International Shenanigans
This is the ability of one country to produce a good or service at a lower opportunity cost than another.
What is comparative advantage?
Changes in CPI represent this variable.
What is inflation?
Elasticity measures this.
What is responsiveness to price change?
In Squid Game, this is the major cause for players to play.
What is debt?
This is what ESA stands for.
What is the Economics Student Association?
These are the five countries that founded BRICS.
Where are Brazil, Russia, India, China, and South Africa?
This is the current fed funds rate.
What is 3.5 - 3.75%?
This term refers to long-run average total cost decreasing as output increases.
What is Economies of Scale?
This show is about money laundering and criminal enterprise economics.
What is Breaking Bad?
These Hawkeyes were on the Fed Challenge team this semester that made Semi-Finals.
Who are Thi, Kasey, Jack, and Emma?
These are the top 5 countries for US exports. (Need 4)
What are Mexico, Canada, China, Netherlands, and United Kingdom?
This is the most frequent approach used in Macro for calculating GDP.
What is the expenditure approach of calculating GDP?
This effect occurs when a price change alters consumption through real income changes.
What is income effect?
In Shark Tank, entrepreneurs often give up this in exchange for capital.
What is equity?
This is the number of female faculty members in the econ department.
What is 4?
This percentage of global foreign exchange transactions use the US dollar (10% MOE)
What is 88%?
In the Solow model, this variable explains long-run growth.
What is Technology?
This condition defines profit maximization under any market structure.
What is Marginal Revenue = Marginal Cost?
This Iowa econ alum curated the infamous Spotify playlist “Rap Caviar.”
Who is Tuma Basa?
This simple economic game, developed with key contributions from University of Iowa researchers, challenged the idea of purely rational self-interest by showing that people also care for fairness.
What is the dictator game?
This term is used for the emigration of highly educated and skilled workers from developing nations to more industrialized ones, often seeking better compensation and opportunities.
What is brain drain?
The endogenous growth model uses these factors to explain why there are no diminishing marginal returns to capital.
What is human capital and research and development?
This is a situation where the winner of a bidding competition overpays for an item because they overestimate its value.
What is the Winner’s Curse?
In The Wolf of Wall Street, Jordan Belfort’s rise is fueled by exploiting this type of market failure.
What is information asymmetry?
This Econ alum is shown in a big mural on what side of PBB, and on what floor.
What is the first floor on the south side of PBB? Iain