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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
how many smaller branch banks are there in the federal reserve
the board of governors
26
which group heads the federal reserve
7
27
how many members are there on the board of governors of the federal reserve
governors are appointed by the president
28
how does one member become a member of the board of governors
TRUE
29
true or false the federal reserve handles check clearing
false they can choose to
30
true or false state banks cannot join the federal reserve system
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
31
true or false the majority of the nations bank belongs to the federal reserve system
discount
32
the fed can indirectly affect the prime rate by changing the .... rate, the rate that member banks charge for overnight loans
debtor
33
Young nations are usually (creditor/editor) nations.
can produce that good at a lower opportunity cost / lower relative price
34
Are trade patterns dictated by absolute or comparative advantage in producing a good if it ____
yes
35
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?
surplus
36
A trade (surplus/deficit) occurs when the value of exports exceeds the value if imports.
Country B
37
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?
Country A
38
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?
an measure of the flow of products and capital resources between a country and the rest of the world
39
What is a balance of international payments?
a good or service produced in a foreign country and purchased by domestic consumers
40
Define import.
comparative
41
A nation that produces a good with a low opportunity cost is using its absolute/comparative advantage
deficit
42
A trade (surplus/deficit) occurs when the value of imports exceeds the value of exports.
an unfavorable
43
Mercantilist writers argued that trade deficits represented (a favorable/an unfavorable) balance of trade.
credit
44
In a balance of international payments, exports are listed as (credit/debit) items.
fixed, gold
45
The Paris Conference of 1867 set most of the world on ___ exchange rate system based on the ___ standard/
TRUE
46
True or false: Mercantilists thought that trade surpluses were good because they meant gold would flow into the home country.
an unfavorable
47
Mercantilist writes argues that trade deficits represented (a favorable/an unfavorable) balance of trade.
deficits
48
A trade (surplus/deficit) occurs when the value of imports exceeds the value of exports.
the Clayton Antitrust Act
49
What law was passed in 1914 to clarify and strengthen the Sherman Act?
debtor
50
Young nations are usually (creditor/editor) nations.
can produce that good at a lower opportunity cost / lower relative price
51
Are trade patterns dictated by absolute or comparative advantage in producing a good if it ____
yes
52
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?
surplus
53
A trade (surplus/deficit) occurs when the value of exports exceeds the value if imports.
Country B
54
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?
Country A
55
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?
an measure of the flow of products and capital resources between a country and the rest of the world
56
What is a balance of international payments?
a good or service produced in a foreign country and purchased by domestic consumers
57
Define import.
comparative
58
A nation that produces a good with a low opportunity cost is using its absolute/comparative advantage
less
59
At present, fifty Canadian dollars are worth (less/more) than fifty American dollars.
deficit
60
A trade (surplus/deficit) occurs when the value of imports exceeds the value of exports.
an unfavorable
61
Mercantilist writers argued that trade deficits represented (a favorable/an unfavorable) balance of trade.
credit
62
In a balance of international payments, exports are listed as (credit/debit) items.
fixed, gold
63
The Paris Conference of 1867 set most of the world on ___ exchange rate system based on the ___ standard/
TRUE
64
True or false: Mercantilists thought that trade surpluses were good because they meant gold would flow into the home country.
an unfavorable
65
Mercantilist writes argues that trade deficits represented (a favorable/an unfavorable) balance of trade.
deficits
66
A trade (surplus/deficit) occurs when the value of imports exceeds the value of exports.
the Clayton Antitrust Act
67
What law was passed in 1914 to clarify and strengthen the Sherman Act?
debit
68
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.
it will increase
69
if the money supply increases and the price level remains constant, what will happen to gdp
TRUE
70
true or false: milton friedman showed that the velocity of money was fairly stable from the 1940s to 1970
monetary
71
federal reserve policies are referred to as ____ policies
quantity of output
72
what does Q stand for in the equation of exchange
gdp increases
73
if the velocity of money increases and the price level is constant, what happens to gdp
gdp remains constant
74
if the velocity of money increases and the price level increases at the same rate, waht happens to gdp
12
75
the federal advisory council has how many members
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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