History
Who said "it is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves not to their humanity but to their self-love and never talk to them of our own necessities but of their advantages?"
Adam Smith
Who is the United State's largest trading partner?
1. Canada (2. Mexico 3. China)
Supply: P=200 + 4Q
Demand: P=800-Q
What is equilibrium price and quantity?
120
What are externalities?
Which prime minister didn't last longer than a head of lettus?
Liz Truss
What did Keynes recommend governments should do to bring their country out of an economic recession?
Lower taxes and increase government spending.
Which country produces 60% of the world supply of semiconductors?
Taiwan
Given a ten percent interest rate would you rather get $100 today or $111 in exactly one year?
$111 (FV=PV(1+r)^t)
What are 2 things you can do with an environmental economics degree?
Environmental consultant, project management, resources policy advocate, agricultural econ, resources management
What economist was chair of the Fed during the 2008 recession and recently won a Nobel Prize in Economics?
Ben Bernanke
Who came up with the theory of comparative advantage?
David Ricardo
What were the 1999 Seattle WTO protests about?
Labor rights, environmental issues, sustainable economies.
S: P=500+17Q
D: P=1,000-8Q
What price must a price floor be set at to have an effect?
Any price greater than $840
What is the Coase Theorem?
It is a way for people to pay for pollution without any government intervention based solely on property rights.
Who suggested that the government bury money in old bottles for private companies to dig up?
John Maynard Keynes
What monetary policy came out of Bretton Woods?
What is worse, a quota or a tariff?
Might be the same if quota rent stays within the country (assuming market does not change). Quota is worse if quota rent leaves country. (Don't consider retaliatory practices)
20
What is the United States' statistical valuation of a human life?
$10 Million
How many classes do you have to take to get an economics major at WWU?
What did John Maynard Keynes predict in his 1919 book "The Economic Consequences of the Peace?"
That Germany would collapse due to the harsh punishments imposed by the Treaty of Versailles after WWI
What happens to domestic price when an export tariff is imposed?
Domestic price decreases by the tariff amount.
A firm's total abatement cost is 50+2Q^2 and their marginal abatement cost is MC=4Q, where Q is the amount of abatement taking place. Per-unit emissions tax of $120. What is the firms total abatement cost?
Q=30
Total abatement cost = $1,850
What is one way of getting rid of externalities?
Polluting contracts, taxes, ect.
What is usery and what is the WA state cap?
Practice of lending money at unreasonably high interest rates. 12%