Bing Economists
Name a Binghamton Labor Economist
Sid will verify Q1 and Q2
Saudi Arabia’s largest export
crude oil
This term refers to when one party in a transaction has more information than the other
Information Asymmetry
When a bank loans out more money than it holds in reserves, it is utilizing this banking practice.
Fractional Reserve Banking
This is a tool used by the Federal Reserve to purchase assets during the pandemic
QE
Name a Binghamton Econometrician
Sid will verify Q1 and Q2
Name 2 countries that face trade restrictions from the US
Cuba, Iran, North Korea, Syria, Ukraine/Russia, Iraq
What is the term for the tendency for the winning bid to exceed the worth of an item at an auction?
The winner’s curse
In the United States, this federal agency was established during the Great Depression to provide deposit insurance, ensuring that bank customers' funds are protected in case of a bank failure.
FDIC
This common commodity’s price fell to a negative at the start of the pandemic
Oil
Who are two Distinguished Professors in the Economics Department
Solomon Polachek and Subal Kumbhakar
Which country has the lowest GDP and what is their GDP?
Tuvalu, $0.07 billion
Choosing to finish a boring movie because you already paid for the ticket or invested time in it is an example of which fallacy?
Sunk cost fallacy
In the context of banking crises, this term refers to the process of a bank's customers withdrawing their deposits due to concerns about the bank's solvency.
Bank Run
This bill funded $1.9 Trillion in stimulus during the pandemic, including the introduction of the Paycheck Protection Program (PPP)
CARES
Which Binghamton Economics Professor has co-authored a paper in the American Economic Review, with the 2023 winner of the Nobel Prize in Economic Sciences
Solomon Polachek
A protectionist trade policy signed by President Hoover that raised import prices of agricultural and industrial goods
Smoot–Hawley Tariff Act of 1930
What is the name of the principle that describes the tendency to rely on a single piece of information or aspect to inform decision making?
Anchoring
This European country faced a severe banking crisis in the late 2000s, which resulted in the government having to bail out several of its major banks and sparked a significant economic downturn.
Ireland
This OECD country had the largest gdp decline in 2020
Spain
Which Binghamton Economics Professor has been cited in papers by 3+ Nobel Prize winners
Solomon Polachek
By what percent did Uzbekistan’s Trade to GDP ratio increase/decrease from 2006 to 2017?
decreased by 10%
What is the tendency to assume that specific conditions are more probable than a more general version of those conditions or that two things happening together is more likely than just one of them happening?
Conjunction fallacy
In the context of banking, this acronym stands for the international agreement that sets the capital adequacy requirements for banks.
Basel III
What did core PCE inflation peak at YoY during 2022’s post-Covid inflation
5.57%