Econ History
What current Washington State representative has the same name as a famous economist?
Adam Smith
What organization did the GATT (General Agreement on Trade and Tariffs) turn into?
The World Trade Organization
What program language did we practice last quarter during our "learn to code" meeting?
R
What do you call the point where the supply and demand curves intersect?
Equilibrium
What fruit has been involved in coupes, German reunification, and has recently been a key investment for Saudi Arabia?
Bananas
What former member of British Parliament is credited with coming up with the idea of comparative advantage?
David Riccardo
What is generally worse - a tariff or a quota?
Quota
Who is the department manager of the econ department?
Diane Brearley
Revenue =
Profits - Costs
What famous Scottish philosopher was Adam Smith's best friend and wrote A Treatise of Human Nature?
David Hume
What book discusses division of labor with an example of a pin factory?
Wealth of Nations
What is the name of Biden's Asia trade policy?
The Indo-Pacific Framework
Which of the following is the group that performs the most poorly after turning 21?
A) Women in qualitative studies
B) Women in quantitative studies
C) Men in qualitative studies
D) Men in quantitative studies
D
What does pi stand for in economics?
Profit
What is omitted variable bias?
When you omit variables that are needed in your model
What female economist is credited with coming up with the idea of monopsony (the idea of there only being one buyer in a market)?
A) Ann Kreuger
B) Joan Robinson
C) Elenor Ostrom
D) Dr. Durham
Joan Robinson
What was the country that took the largest percentage of exports from Russia in 2020?
China
Where is the student success center? Name the building and room number
PH 045
US: 1 bottle of wine with 3 units of labor
1 pound of cheese with 5 units of labor
Portugal: 1 bottle of wine with 2 units of labor
1 pound of cheese with 4 units of labor
Which country has comparative advantage in cheese?
US opportunity cost of producing cheese is 5/3 while Portugal's is 4/2. US has lower opportunity cost and therefore, has comparative advantage.
What happens to labor supply as wages increase? Labor demand held constant
Ambiguous effect (Substitution vs Income Effect)
Who won the Nobel Prize for Economics in 2022?
Ben Bernanke
What international trade model won a Nobel prize for explaining why certain countries trade based off of relative factor endowments despite only working 50% of the time?
Heckscher-Ohlin Model
What is the name of each SEA officer? Include spelling :)
Bryndis, Tate, Andy
What is the number of people in this room divided by the number of letters in the econ department chair's last name?
?
What shape is a typical indifference curve? Draw it
curvy
1. downward sloping
2. convex to the origin