Singles:
Smith said the “invisible hand” would make people work. Explain.
An increase in supply with shift the curve in which direction?
Trade only benefits one party, both parties.
What is demand pull inflation?
During high inflation will the value of your home go up or down?
Equilibrium is the point at which what?
What is a shortage?
What is a surplus?
A regressive tax takes a ________ percentage of lower incomes and a __________ percentage of higher incomes.
How can labor unions use influence for workers?
How do you find the Equilibrium point on a demand curve?
Minimum wage is an example of a price floor/ceiling
Doubles:
Why does Scarcity exist?
In perfect competition there must be plenty of what?
What three questions does economics answer?
Which is the most common form of a business?
Explain the difference between micro & macroeconomics.
What does GDP measure?
What is the difference between current dollar GDP & constant dollar GDP?
NAFTA involves which 3 countries?
What is the law of demand?
What is the law of supply?
If the Fed decreases the money supply and unemployment rises, what type of monetary policy is this?
If the Fed decreases the reserve requirement and conducts open market sales what type of monetary policy is being implemented?
Triples:
Give an example of land, labor & capital.
A price ceiling is set above/below the equilibrium price?
When the federal gov’t spends more than it takes in this is called what?
When GM closed the plant in Flint what type of unemployment resulted?
When demand drops what type of unemployment results?
Homeruns:
If the US exports 500 billion dollars in goods and imports 100 billion dollars. What is that 400 billion dollars called.