Principles of Micro
In the short run, this type of cost does not change with output
What are Fixed costs
When people lose jobs because the economy slows down, this type of unemployment occurs
What is cyclical unemployment?
Rubbing on this campus statue has become a good-luck charm for Carnegie Mellon students
What is Scotty the Scottie Dog
This Scottish economist is known as the “father of modern economics” and popularized the concept of the “invisible hand” in The Wealth of Nations.
Who is Adam Smith
Spell the first and last name of the professor associated with Principles of Macroeconomics, Developing Blockchain, and Global Economics.
Ariel Zetlin-Jones
The cost of producing one more unit of a good is called this.
What is Marginal Cost
If a country's imports exceed its exports, it has this type of trade balance
What is a trade deficit / negative balance of trade
Name ALL of CMU's seven colleges
Tepper School of Business, Carnegie Institute of Technology (CIT)/College of Engineering, College of Fine Arts (CFA), Dietrich College of Humanities & Social Science, Heinz College of Information Systems and Public Policy, Mellon College of Science (MCS), School of Computer Science (SCS)
This English economist (1766 - 1834) argued that population growth tends to outpace food production. E.g., if food production increased, the resulting population growth would eventually bring living standards back down.
Who is Thomas Malthus
Spell the first and last name of the professor associated with Business Science.
Bryan Routledge
Price ceilings set below equilibrium typically cause this problem
What is a market shortage
When the central bank buys government bonds to increase the money supply, this type of policy is in effect
What is expansionary monetary policy
What was the previous name of the Tepper School of Business?
These three tiny, independent European countries have the highest GDP per capita in the world. Answer in order for +100 extra points!
Monaco, Liechtenstein, Luxembourg
Anh Nguyen
If cross-price elasticity between two goods is negative, the goods are considered this
When an economy has high inflation but high unemployment, it is experiencing this.
What is stagflation
Which influential 20th century artist studied pictorial design and graduated with a Bachelor of Fine Arts from CMU in 1949?
Andy Warhol
This British economist argued that governments should run deficits during recessions and surpluses during booms to stabilize the economy.
Who is John Maynard Keynes?
Spell the first and last name of this professor associated with Principles of Macroeconomics
Shengxing Zhang
What is the Law of Diminishing Marginal Returns (or Law of Diminishing Marginal Productivity)
This curve illustrates the negative relationship between unemployment and inflation in the short run.
What is the Phillips curve?
How long is the buggy race (get within .05 miles)
.84 miles
This Nobel laureate’s “Permanent Income Hypothesis” explains how consumers base spending on expected long-term income rather than current income
Who is Milton Friedman?
Spell the first and last name of this professor who is associated with Econometrics I & II, Economics and Data Science, and Big Data.
Margarita Portnykh