Lvls of Gov.
Tariffs & Sanctions
Multinational Corps. & Monopolies
Supply Chain & Infrastructure
Psychology of Ads
Absolute & Comparative Advantages
Free Riders
International Trade
100
Local, State, and Federal
What are the three levels of government?
100
The price of toys at Walmart imported from China has risen
What is an effect of higher tariffs on China?
100
A company that operates in multiple countries
What is a multinational corporation?
100
Many ships waiting outside of a port in CA because the port is inefficient
What can be the cause of supply shortages?
100
A group that advertisers can put consumers into that will help them target said consumers with specific ads. For example: young teens, females, gamers, sports players, drivers, etc.
What is a demographic?
100
Finding whichever party produces the most of a good/service
What is the way to determine absolute advantage?
100
free riders are not inherently bad (some refer to them as leeches), but they do create an economic problem as any good or service inevitably costs something (money, time, effort, resources, etc.)
What is the reason economists care about free riders?
100
They recognize that trade can always be mutually beneficial in some way
What is the reason different nations trade with one another?
200
Nationwide environmental regulations, creation of tariffs, minting (creating) coins and dollars
What are ways the Federal Gov. can impact the economy?
200
Companies choosing to produce more goods here, rather than using foreign labor
What is a goal of creating tariffs?
200
Amazon deciding to buy all online shipping companies
What is an example of a way a company can become a monopoly?
200
An invention that revolutionized international trade and is what much of the worlds international infrastructure is based around
What are shipping containers?
200
A commercial for the new A24 horror movie comes on at 9:30 pm instead of 9:30 am
What is an example of targeted advertising?
200
To determine which party should specialize in a good/service
What is the goal of finding comparative advantage?
200
Marion Center provides an education and daytime care, among several other services for students, but none of the students are expected to pay for this
What is an example of the free rider problem in the public sector?
200
America gets the bulk of its manufactured goods from China and China gets lots of money and certain resources from America
What is a pro of America trading with China?
300
Shutting down business temporarily due to the COVID 19 pandemic, getting rid of a tax on gasoline, legalizing medical cannabis
What are ways the State Gov. can impact the economy?
300
An agreement made in 1994 and replaced in 2020 that eliminated all of the tariffs between Mexico, the United States, and Canada
What is the NAFTA?
DOUBLE JEOPARDY BONUS: What does NAFTA stand for?
TRIPPLE JEOPARDY BONUS: What deal replaced the NAFTA when ratified in 2020?
300
The price of a necessary product (such as insulin or gas) being way higher than the equilibrium in a supply/demand chart
What is a negative impact of a monopoly?
300
A bridge in Pittsburg collapsed due to lack of maintenance, thus costing the city money in personal damages and slowing the supply chain
What is a good reason to invest in infrastructure?
300
A mathematical algorithm that learns from its own gathered information. Often used to create information profiles on people who use social media.
What is an artificial intelligence?
300
Find the country that has absolute advantage in planes:
The USA
300
All citizens are expected to contribute something to their local, state, and federal government(s) to allow for all public goods to remain free for everyone. This also allows for those running or maintaining said public goods to be paid.
What is a solution for the free rider problem in the public sector?
300
America is currently in deep debt to China due to growing dependent on imported Chinese goods
What is a con of Americas economic interdependence with China?
400
Selling of public land, funding for a school program, administering of business licenses'
What are ways Local Gov. can impact an economy?
400
Germany stating it will no longer import any oil from Russia as a punishment for the war in Ukraine
What is a sanction used as a form of economic warfare?
400
Stopping two companies from merging, capping the price of a good so a company can't make it too high, and the gov. taking control of an industry so a company won't have sole ownership over that industry
What are some regulations a government can use to prevent monopolies?
400
Each shipping container has a set of letters and numbers to identify it but no electric (scannable) form of identification, thus slowing down the supply chain and making it more likely that containers could be lost
What is a reason the supply chain needs to be updated for the modern-world?
400
An ad for an animal shelter uses pathos (emotional appeal) to influence people to donate or adopt
What is a way that ads try to get you to buy their good or service?
400
Cost
____
Gain
What is the equation used to find the opportunity cost (aka the magic number)?
400
Netflix misses out on 11%-13% of profits due to people sharing accounts with friends
What is an example of the free rider problem in the private sector?
400
Each country looks at a bunch of variables from a potential trade partner such as: current political alliances, potential tariffs, labor practices, and stability of government
What are ways that countries can determine whether or not they should trade with another country?
500
The National Gov. offering to subsidize local firearm buyback programs. PA deciding to add another subsidy to further encourage buyback programs. Indiana, PA using a local community center to hold a buyback day.
What is a way the levels of government can impact one another?
500
The USA creates a high tariff on gasoline to encourage more green energy, but it ends up hurting the economy by raising the price of gas for everyone
What is an example of the unintended consequences of tariffs?
500
Shoe Inc. removing the new brand of shoes made from bamboo from all of their stores so they can lower the bamboo shoes' stock price and buy them out
What is an example of a hostile takeover?
500
By 2050, many countries are struggling with economic instability due to the rise of sea levels, an increase in natural disasters, and the rising cost of oil. However, the USA predicted this and began to invest heavily in creative solutions such as: anti-car cities, weather-resistant buildings/roads, and huge sustainable energy farms.
What is a positive outcome of the creation of new infrastructure?
500
Cambridge Analytica (a company that gathers data through AI and social media) is hired by Ted Cruz to create data profiles from users on Facebook that could be potential swing voters. Ted Cruz's team then uses this data to target unsuspecting people with specialized political ads.
What is a way in which algorithm advertising can be weaponized?
500
Which country has a comparative advantage in planes? DOUBLE JEOPARDY BONUS: Explain why!
South Korea because it has a lower opportunity cost (lower magic number = having comparative advantage)
500
A problem that occurs due to humans' natural desire for maximizing our own, individual, return on a shared resource; sometimes, even at the expense of our long-term wellbeing
What is the Tragedy of the Commons?
DOUBLE JEOPARDY BONUS: Can you name a real-world example of this playing out (not a scenario)?
500
An economic hypothesis stating that if two countries become severely economically intertwined then they are much less likely to go to war due to the cost of said war outweighing the potential gains
What is 'Mutually Assured Production'?