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WorksheetsHayek Triangles
Total questions: 67
Worksheet time: 34mins
Name
Class
Date
1.
What is this?
a)
This Time-Interest model is named after F. A. Hayak
b)
This production time and investment model is named after Selma Hayek
c)
This is a circle
d)
This is a square
2.
Horizontal Dimension
a)
The longer horizontal dimension is associated with a recession
b)
The shorter horizontal dimension represents a recession
c)
The vertical dimension represents consumer confidence
d)
The vertical dimension is the number of people in clown college
3.
This is
a)
Mr. Robinson is eight feet tall and 120 pounds
b)
Hayek was a medical doctor
c)
In production process refining comes before mining
d)
In production time process of mining comes before refining
4.
K_m : manufactured capital (machines, factories, etc.)
K_h : human capital (workers' skills)
K_n : non-critical natural capital (minerals)
K_h* : critical natural capital (air, water)
and
Consumption, Investment, Government spending
K_h : human capital (workers' skills)
K_n : non-critical natural capital (minerals)
K_h* : critical natural capital (air, water)
and
Consumption, Investment, Government spending
a)
Gross Domestic Product
b)
Gross National Product
c)
Net National Income
d)
Surveys or Average Ownership
5.
Walmart sell a product in Mexico City
a)
Mexican GDP and American GNP
b)
Mexican GNP and American GDP
6.
Takes into account the technology level and the skill and education level of the population as it relates to the economy. A kind of growth potential measure.
a)
NNI
b)
GDP
c)
GNP
d)
USA
7.
GDP
a)
Gross Domestic Product
b)
Gross National Product
c)
Net National Income
d)
Unemployment Rate
8.
NNI
a)
Net National Income
b)
Northern Network of Investment
c)
Narrow Norwegian Intercession
d)
Nigeria's New Installations
9.
GNP
a)
the measure of all of the sales income of all the companies that have their origin in a particular nation
b)
the measure of consumption, investment, government spending and exports minus imports within the borders of a nation.
10.
The measure of consumption, investment, government spending and exports minus imports within the borders of a nation.
a)
NNI
b)
GNP
c)
GDP
d)
CIA
11.
Consumption plus Investment plus Government spending plus (exports minus imports) is a measure called
a)
GNP
b)
NNI
c)
GDP
d)
FBI
12.
Another symbol for GDP is
a)
Y
b)
Z
c)
W
d)
V
13.
Y is a symbol for GDP and
a)
road aggregate
b)
aggregate demand
c)
agitated fantasies
d)
GNP
14.
This is not a necessary quality for a good money
a)
portability
b)
recognized value
c)
not easily duplicated
d)
tastefully decorated
15.
This ---
a)
will have an elastic demand
b)
will have an inelastic demand
16.
This ---
a)
will have an inelastic demand
b)
will have an elastic demand
17.
This ---
a)
will have an elastic supply
b)
will have a relatively inelastic supply
18.
This ---
a)
will have an elastic supply
b)
will have an inelastic supply
19.
Good money is
a)
portable
b)
large and awkward
20.
This
a)
is caused by excitability
b)
is caused by the Tragedy of the Commons
21.
This
a)
is a supply curve for Pablo Picasso paintings
b)
is a supply curve for Music downloads
22.
When government lowers interest rate when current consumption has not fallen.
a)
it creates a boom that must be followed by a bust
b)
it creates prosperity
23.
When government lowers interest rates and current consumption has not fallen
a)
current consumption will fail quickly in all respects and a recession begin immediately
b)
the projects that are started with borrowed money are in a high danger of NOT being completed because of bidding up labor, resources and equipment away from current consumption
24.
Good money
a)
has recognized value
b)
is ordinary easy to duplicate items
25.
A good money
a)
is easily divisible
b)
is difficult to divide for a variety of purchases
26.
A good money
a)
is easy to duplicate by the public
b)
is not easy to duplicate
27.
All spending by the people and companies of a nation no matter where they are in the world.
a)
Gross National Product
b)
Gross Domestic Product
c)
Net National Income
d)
Material Condition Surveys
28.
Charts
a)
Left is music downloads and the Right are Pablo Picasso paintings
b)
Left is Pablo Picasso Paintings and right is music downloads
29.
A good money is
a)
fragile
b)
durable
30.
A good money is
a)
generally acceptable
b)
for specially purposes
31.
A good money
a)
has a wildly variable value
b)
has a stable value
32.
This
a)
is a supply curve
b)
is a demand curve
33.
This
a)
is a supply curve
b)
is a demand curve
34.
The consumption part of the United States economy is generally --- in normal times.
a)
45%
b)
68% - 70%
35.
this
a)
non-durable goods
b)
durable goods
c)
services
d)
structures
36.
this
a)
non-durable goods
b)
durable goods
c)
services
d)
structures
37.
this
a)
non-durable goods
b)
durable goods
c)
services
d)
structures
38.
this
a)
non-durable goods
b)
durable goods
c)
services
d)
structures
39.
This shows but does not label
a)
the equilibrium point
b)
an indifference curve
40.
We are never asked to set a value for all of a good, service, resources or anything. In Economics we only measure
a)
the next marginally useful unit according to objective values
b)
the next marginally useful unit according to our subjective values
41.
Explained marginal utility and subjective value
a)
Carl Menger
b)
John Maynard Keynes
42.
S2
a)
S2 represents a situation where more of the good or service is available at the same price
b)
S2 represents a situation where where less is available at all prices
43.
S2
a)
S1 represents a situation where more of the good or service is available at the same price
b)
S1 represents a situation where where less is available at all prices
44.
Marginal Utility Theory showed finally that
a)
the labor theory of value is wrong
b)
the intrinsic theory of value is wrong
c)
both the labor and the intrinsic theories of value are wrong
d)
moon rocks are hard to get
45.
chart
a)
E represents demand
b)
E represents supply
c)
E represents where buys and sellers meet at the equilibrium point
d)
all of these
46.
chart
a)
G represents a surplus of supply that will not be sold
b)
G represents a surplus of demand
47.
chart
a)
"A" represents shortage of supply
b)
"A" represents a surplus of supply
48.
Exchanges are possible when there is
a)
an equality of valuation
b)
a double inequality of valuation
49.
A lack of a co-incidence of wants is a problems with
a)
good money
b)
bad money
c)
barter
d)
all of these
50.
In a barter economy this
a)
has a divisibility problem
b)
has intrinsic value
51.
These
a)
are not a good money because of a uniformity problem
b)
are good money
52.
These
a)
have a durability problem if used as money
b)
have a divisibility problem if used as money
53.
Free trade promotes
a)
slavery
b)
progress
54.
Transaction cost are an obstacle to trade. This is NOT such an obstacle
a)
policing and enforcement
b)
bargaining and decisions
c)
searching for information
d)
prices
55.
The number of middle men has --- with the creation and development of the internet.
a)
increased
b)
decreased
56.
Land (resources), Labor, Capital (money and those things money has already bought), Entrepreneurial talent and energy.
a)
factors of production
b)
marginal utility factors
57.
Low prices and High prices, Flirting and Indifference, Green light and Red Light, Profit and Loss are all
a)
informal ways of knowing
b)
signals
58.
The value of labor comes from
a)
the value (market price) of the goods or services that that labor provides or produces
b)
the intrinsic value of the workers humanity
59.
Labor is
a)
a derived good that is rented
b)
an absolute good that is owned
60.
Trade is made of
a)
win
b)
loss and confusion
61.
He is
a)
Ludwig von Mises
b)
John Maynard Keynes
c)
Friedrich August von Hayek
d)
Murray N Rothbard
62.
This is a
a)
structure
b)
non-durable goods
c)
services
d)
durable goods
63.
These are
a)
services
b)
structures
c)
non-durable goods
d)
durable goods
64.
These are
a)
non-durable (perishable)
b)
durable
c)
structures
d)
servics
65.
This is a
a)
service
b)
non-durable
c)
durable
d)
structure
66.
Government lowers the interest rate causing people to borrow money for long term projects
a)
false signal causes a boom that will lead to a bust
b)
nothing will go wrong
67.
This has a
a)
perfectly inelastic supply
b)
perfectly elastic supply
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