Topic 1
Which term describes price levels in an economy rising, sometimes resulting from government printing a lot of excess money?
Inflation
What are the two major types of graphs for Topic 2?
Perfect Competition and Monopoly
What was the primary fuel for artificial lighting in the US in the middle of the nineteenth century?
How has international trade affected global output and consumption?
Gone up dramatically
Lol
Inflation is generally regarded as:
a) facilitating economic growth due to increased money production
b) causing unpredictability and limiting investment and economic growth
c) desirable in developed economies because of its increased value but problematic in developing countries
B
What does AVC stand for on the worker chart?
Average Variable Cost
Describe the "broken window fallacy" clearly
Breaking something then fixing it increases overall well-being (it does not, but it does add to economic growth)
Why can international trade help people consume more or different products than they make themselves?
Specialization and trade (Florida OJ & Norweigian reindeer jerky)
What is EQ, and how can people use it to add value?
Emotional intelligence, be a good teammate
A new technological invention in orange growing will cause
a) the supply curve to shift left, lowering quantity and raising price
b) the demand curve to shift right, raising quantity and price
c) the supply curve to shift right, lowering price and raising quantity
What is the relationship between price and marginal revenue for a monopoly on that graph?
Marginal revenue is below price
Describe the process of invention and adoption of cellular phones
A small number of early, wealthier adopters buy first, and then they become cheaper and more mass-produced over time
Which country had the highest per-capita GDP in 2012?
Singapore
Who is Ted Turner?
Founded CNN etc.
Specialization and foreign trade can be regarded as beneficial because they
a) help consumers have a wider variety of products available and producers compete more strongly
b) eliminate high-waste domestic tax policies by gaining revenue through tariff collection
c) prevent foreign competition in certain infant industries while allowing it in more national-security-oriented fields
What does MRP stand for on the worker chart, and what does it mean/consist of?
Marginal Revenue Product -- How much money a worker generates for a company (or mathematically, marginal product x price for a firm selling in a perfectly competitive market)
What is logrolling? (Be clear)
Trading votes to get legislation passed
Name a member of ASEAN
SE Asia
What percentages (and name what each percentage is) does Dave Ramsey use to describe budgeting?
A price ceiling set above the equilibrium in a market has what type of effect on price and quantity? Describe clearly.
No effect
What is a notable feature about the products sold by monopolistically competitive firms that distinguishes the market structure from perfect competition?
They are different
Describe the Rolls Royce example from the OP
If it is a tax write-off, people will buy expensive things, but maybe not if it has to be paid for with after-tax income
Name the three large international non-governmental organizations that you need to know from page 426, including what the abbreviations stand for
World Bank, International Monetary Fund, United Nations Development Programme
In what approximate year was America's budget at its highest surplus in the last 30?
2000