Externalities
Elasticity
Firms & Stock Market
International Trade
Good Luck!
(you'll need it)
100
A benefit or cost that affects someone not directly involved in the production or consumption of a good/service.
What is an externality?
100
The percentage change of quantity demanded is greater than the percentage change of price, resulting in a value greater than 1 in absolute value.
What is elastic demand?
100
The Flow of funds from savers to firms through financial markets.
What is direct finance?
100
A situation in which a country does not trade with other countries.
What is autarky?
100
The tendency for a common resource to be overused.
What is the tragedy of the commons?
200
The total cost of a good or service, including both private and any external costs.
What is social cost?
200
A measure of the responsiveness of the quantity demanded to changes in income.
What is income elasticity of demand?
200
A legal provision that shields owners of a corporation from losing more than they have invested in the firm.
What is limited liability?
200
The use of trade barriers to shield domestic firms from foreign countries.
What is protectionism?
200
The type of finance that is represented by the sale of stocks and bonds.
What is direct finance?
300
The cost borne by the producer of a good or service.
What is private cost?
300
The responsiveness of quantity demanded to a change in price.
What is price elasticity of demand?
300
A flow of funds from savers to borrowers through financial intermediaries such as banks.
What is indirect finance?
300
A numerical limit a government imposes on the quantity of a good that can be imported into a country.
What is a quota?
300
A firm's revenues minus all of its implicit and explicit costs.
What is economic profit?
400
The situation when one person's consumption of a good means no one else can consume it.
What is rivalry?
400
Estimated the numerical value of the elasticity for books.
What is greater than 1?
400
The type of firm that earns the majority of revenues in the US.
What are corporations?
400
A tax imposed by a government on imports.
What is a tariff?
400
A good that is rival but not excludable.
What is a common resource?
500
The situation in which any one does not pay for a good cannot consume it.
What is excludability?
500
Estimate the numerical elasticity for gasoline.
What is less than 1?
500
The type of business where the owner and the business are not separate legal entities.
What is a sole proprietorship?
500
An international organization that oversees international trade agreements.
What is WTO?
500
A firm that was involved in the accounting scandals of the early 2000's.
What is Enron or WorldCom?
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