Securities
Trade
Money and Banking
National Production
Miscellaneous
100
This was the name given to the day the stock market began to crash on October 24, 1929.
What is Black Tuesday?
100
The US's largest deficit is with a) Japan, b) Canada, c) China, d) Mexico
What is c) China
100
According to the "raw" Big Mac Index, this was the most overvalued currency in the world.
What is the Swiss Franc?
100
This is the largest single component of US GDP.
What is consumption?
100
This was the woman mentioned in the Economist's leader, "Please Can We Start The Engines Now, Ms. ________"
Who is Angela Merkel?
200
This was Warren Buffett's investment advice, quoted by Joel Schwab.
What is "Be fearful when others are greedy, and greedy when others are fearful"?
200
In recent years the US has bought ______ from foreigners than they bought from the US and has invested _____ in foreign countries than foreigners invested in the US.
What is more; less?
200
These are the three functions of money (Must then explain ONE of them!)
What are Medium of Exchange, Unit of Account, Store of Value?
200
This was one economist mentioned in the New York Times reading "The Rise and Fall of the GDP"
Who is Stiglitz/ Sen/ Fitoussi/ Mahbub ul Haq
200
These are respectively the current and former presidents of France, one of the Eurozone's biggest economies.
Who are Francois Hollande and Nicolas Sarkozy?
300
The Wall Street Journal documentary on the Euro debt crisis used this term to describe the difference in yields between German government bonds and Italian government bonds.
What is the spread?
300
Comparative advantage is based on a) gains from free trade; b) economic superiority of developed nations; c) absolute costs of producing goods in different countries; d) relative opportunity costs of producing goods in different countries
What is d?
300
Today international finance is based on a) The gold standard, b) a relatively free-floating exchange rate system, c) fixed exchange rates, d) none of the above
What is b), floating exchange rates?
300
This is the general form of the Cobb Douglas Production Function with constant returns to scale
What is A x K^alpha x L^ (1-alpha)
300
The effect of a decrease of price of home computers is likely to be best represented by a) a shift of the demand curve out; b) a supply shock; c) inflation; d) an increase in the quantity demanded DAILY DOUBLE: Name ONE Reggae artist OTHER than Bob Marley.
What is d? DD answer: Who is/are Peter Tosh, Bunny Wailer, any of Bob Marley's children (cop-out answer), Lee Perry, UB40, etc.....
400
If the dollar depreciates against other countries, the US trade deficit will a) rise ; b) fall; c) be unchanged
What is b?
400
Under floating exchange rates, the value of the dollar is determined by a) the Federal Reserve; b) the IMF; c) supply and demand in international markets; d) negotiations among central banks of industrial countries
What is c?
400
Explain the Difference between GDP and GNP (Gross Domestic Product and Gross National Product)
What is Gross Domestic Product is the value of all goods and services produced in a country; Gross National Product is the value of all goods and services produced by the capital and labor of a country.
400
This is the capital and largest city of Jamaica.
What is Kingston?
500
Recite the Capital Asset Pricing Model and explain which term(s) represent(s) market risk.
What is Rit = rt + Bi (Rt-rt) + eit
500
This is one assumption that our model of comparative advantage makes
Possibilities: what is/are constant marginal cost, factor mobility within countries, no tariffs or quotas, no transaction costs, two goods only, etc....
500
This is the theory that in the long run, exchange rates should adjust to equate the price of a basket of goods and services in different countries
What is Purchasing Power Parity (PPP)?
500
Government spending can be financed by all of the following except: a) income tax; b) investment spending; c) borrowing; d) money creation
What is b?
500
This was the most famous economist present at the Bretton Woods Meeting in 1944.
Who is John Maynard Keynes?
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