Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Econ 2300 Test 1
| Question | Answer |
|---|---|
| Economics begin with a simple reality: individuals have limited wants but unlimited resources. therefore, they do not need to make choices | false |
| People only make decisions based on the monetary benefits to them. Their utility is not that important to them | false |
| The crowding effect (desire not to go) to a shopping center is what happens when there is a perception that large crowds will be present | true |
| GDP is a standalone measure , and it is not related to the circular flow because it is not a microeconomic concept | false |
| GDP tells us how much economic output is being produced | true |
| GDP is the objective function of society. Our lives always better when the economy, in real terms, grows larger | false |
| Economy can become richer without people becoming happier | true |
| The USA is the happiest (according to the 2026 world happiness report) country in the world. This is because its GDP, GDP per capita, and PPP per capita are largest in the world | false |
| All oil producing countries in the world are very rich and people living in these countries greatly benefit from that wealth. Case in point Saudi Arabia | false |
| No single metric can adequately measure the true health of any economy in the world | true |
| The age discrimination is built in the US economic system. It is a discrimination act that is deeply embedded in corporate practises. This protection was finalized by Age Discrimination in employment act of 1967. This is why 40 or older are protected | true |
| In the "crony Capitalism and the Free Market" Dr. Milton Friedman said the following: There is no free market in the US. The biggest enemies of the free market are academic poeple and business people | true |
| Every individual decision involves some combination of available choices MC | All of the above: alternatives, resources, information, consequences, preference, risk/uncertainty |
| The Expenditure focus GDP equation has the following components MC | All of the above: GDP = C + I + G + (X - IM) |
| A person may rationally choose MC | All of the above: less income more time, more expensive more reliable, safer ob less money, charity donation than consumption, environmental preferred product for more money |
| Select all that are true MC | C, D: C From the circular flow perspective, GDP can be viewed in three equivalent ways: production, income, or expenditure---D GDP measures the market value of final goods and services produced within a country's borders during a specific period |
| Which of the following are true MC | A,B, C: A Foreign trade connects the domestic economy to the rest of the world.---B The balance of trade tells us how exports and imports affect that flow.---C Budget deficits show what happens when government spending exceeds tax revenue. |
| OECD. which of the following are true MC | A, B, E: A OECD stands for Organization for Economic Co-operation and Development.---B The OECD has 38 member countries.--- E The OECD framework tracks 11 dimensions of well-being. |
| Which of the following are false---Government spending includes MC | None of the above: it includes infrastructure, education, defense, public safety, health programs, government salaries, public good |
| Which of the following are true---The World Happiness Report capture six explanatory variable MC | All of the above: GDP per capita, social support, Healthy life expectancy, freedom to make life choices, generosity, perceptions of corruption |
| Which of the following are true---Well-being definition include MC | All the above: Quality of life, People experience of life, life satisfaction, Health relationship and security, meaning purpose and freedom |
| Which of these key organization belong to the Global Economic Information systems MC | A, B, C, D, E: A Bureau of Economic Analysis (BEA)----B Bureau of Labor Statistics (BLS)--- C International Monetary Fund (IMF)---D World Bank---E Eurostat |
| Which of these cities in the capital of Canada CO | ottawa |
| Dr. Milton Friedman advocated for CO | Free Market capitalism |
| Gordon Gekko advocated for CO | Individual self-instrest, greed and unrestrained capitalism "Greed is God" |
| Finland is the #1 on the world happiness index because which of these remove the major sources of misery and stress from daily life | A, B, C: A strong social system---B low corruption--- C High Societal trust |
| What is the Federal Reserve Dual Mandate | Maximum employment, this does not mean zero unemployment, it means the highest leve lof sustainable jobs the economy can support without causing high inflations |
| Why is the Congress of the US debating the Frontier AI subject | A, B, C: A Because of the perceived threat to mankind---B Because during a stress test, the AI created a “loss of control” security incident involving hacking---C Because some tech CEOs are calling for a coordinated slowdown of frontier AI development |
| Student has 100 dollars and has to choose between New book that is $100 Concert that is $100 Save the $100 which cost the student $100 Based on monetary based analysis which option would the student chose CO | Save |
| Student has 100 dollars and has to choose between New book that is $100 Concert that is $100 Save the $100 which cost the student $100 What decision is based on the utility of the student CO | Go to the concert at the utility of 90 |
| Dr. Richard Thaler is an advocate of which | A, B, C: A Behavioral economics---B Choice architecture--- C The “nudge” |
| GDP is primarily designed to measure CO | The market value of final goods and services produced within a country's borders during a given period |
| Which transaction would generally be included in U.S. GDP | The purchase of a newly produced automobile by a U.S. household |
| A U.S. owned company produes goods in mexico The value of that production is CO | Included in Mexican GDP because production occurs in Mexico |
| Why does GDP focuses on final goods and services | To avoid double counting intermediate production |
| Suppose a farmer sells wheat to a baker for $100, and the baker sells bread made from that wheat to consumers for $250. How much does this production contribute to GDP, assuming no other transaction | $250 |
| If nominal GDP increases by 8% while prices increase by approximately 5% real GDP has most likely | 3% |
| Country A has a GDP of $1 trillion and a population of 50 million. Country B has GDP of $2 trillion has a population of $200 million. Which contry has the higher GDP per capita | Country A |
| A country can have a higher GDP but a lower GDP per capita than another country because. | The first country may have a much larger population |
| Country A has GDP per capita of $70,000 and country B has GDP per capita of $35,000. Which conclusion is most justified | Average economic output per person is higher in country A |
| Purchasing Power Parity is useful because it attempts to account for | A difference in the prices of goods and services across countries |
| Which statement best describes the relation between GDP and happiness | Economic resources can influence well-being, but GDP does not fully measure happiness or quality of life |
| Which factor would most likely be capture by a broader wellness or well-being index but not adequately captured by GDP | Life expectancy and perceived quality of life |
| A government adopts polices that increase GDP but significantly reduce access to clean air and recreational time. Which question should an economist concerned with well-being ask? | What happened to the population's overall quality of life, including benefits and cost not captured by GDP |
| A country has limited resources and must decide whether to devote those resources to healthcare, education, defense, or infrastructure. | Country B appears to have stronger outcomes on the measures presented despte the smaller total GDP |
Created by:
Katy3648