Econ Principles
Supply and Demand
Banking
The Economy
Market Features
Lebron James
100
What was special about Louis XIV's palace (called Versailles)
1) He spent half of his country's money on it
OR
2) He made all the rich nobles live there
100
Which religion was declared the National Religion of Mexico in their first constitution, the Plan of Iguala?
Catholicism
100
What industry (type of factories) did the industrial revolution start out with?
Textile or Clothing Factories
100
What violent act was frequently perpetrated on the local Congolese people?
Chopping off their hands for not meeting the rubber quota
100
What was the experience of Armenian women and children at this time?
Deported / forced to leave their homes (either because of war or because of a purposeful attack)
100
What sport other than basketball did he play in high school?
Football
200
Which resource was the Spanish monarchy able to extract from their colonies in the Americas?
Lots of Gold!
200
What two goods were enslaved people making in Haiti and sending to France? 1 for full credit,1 for extra credit
Coffee and Sugar
200
Who did industrialism benefit the most?
Wealthy factory owners who got all the profits (money) from the factories
200
Name 2 reasons British factories needed India
1) For resources for their factories
2) To sell things to the Indian people
200
What is a Genocide?
A mass killing of a specific group of people
200
What's his wife's name?
Savannah (Brinson) James
300
What is a good?
Something that is a physical object
300
What is price called if Supply and Demand meet "naturally"
The Equilibrium price
300
What is this graph showing?
How businesses close after several years of operating, on average.
300
Why do governments sometimes use stimulus checks?
To boost spending - people spend money in businesses - businesses hire people + improve the economy
300
At which price on a graph do perfect competitive producers sell?
The equilibrium (efficient) price - not true for other market types
300
How many times has he been named NBA MVP for a season?
Four Times
400
What is a service?
An action such as doing work
400
If producers expect to be able to sell for more money next year, what will happen and why? (to demand or supply?)
Decrease supply now -> change in producer expectations
400
What is a CD or timed deposit account?
You keep your money in the bank for a few months, take it out after that with some interest.
400
Explain the multiplier effect of banks
When someone deposits money in a bank, the bank is able to put most of that money out into the economy through loans - this increases money in the economy and expands the economy
400
Why do consumers like perfect competition markets?
Because they have lots of options for who to buy from
400
In what year did LeBron win the Rookie of the year award?
2004
500
Which resource represents knowledge which is being attained? (it has a specific name)
Human Capital - Job Training
500
At this price floor, is price being set below or above the equilibrium?
Price Floor = price above equilibrium
500
What is a mutual fund?
A combination of many stocks and bonds
500
What is per capita GDP?
The average GDP or production per person
500
With cartel and collusion behavior, which other market type can Oligopoly act like?
Monopoly
500
In what year did LeBron win his first nba championship?
2012
600
What is a PPF?
A graph that shows the combinations of two goods that could be produced by an economy or a business
600
Will we have a suprlus (extra supply) or shortage (extra demand) in this situation, and how do you know?
Shortage (more quantity demanded than quantity supplied)
600
What is a Mortgage Loan?
A Special loan to buy a house
600
What is contractionary fiscal policy?
It slows down an economy when it is out of control (particularly due to inflation)
600
what does it mean to be a price setter?
You can charge different prices you want - monopolies are price setters
600
How old is he?
41!