Download Macro Jeopardy 3

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Key Terms
Basic
Economic
concepts
Measurements
Of Economic
Performance
Aggregate
Demand
And Supply
Key
concepts
Miscellaneous
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Key Terms- $100
What is AD Curve?
Curve that shows the relationship between the
aggregate price level and the quantity of aggregate
output demanded by households, government and
the rest of the world
Key Terms - $200
What is Nominal Interest
Rate?
The interest rate actually paid for a loan
Key Terms - $300
What is GDP Per Capita?
Is GDP divided by the size of the population
Key Terms- $400
What is CPI?
Measures the cost of the market basket of a
typical urban American family.
Key Terms- $500
What is Demand Shock?
An event that shifts the Aggregate Demand
Curve.
Basic Economic Concepts - $100
What is the crucial problem of
economics ?
Allocating scarce production resources to
satisfy wants
Basic Economic Concepts - $200
When one decision is made, the
next best alternative not selected
is called?
Opportunity Cost
Basic Economic Concepts - $300
The basic economic problems are
reflected in?
Opportunity Cost and Production
Possibilities
Basic Economic Concepts - $400
What is Law of Demand?
States that there is an inverse relationship between
prices and quantity demanded.
Basic Economic Concepts - $500
What happens if the production
possibilities curve is a curved line
concave to the origin?
As more of 1 good is produced, more and
more of the other goods must be given up
Measurements of Economic
Performance- $100
What are 3 major economic
goals?
1. Promote economic growth
2. Prevent unemployment
3. Keep Prices stable
Measurements of Economic
Performance- $200
What does GDP tell us?
GDP measures how well the U.S is
doing financially
Measurements of Economic
Performance- $300
What is economic growth?
1. An increase in real GDP over time
2. An increase in real GDP per capita over
time
Measurements of Economic
Performance- $400
What are 3 types of
unemployment?
1. Frictional Unemployment
2. Structural Unemployment
3. Cyclical Unemplyment
Measurements of Economic
Performance- $500
What is true about natural rate of
unemployment?
It varies over time
Aggregate Demand and
Supply - $100
What is the multiplier effect?
Direct relationship between changes in
spending and changes in real GDP
Aggregate Demand and
Supply - $200
What are the determinants of
Aggregate Demand?
1.
2.
3.
4.
Change in Consumer spending
Change in Investment Spending
Change in Government Spending
Change in Net Export Spending
Aggregate Demand and
Supply - $300
What is Aggregate Supply?
The amount of goods and services that
firms will produce in an economy at
different price levels.
Aggregate Demand and
Supply - $400
What are 4 types of Fiscal
Policy?
1.
2.
3.
4.
Discretionary Fiscal Policy
Non-Discretionary Fiscal Policy
Expansionary Fiscal Policy
Contractionary Fiscal Policy
Aggregate Demand and
Supply - $500
Prices and wages tend to be
Flexible upward, but inflexible downward
Key Concepts - $100
What are the shifters of demand?
1.
2.
3.
4.
5.
Tastes and Preferences
Number of Consumers
Price of Related Goods
Income
Future Expectations
Key Concepts - $200
Identify the factors of
production?
Land, labor, capital and
entrepreneurship
Key Concepts - $300
The law of increasing
opportunity cost is reflected in
shape of?
Production Possibilities curve
concave to the origin.
Key Concepts - $400
What is the circular flow model?
A model which illustrates the flow of goods
and services through the economy
Key Concepts - $500
What is economic growth?
An increase in real GDP over time.
Miscellaneous- $100
If Aggregate Demand increases
and Aggregate Supply decreases
the price level will:
Increase, but real output is indeterminate.
Miscellaneous- $200
A contractionary fiscal policy
results in a:
Leftward shift in the economy’s aggregate
demand curve
Miscellaneous- $300
Graphically, demand-pull
inflation is shown as a:
Rightward shift of the AD curve along an
up sloping AS curve
Miscellaneous- $400
What is PPC/ PPF?
Illustrates trade-offs facing an economy
that produces only two goods
Miscellaneous- $500
What are normal goods?
When a rise in income increases the
demand for a good.