Feeling Lucky
Which country has the largest consumer market in the world?
The United States
What is the highest possible value for the HDI?
1
When a country can produce a good at a lower opportunity cost. (Bonus 100: the economist known for this concept)
Comparative advantage (David Ricardo)
A US resident travels to China as a tourist. How will the supply and/or demand of the US dollar be affected?
Supply of USD increases
This paper is an extended response with a choice of one from three questions.
Paper 1
What were the first and last diagrams learned in this course?
PPC and Poverty Cycle
Name two composite indicators used to measure economic development
HDI, HPI, IHDI, GII (full names required)
What is it called when a country has more export revenue than import expenditure?
Trade Surplus
When a country exports more than they import from a trading partner, this will happen to their currency (ceteris paribus)
Appreciate
This paper in terms of time, is the shortest (Bonus 100: how long is it?)
Paper 1 (1 hr, 15 min)
DAILY DOUBLE!!! This is the formula for calculating profit using a firm's diagram
(P-AC) x Q
Which organization developed the Sustainable Development Goals?
United Nations
What are the lowest and highest levels of economic integration?
Preferential trade agreement and monetary union
A central bank implements contractionary monetary policy to affect its exchange rate. This action will do what to its exchange rate?
Revalue
This is a policy paper and includes two compulsory questions
Paper 3
What is the formula for the Keynesian multiplier?
1 / (1-MPC) or 1 / (MPS+MPT+MPM)
Name three of the four aspects of "weak institutional framework" that affect many developing nations
Legal system, tax system, banking system, property rights
Which trade protection measure does not directly impact domestic consumers?
Production subsidy
DAILY DOUBLE!!! Name the two factors that affect a currency's supply and demand simultaneously
Interest rates and inflation
This is a data response paper where students answer one question from a choice of two
Paper 2
Name three policy responses to negative production externalities
Regulation, tradeable permits, Pigouvian (indirect) tax, awareness creation, international agreements
Name three international trade strategies for developing countries
Import substitution, export promotion, economic integration, and/or trade liberalization
Brexit is the term used when the UK left the EU. What level of integration is the EU? (Bonus 100: In what year did this occur?)
Common market (2020)
This currency won the exchange rate tracking (in-class activity) this quarter
Norwegian Krone or Brazilian Real
This paper requires the use of real-world examples
Paper 1