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Academic Decathlon (2015-2016) > Semester One Final (Economics) > Flashcards

Semester One Final (Economics) Flashcards

1
Q

Qarth has a closed economy. In 2012, the total income of everyone in Qarth was $4 million. The Gross Domestic Product of Qarth in 2012 was

A

$4 million

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2
Q

In 2000, Azeroth’s exports totaled $300 million and its imports totaled $200 million. In 2000, Azeroth had a

A

Trade surplus

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3
Q

Oil-rich countries often have a high rate of economic growth thanks to their

A

Large amount of natural resources

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4
Q

The price elasticity of demand for hazelnuts is 4. Demand for hazelnuts is

A

Elastic

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5
Q

A good with high excludability and high rivalry of consumption is a

A

Private Good

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6
Q

Which economist developed a widely used interpretation of efficiency?

A

Vilfred Pareto

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7
Q

India’s economy is split into three categories: agriculture, services, and

A

Industry

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8
Q

Since 1900, United States economic growth

A

Exceeded population growth

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9
Q

A severe recession is a period of

A

Depression

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10
Q

According to the law of demand, the demand curve for most goods should be

A

Downward sloping

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11
Q

True or False: Gross Domestic Product can be calculated by summing tax revenue

A

False

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12
Q

Compared to the rest of the world, India has the fifth largest reserve of

A

Coal

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13
Q

Supply shocks shift the

A

Short-run aggregate supply curve

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14
Q

If the reserve ratio is 1/15, the money multiplier is

A

15

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15
Q

An increase in input prices for a good causes an inward shift in the

A

Supply curve for the good

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16
Q

The economy went into a recession and Janie was laid off. Janie is currently looking for a job. Janie is

A

Cyclically unemployed

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17
Q

The Indian government initially sought to restrict trade and foreign investment to

A

Encourage the growth of domestic industries

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18
Q

The dearth of fish off the Atlantic coast is a result of

A

A tragedy of the commons

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19
Q

India’s large population and slow economic growth have led to high levels of

A

Poverty

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20
Q

Lobbying is a common cause of

A

Rent seeking

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21
Q

Producer surplus is graphically represented by the area

A

Above the supply curve and below market price

22
Q

India’s precipitation is

A

mostly limited to the monsoon season

23
Q

Scarcity is the combination of finite resources with infinite

A

Desires

24
Q

When income increases, the demand for a

A

Normal good increases

25
Q

Economists who focus on the behavior of individual firms study

A

Microeconomics

26
Q

The “Goods and Services” tax

A

Has never been established

27
Q

In 2010, Tom’s car factory ordered a new piece of equipment. In 2010, that piece of equipment was used to manufacture 200 cars. How many times is the value of that piece of equipment counted in 2010’s Gross Domestic Product?

A

1

28
Q

In one day, Bill can produce 4 teapots or 6 forks. Assume his production possibility frontier is linear and is graphed so that forks are on the y-axis and teapots are on the x-axis. The slope of the production possibility frontier is

A

-3/2

29
Q

Equilibrium occurs when quantity supplied

A

Equals quantity demanded

30
Q

Which body uses open market operations, reserve requirements, and the discount rate?

A

Federal Reserve

31
Q

The Consumer Price Index for the year 2013 is found by multiplying the cost of the market basket in 2013 by 100 and then dividing the product by

A

the cost of the market basket in the base year

32
Q

In the circular flow model, which of the following entities provides land, capital, and labor?

A

Households

33
Q

The total accounting costs for a firm is the sum of

A

All fixed and variable costs

34
Q

According to Joseph Schumpeter, entrepreneurs create

A

Creative destruction

35
Q

Whose return accelerated India’s independence movement?

A

Mohandas Gandhi

36
Q

The Delhi-Mumbai Industrial Corridor aims to improve Indian

A

Infrastructure

37
Q

The value of the next best choice is the

A

Opportunity Cost

38
Q

Olga and Paulita go to a museum. Olga pays $15 for a ticket, but Paulita is a student and therefore only pays $10 for a ticket. The museum has implemented

A

Price discrimination

39
Q

True or False: In a perfectly competitive market, the good varies slightly among sellers

A

False

40
Q

Economists who focus on analyzing cause and effect without value judgments study

A

Positive economics

41
Q

When a good becomes more popular

A

Both quantity demanded and the market price increase

42
Q

True or False: Lack of government intervention hurts the Indian agriculture sector

A

False

43
Q

Both taxes and monopolies produce

A

Deadweight loss

44
Q

An oligopoly occurs when there are a few

A

Sellers and many buyers

45
Q

High oil prices put stress on India’s tiny reserve of

A

Foreign currency

46
Q

Price elasticity of demand is calculated by dividing percentage change in quantity demanded by the corresponding percentage change in

A

Price

47
Q

A surplus exists when

A

Quantity supplied exceeds quantity demanded

48
Q

Alan’s coworker enjoys humming at work. Alan can hear this humming and finds it pleasant. The humming is a

A

Positive externality

49
Q

The slope of the long-run aggregate supply curve is

A

infinite

50
Q

M1 and M2 are both measures of

A

money

Academic Decathlon (2015-2016) (10 decks)

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