Microeconomics
This happens when the price of a good decreases, all else held equal
what is QUANTITY demanded increases?
GDP stands for
What is Gross Domestic Product?
This is the name of the central bank of the United States
What is the Federal Reserve?
This term describes a tax which is imposed on imported goods
What is a Tariff?
This Energy company's 2001 accounting fraud became synonymous with corporate scandal
What is Enron?
This determines what a firm will charge in a perfectly competitive industry
What is the market?
The two primary tools of monetary policy are
What is Interest Rates and Open Market Operations?
This term describes a banking strategy in which the bank keeps only a fraction of its deposits on hand while lending out the rest
What is Fractional Reserve Banking?
This 1994 agreement, later replaced by the USMCA created a free trade zone between the USA, Canada, and Mexico
What is NAFTA?
Who is Bernie Madoff?
Excess benefit consumers receive when they pay less than what they're willing to pay is called
What is Consumer Surplus?
Two consecutive quarters of negative GDP growth are commonly called a
What is a Recession?
This person is credited as the founder of Bitcoin, and goes by the pseudonym:
Satoshi Nakamoto
This international trade organization oversees global trade rules and disputes
What is the World Trade Organization? (WTO)
This 2015 film starring Christian Bale, Steve Carell, Ryan Gosling, Brad Pitt, Margot Robbie, Anthony Bourdain, and Selena Gomez dramatized the 2008 financial crisis
What is the Big Short?
This Game Theory scenario shows why two rational actors might not cooperate even when it is in their best interest
What is prisoner's dilemma?
This sticky economic situation occurs when there is high unemployment paired with high inflation
What is Stagflation?
This is the rate the Federal Reserve uses to directly control most other interest rates
What is the Federal Funds Rate?
This international institution provides emergency loans to countries facing balance-of-payments crisis
What is the International Monetary Fund (IMF)?
This economic term which means excessive irrational investor optimism was coined by Alan Greenspan
What is Irrational Exuberance?
This term describes a market where sellers know more about product quality than buyers do
what is Information asymmetry / Market for lemons?
This somewhat controversial tactic was used following the Financial Crisis of 2008 where the Federal Reserve purchased large quantities of financial assets to inject money into the economy. This is called
What is Quantitative Easing?
This bank's collapse in 2008 was considered the trigger point of the global financial crisis
What is Lehman Brothers?
What is Greece?
This 1637 Speculative bubble involving tulip bulbs in the Netherlands is considered one of the first recorded market bubbles
What is Tulip Mania?