TRIVIA
Often considered the father of economics
Adam Smith
This economics term is related to the concept in which utility declines from each additional unit
Diminishing Marginal Utility
This three-word economic term that describes the inputs needed to create a good or service, and was originally defined to include land, labor, and capital
Factors of Production
The statistic is calculated by summing all values and dividing by the number of entries
Mean
This is the derivative of ex
ex
Originally published in 1776, this famous book described financial systems in the beginning of the Industrial Revolution
Wealth of Nations
Also referred to as a "retrospective cost", this is the more common, four-letter name for a cost that has already been incurred and cannot be recovered
Sunk Cost
This act involves injecting money into the economy, government spending increases, transfers increase, or a decrease in taxes
Expansionary Fiscal Policy
What is the median of the following set of numbers {12,8,13,4,7,63,3,15}
7
Find f'(x) where f(x) = ln(5x)
f'(x) = 1/x
This professor won teacher of the year in 2023
Michelle Miller
This is a situation where no action or allocation is available that makes one individual better off without making another worse off
Pareto Efficiency
This rule describes the number of years it takes for a country's economy to double in size. Write down the equation on a piece of paper.
The rule of 70
number of years = 70/annual percentage growth rate
This a statistical measurement that describes a value's relationship to the mean and a group of values. Double points will be awarded if you can submit the equation used to calculate this value
Z Score
Find f'(x) where f(x) = (3x2-2x+1)3/2. Write in simplest form
f'(x) = (9x-3)((3x2-2x+1)1/2)
Most of you are likely Economics (BA) majors. How many semester hours of upper division requirements do you need to graduate?
28
This is a game where each firm sets its quantity by using its best response to the quantity of its competitors to maximize profits. Price is determined by the demand curve which includes the total quantity produced by all firms
Cournot Oligopoly
This model attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity largely driven by technological progress
The Solow Growth Model
These are the z scores and p values associated with
(a) 90% confidence
(b) 95% confidence
(c) 99% confidence
List all values
(a) z=1.64, p=<.10
(b) z=1.96, p=<0.05
(c) z=2.58, p=<0.01
Evaluate the integral (8x3+2x+6)
2x4+x2+6x+C
This is the president's first and last name
Alisha DeVore
This refers to a situation in which individuals with access to a public resource act in their own interest and, in doing so, ultimately deplete the resource
Tragedy of the commons
Models the general price level as being determined by the intersection of the demand and supply of money. Aspects of this model include hyperinflation and adaptive expectations
The Cagan Model
Two events A and B are such that
P(A) = 0.6, P(B) = 0.3 and P(A ∩ B) = 0.17. Calculate:
(a) P(A|B)
(B) P(B|A)
(a) 0.56
(b) 0.28
Find f'(x) where f(x) = [(8x2-5x+e2x)(x2-1)]
Hint: use product rule
32x3-15x2+2e2xx2-16x+2e2xx-2e2x+5