Theory
Another phrase for "holding other things constant"
The current level of the Federal Funds Rate
What is 4.25% to 4.50%?
This UCLA professor, who teaches classes including ECON 11, ECON 102, and others, is quite literally the GOAT of the economics department.
Who is Professor Chris Surro?
This renowned event occurred in 1944, which aimed to craft a post-WWII economic plan/vision for the world.
What is the Bretton-Woods Conference?
In 2008, this African nation issued a 100 trillion dollar note amid hyperinflation so extreme that prices doubled daily.
This is the condition under which no individual can be made better off without making someone else worse off.
What is Pareto efficiency?
This country occupies the island(s) of penguins that President Trump recently placed 10% tariffs on in his new sweeping trade strategy.
What is Australia?
This German economist, closely associated with the Austrian School, is known for his critiques of central planning and his emphasis on the role of entrepreneurship in economic growth.
Who is Friedrich Hayek?
This U.S. financial institution’s collapse in 2008, primarily due to exposure to subprime mortgages, was one of the key events triggering the global financial crisis.
What is Lehman Brothers?
This agreement between Canada, the U.S., and Mexico replaced NAFTA in 2020.
What is the United States-Mexico-Canada Agreement (USMCA)?
This type of unemployment occurs when there's a mismatch between workers’ skills and job requirements.
What is structural unemployment?
This individual has been extremely supportive of President Trump's sweeping tariff policies, a vocal advocate for removing Chairman Jerome Powell from the Fed, and is the current Treasury of the Secretary.
Who is Scott Bessent?
This famous economist, known widely as the father of game theory, had a movie created about him.
Who is John Nash?
This economic doctrine, which dominated European policy from the 16th to 18th centuries, emphasized the accumulation of wealth, especially gold and silver, through trade surpluses and colonial expansion.
What is mercantilism?
This "impossible trinity" states that a country cannot simultaneously maintain a fixed exchange rate, free capital movement, and independent monetary policy.
What is the Mundell-Fleming Trilemma?
In a repeated game, this strategy involves cooperating until the opponent defects, then punishing the opponent forever/to perpetuity.
What is the grim trigger strategy?
The YoY core PCE inflation as of April 2025 (within 0.1%)
What is 2.6%?
This economist, who Paul Krugman called "one of the world's greatest monetary scholars," co-wrote Milton Friedman's seminal work "A Monetary History of the United States."
Who is Anna Schwartz?
The implementation of this economic strategy in Latin America during the mid-20th century focused on replacing foreign imports with domestically produced goods and is often referred to as a form of economic nationalism.
What is import substitution industrialization (ISI)?
This country is currently experiencing the highest unemployment rate at 37.64%.
What is Eswatini?
The Durbin-Watson test (or Breusch-Godfrey Test) is commonly used to detect this problem in time series regression.
What is autocorrelation/serial correlation?
This man, a previous member of the Federal Reserve Board of Governors, is reportedly the likely successor of Jerome Powell as Fed chair.
Who is Kevin Warsh?
This economist is famous for reportedly "inventing" this macroeconomic concept and sketching it on a napkin. The concept aims to describe the relationship between taxation rates and tax revenue.
Who is Arthur Laffer?
This country is known to have established the first central bank ever in 1668.
What is Sweden?
This 1930 U.S. law raised tariffs on over 20,000 imported goods and is blamed for worsening the Great Depression.
What is the Smoot-Hawley Tariff Act?