increases

73
Q

if the velocity of money increases and the price level is constant, what happens to gdp

A

gdp remains constant

74
Q

if the velocity of money increases and the price level increases at the same rate, waht happens to gdp

A

12

75
Q

the federal advisory council has how many members

A

how quickly money circulates from the part to party in the economy; the higher the velocity, the more frequently money is spent

Academic Decathlon (35 decks)

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