Academic Decathlon Economics Practice 2020-21

In an economy, the nominal GDP is $10,000 and the supply of money is $1,000. In this case, what is the velocity of money?

• 10,000

• 1,000

• 9,000

• 10

• 1

There are salmon and minnows in a lake. Fisherman Stacey is able to catch 7 salmon in an hour or 6 minnows in an hour. Fisherman Joan, however, can only catch 5 salmon an hour or 3 minnows an hour. In this case, Fisherman Stacey is said to have

• an adequate aberration

• an absolute advantage

• a production possibility

• an unequal advantage

• a better work ethic

Shifts in the demand curve are caused by all of the following EXCEPT

• technology

• consumer income

• prices of related goods

• consumer expectations

• consumer tastes

The country of Wifivia has $30 million in currency, $75 million in nonbank travelers checks, and $30 million in checking deposits. Wifivia also has $50 million in credit card credit, $25 million in citizen savings accounts, and $80 million in retail money funds. What is Wifivia’s total money stock?

• $5.145 billion

• $290 million

• $210 million

• $240 million

• $160 million

One of the earliest known theorists who discussed the principles of economics was

• Marcus Aurelius

• Adam Smith

• Aristotle

• Jean Jacque Rousseau

• Vegetius

In the market model, when the price of a commodity is below the equilibrium price, there will be _________ of/for that commodity.

• market collapse

• excess demand

• market balance

• excess supply

• equilibrium

If the price of a can of soda falls 25% and the daily demand for soda increases by 15%, then the price elasticity of soda cans is

• 0.5

• 0.25

• 0.6

• 0.45

• 1

Elise will pay $40 for a necklace. Casey will pay $55, Kwajo will pay $80, Vanka will pay $90, and Justin will pay $70. If the hat costs $40, which potential buyer is the marginal buyer?

• Elise

• Casey

• Kwajo

• Vanka

• Justin

The U.S. Bureau of Labor Statistics calculates this monthly, by measuring the cost of purchasing a market basket of goods and services intended to be representative of the consumption of a typical consumer.

• Customer Purchasing Index

• Client Price Increment

• Customer Price Index

• Consumer Penalty Increment

• Consumer Price Index

Shifts in the supply curve can be caused by all of the following factors EXCEPT

• number of sellers in the market

• changes in technology

• number of buyers in the market

• supplier expectations

• the input prices