Economists and Friends
Variables
Definitions
Name that Country
Current Economic Events
100
This guy who theorized that the world was doomed to poverty if the population kept increasing.
Who is Thomas Robert Malthus?
100
This variable represents output or GDP.
What is Y?
100
The percentage of the adult population that is in the labor force.
What is the labor force participation?
100
The first country that used USD as their currency.
What is the United States?
100
The United Autoworkers Union (UAW) and Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) recently did this where they refused to work.
What is strike?
200
The current Federal Reserve chair.
Who is Jerome Powell?
200
This variable represents physical capital (such as factories, computers, etc.).
What is K?
200
The market value of all final goods and services produced within a country in a given period of time.
What is gross domestic product?
200
The group of countries that uses the euro.
What is the European Union?
200
This group made the decision to keep interest rates steady between 5.25 and 5.5% at their most recent meeting.
What is the Federal Reserve? (or FOMC)
300
Economist from the 18th century credited for coining the term "invisible hand"
Who is Adam Smith?
300
This variable with two letters actually represents two words. It measures what comes into versus goes out of the country.
What is NX (net exports)?
300
Stock of equipment and structures used to produce goods and services
What is physical capital?
300
This country left the EU because they did not want to adopt the Euro and instead uses the pound.
What is United Kingdom? (England is also acceptable)
300
This country has been the U.S.'s biggest trading partner since 2013.
China
400
Professor of Economics at Harvard and author of our textbook.
Who is Gregory Mankiw?
400
This variable represents the total level of technology in the economy and is believed to be the impetus behind the massive growth across the world present in the last few centuries.
What is A?
400
The knowledge and skills workers acquire through education, training, and experience.
What is human capital?
400
The Peso (MXN) is this country's official currency.
What is Mexico?
400
This measure ticked up slightly to 3.9% in October, but it is still close to the lowest it's been in the last 50 years.
What is the unemployment rate?
500
The first female chair of the Federal Reserve board and first female secretary of the Treasury
Who is Janet Yellen?
500
This is a Greek letter used in mathematics and economics to denote change.
What is Delta?
500
As physical capital, K, rises, the extra output from an additional unit of K falls
What is diminishing marginal returns to capital?
500
The Yen is their national currency.
What is Japan?
500
This metric's 12-month percentage change was 3.9% as of September 2023.
What is the Consumer Price Index (CPI)?