FBLA Economics

Front

What happens when there are excessive increases in the money supply?

Back

inflation

Front

Societies that value equality over efficiency will generally have which one of the following? a more equal distribution of income, higher rates of economic growth, small public sectors with limited powers, constitutional restrictions on income redistribution policies

Back

a more equal distribution of income

Front

Which one of the following is the best example of a factor of production? a sports car, a cheeseburger, a hammer, a college textbook

Back

a hammer

Front

In 2007 the GDP deflator was 125 and nominal GDP was $9.9 trillion. In 2008 the GDP deflator was 130 and nominal GDP was $11.7 trillion. How much did real GDP (expressed in 2007 dollars) increase during this time period?

Back

$1.35 trillion

Front

If the price of plastic used to make printers decreases, this will cause a(n)

Back

increase in the supply of printers

Front

The economic principle that states that individuals or nations can gain by specializing in the production of goods where they have the lowest opportunity cost is called:

Back

law of comparative advantage

Front

A firm in perfect competition has a demand curve that is:

Back

horizontal at the market price

Front

If the dollar loses value in comparison to other world currencies, this will cause which one of the following? the demand for the dollar to decline and encourage investment in the U. S. economy, the demand for the dollar to increase and encourage investment in the U. S. economy , the demand for the dollar to increase and discourage investment in the U. S. economy , he demand for the dollar to decline and discourage investment in the U. S. economy

Back

the demand for the dollar to decline and discourage investment in the U. S. economy

Front

Which one of the following is the best example of a public good? a toll road, Disneyworld, a restroom in a public park, national defense

Back

national defense

Front

If restrictive monetary policy is required to address a serious inflationary problem, it is likely that the money supply will:

Back

contract and economic output will be reduced in the short run