C1-$100 - $100 - $100 What is the meaning of GDP? Gross Domestic Product
C1-$200 - $200 What equation is used to find GDP? C+I+G+X-m Consumption + Investments + Government Spending + (Exports-Imports)
C1-$300 - $300 What is real GDP? It is a macroeconomic measure in which outputs are adjusted for changes. (Inflation, deflation etc.)
C1-$400 - $400 “Market Value” of the gross domestic product refers to.. The dollar value of final goods and services expressed in either current or constant dollars.
C1-$500 - $500 The most important part of GDP is? Consumption
C2-$100 - $100 What does this graph represent? The Business Cycle
C2-$200 - $200 In This PPC/PPF the pattern going down the curve is what? It is at a constant speed.
C2-$300 - $300 What Is the relationship that supply and demand share? An inverse relationship
C2-$400 - $400 What is this graph describing? The relationship of the Long and Short Range Aggregate Supply as the Aggregate demand is constant.
C2-$500 - $500 According to this circular flow graph, when households consume goods where does it go? Product Market
C3-$100 - $100 What is the law of demand? The higher the price for a good or service, all other things being equal, leads people to demand a smaller quantity of that good or service.
C3-$200 - $200 What is the law of supply? The higher the price for a good or service, all other things being equal, leads suppliers to supply a greater quantity of that good or service.
C3-$300 - $300 What are the shifters of demand? Tastes and Preferences, Number of Consumers, Price of Related Goods, Income, and Future Expectations.
C3-$400 - $400 Why Are Aggregate Demand and Supply so different from normal Supply and Demand? Aggregate of both is the supply and demand already existing in the economy, while the normal ones go according to current situations.
C3-$500 - $500 What are the shifters of supply? Prices/Availability of inputs, # of sellers, Technology, Government Action: Taxes and Subsidies, Opportunity Cost of Alternative Production, Expectations of Future Profit.
C4-$100 - $100 What is the resource market? A market place for the exchange of labor, capital or raw materials.
C3-200 - $200 What is the product market? The market place in which a final or finished goods and services is bought by consumers.
C3-$300 - $300 How is fiscal policy? the use of government revenue collection and expenditure to influence the economy.
C3-$400 - $400 What is monetary policy? the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability
C3-$500 - $500 A Market Basket is a… Hypothetical set of consumer purchases of goods and services
C4-$100 - $100 What would a positive economic situation resemble? This is an economy in which the analysis of the economy are direct and how it is working at the moment.
C4-$200 - $200 A normative economic view… Discusses how the government should be working.
C4-$300 - $300 Centrally planned economies involve.. A system in which decisions are made by the state or government rather than by interaction between consumers and businesses.
C4-$400 - $400 A Free Market economy… Is based on supply and demand with little or no government control. Buyers and sellers are allowed to transact freely based on mutual government.
C4-$500 - $500 If a businessman wanted to open up a hardware store with as much liberty as he can, what kind of economy would he want to be a part of? Free Market Economy
C4-$100 - $100 What are intermediate goods? It is a good or service that is used in the eventual production of a final good, or finished product.
C4-$200 - $200 What is the meaning of deflation? A decline in the aggregate price level over some defined time period.
C4-$300 - $300 What is the spending multiplier? The relationship between an autonomous spending shock and eventual changes in aggregate income.
C4-$400 - $400 What is CPI? Consumer Price Index: A weighted average of the prices of a representative market basket of goods and services that represents consumption patterns in some base time period.
C4-$500 - $500 What does the latin phrase, ceteris paribus, mean? it stands for “holding other things constant“. used for indicating the effect of one economic variable on another. One economic variable may affect the other.