This economist is the current Chairman of the Federal Reserve.
Who is Ben Bernanke
100
These are the components that add up to GDP (Y)
What is private consumption + investment + government spending + net exports(exports − imports)
100
In 1923, the rate of inflation in this country hit 3,250,000% per month
What is Germany
100
She is the faculty advisor for the Undergrad Econ Society.
Who is Melissa Famulari
100
This is where the exchange of goods, services and resources between buyers and sellers occurs
What is a Market
200
This Scottish philosopher/economist introduced the concept of an “invisible hand” that linked individual decisions to favorable public outcomes.
Who is Adam Smith
200
To maximize profits, firms should always set marginal utility equal to this
What is marginal cost
200
The failure in this country’s bond market started the current European sovereign debt crisis.
What is Greece
200
The sworn enemy of the EconTutor, this macroeconomist is one of the funniest new professors in the econ department.
Who is David Bernotes
200
This is what a firm does when it produces only a few products instead of many different products
What is specialization
300
This economist used his "beautiful mind" to revolutionize game theory with his work regarding Pareto optimality.
Who is John Nash
300
This theorem states that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.
What is the Coase Theorem
300
This country has the largest nominal GDP and holds more of the United States debt than any other country.
What is the USA
300
This professor is the current director of the economics laboratory and focuses on experimental economics.
Who is James Andreoni
300
This is a solution concept of a game involving two or more players, in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only his or her own strategy
What is a Nash Equilibrium
400
The ”father of modern macroeconomics”, this British economist advocated the use of fiscal and monetary policy to combat recessions.
Who is John Maynard Keynes
400
This theorem expresses the conditional probability of a hypothesis H (i.e. its probability after evidence E is observed) in terms of the "prior probability" of H, the prior probability of E, and the conditional probability of E given H.
What is Bayes Theorem
400
This is the 3rd largest economy in the world has the lowest interest rates in the developed world.
What is Japan
400
This macro professor is one of the hardest professors in the department. His courses are math intensive with lots of practice problems but lots of tricks.
Who is Mark Machina
400
This is when a group of firms collude to act as if they were a single, monopolistic firm.
What is a cartel
500
This American Economist rejected Keynesian economics and promoted an alternative macroeconomic policy known as "monetarism.” He also theorized there existed a "natural rate of unemployment.”
Who is Milton Friedman
500
This mathematical method of optimization provides a strategy for finding the maxima and minima of a function subject to constraints.
What is the Lagrangian/Lagrange Multiplier
500
This small country has the second largest GDP per capita and was recently put on a “gray list” by the G20 for its questionable banking laws and banking secrecy. (Kim Jong-Il has a $4 billion dollar account in the country)
What is Luxembourg
500
This recently deceased UCSD professor was knighted and received the 2003 Nobel Prize in Economics for his discoveries in the analysis of time series data.
Who is Clive W. J. Granger
500
These are the Four Factors of Production. The factors of production are the resources used to produce goods and services. (Can be abbreviated as C.E.L.L.)