Microeconomics
Rent control is an example of this government action in an economy
What is Price Ceiling
The stages of an economic cycle, or business cycle
What is expansion, peak, contraction, and trough
Selling goods in a foreign market below cost or below the price at home
What is dumping
The term used to describe the growing trend of developing countries moving away from using the U.S. dollar in global trade
What is de-dollarization
The Indian economic policy that deregulated various industries in 1991
What is economic liberalization
In this economy the government makes all the decisions
What is Command (Planned) Economy
The macroeconomic relationship illustrates how inflation and unemployment can move inversely in the short run
What is the Phillips Curve
The global financial crisis of 2008 was triggered primarily by the collapse of this U.S. market
What is the subprime mortgage market
The economic term for the inflationary effect of shifting energy policies from fossil fuels to renewables
What is greenflation
The Indian digital payment system that has revolutionized transactions
What is the Unified Payments Interface (UPI)
A college degree is an example of this form of factor of production
What is Human Capital
What does the central bank do to stimulate economic growth by buying up assets and long term securities to increase the money supply
What is Quantitative Easing
In the Marshall-Lerner condition, a currency depreciation will improve a country’s trade balance if the sum of these two elasticities is greater than 1
What are the price elasticities of demand for exports and imports
The leading country India surpassed to become the world’s 5th largest economy in 2022
What is the United Kingdom
The South Asian trade agreement that India has been re-evaluating due to concerns over its trade deficit with neighboring countries.
What is the South Asian Free Trade Area
A price increase that does not have a significant impact on buying habits illustrates this
What is inelasticity
Name two ways a government can intervene in a mixed economy
What are taxes, price controls, subsidies, setting regulations
The lowest form of economic integration where member countries remove trade barriers among themselves but maintain independent external tariffs
What is a free trade area (FTA)
Which major sector’s collapse due to the COVID-19 pandemic heavily contributed to Sri Lanka’s foreign exchange shortage
What is tourism
The Indian government’s flagship program for financial inclusion
What is Pradhan Mantri Jan Dhan Yojana
A situation where a firm produces goods at the lowest possible average total cost achieves this type of efficiency
What is Productive Efficiency
Suppose Brazil can produce 2,000 pounds of coffee per acre of land per year, while another country with less suitable growing conditions can only produce 1,500 pounds of coffee per acre using the same technology and labor
What is Absolute Advantage
The theory that suggests poor countries can catch up to rich ones over time
What is convergence theory
The term for high inflation caused by supply-chain disruptions and geopolitical events, such as the Ukraine war
What is imported inflation
The term for India’s economic transition from an agriculture-based economy to a services-dominated economy without significant industrialization
What is premature deindustrialization