SAS
Who is the current president and CEO of SAS?
Scott Marshall
what is the term that refers to how much additional utility is derived from consumption of one additional unit of a particular good
marginal utility
When a nation has focused factors of production it is said to have a ______ relative to other countries in those factors:
Comparative Advantage
What percentage of the US GDP is devoted to health care spending?
18%
The satisfaction or happiness a person gets from consuming a good or service
What is utility?
Who is the youngest ship kid on voyage 132?
Faye
what is a market in which there are many sellers competing on price as well as on the basis of product differentiation.
monopolistic competition
When supply is equal to demand the economy is said to be in a state of:
Equilibrium
What does Arrow put forward as the primary driver of deviation from perfect competition in the market for health care?
Uncertainty
a Latin phrase meaning “other things being equal.”
What is Ceteris Paribus?
What year did SAS send their first voyage?
1963
when the poor and hungry have access to more money do they choose to buy more calories
No, they often choose to buy better tasting calories
A ___ is a tax imposed on imports of a good and is a protectionist policy (the U.S and China recently engaged in this circa 2020):
Tariffs
If there was perfect competition in the industry, total economic profits would be what?
Zero.
A branch of economics that studies the effects of psychological, cognitive, emotional, cultural and social factors in the decisions of individuals or institutions
What is behavioral economics?
Colorado State University is SAS's current academic sponsor, and has been since 2016. Name one other academic institution that has sponsored SAS.
University of Virginia, University of Pittsburg, University of Colorado Boulder, Chapman University
what are 3 of the 7 poverty traps we have learned about
hunger health education fertility Insurance microfinance saving
Economists evaluate the cost of something by considering the accounting cost plus this implicit cost referred to as the:
Opportunity Cost
Which service are for-profit hospitals consistently more likely to offer?
Open heart surgery
All possible combinations of goods that someone can afford, given the prices of goods and the income (or time) we have to spend.
What is a budget constraint?
SAS was not always called Semester at Sea. Name one of its two other past names.
World Campus Afloat, University of the Seven Seas
How many people are currently using Microfinance across the world ?
150-200 million!
This word is used to describe a nations consumption without international trade.
Autarky
If a physician halves office space and staff, and average costs decrease, then what kind of cost (dis)advantage is present?
Diseconomies of scale
This important concept is not an expected outcome from a free market
What is equity?