Economics Club Interest Meeting

Which of these people is on the Economics Club leadership team?

• Jeremiah

• Leroy

• Neehal

• Dharm

True or False: Economics is the study of decision-making and the consumption, production, and transfer of wealth

• True

• False

What national competition can Economics Club prepare you to compete in?

• Economics Bee

• International Economics Olympiad

• National Economics Challenge

• Delaware Economics Tournament

Which of these people is NOT a famous economist?

• Adam Smith

• Milton Friedman

• Karl Marx

• Charles Babbage

What is the opportunity cost of going to the movies today night?

• The cost of your ticket

• The time you could've spent doing something else

• The cost of producing the movie

• The time it took to produce the movie

What is a trade deficit?

• When a country's net imports exceeds its next exports

• When a country's net exports exceeds its net imports

• When over 30% of country's consumed goods are imported by a foreign country

• When over 30% of country's consumed goods are exported by a foreign country

What is the relationship between PRICE and SUPPLY?

• When price increases, supply increases

• When price decreases, supply increases

Which of these is closest to the current unemployment rate according to the Bureau of Labor Statistics?

• 1%

• 5%

• 15%

• 20%

What is a monopoly?

• When an industry's market share is almost totally dominated by one supplier

• When an industry's market share is dominated by three or four suppliers

• When the government has total control over an industry in a country

What does GDP stand for?

• General Domestic Production

• General Development Process

• Gross Domestic Product

• Global Development Process