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Microeconomics
Macroeconomics
International Econ
Developmental Econ
Potpurri
100
An economic system where resources are allocated by the government or a central planning authority
What is a command or planned economy?
100
The periodic fluctuations in real national income or GDP around the productive potential or long term trend of the economy.
What is the business cycle?
100
The price of one currency expressed in terms of another.
What is exchange rate?
100
The selling of a good in another country at a price below its cost of production.
What is dumping?
100
A situation where the government spends more than it receives in revenue and needs to borrow money, forcing up interest rates thereby reducing investment and consumption.
What is crowding out?
200

A good has a YED equal to -1, it can be inferred therefore that the good is an example of a

What is inferior good?

200
The use of government spending and taxation to shift the AD curve.
What is fiscal policy?
200
An agreement whereby there is free trade among members countries, but each member can maintain its own trade barriers in trade with non-member countries.
What is free trade area?
200

Fully developed nations generally have a high proportion of the working population engaged in which sector

What are tertiary sector? 

200
A sustained increase in the general or average level of prices.
What is inflation?
300
The upper limit imposed by the government below which the price may not fall - usually set below the equilibrium to aid relatively poor consumers.
What is maximum price?
300
The total value of all final domestic goods and services, adjusted for inflation.
What is real GDP?
300
Import barriers that set limits on the quantity or value of imports into a country.
What is quotas?
300
An international body that encourages the reduction of trade barriers between its member nations.
What is World Trade Organization?
300

The quantity of goods and services that consumers are willing and able to buy at each possible price over a given period of time.

What is quantity demand?

400
A market where a few large firms dominate the industry, with at least one other characteristic such as interdependency of firms, high barriers to entry, homogeneous or differentiated products.
What is an oligopoly?
400
The total spending in an economy consisting of consumption, investment, government expenditue and net exports.
What is aggregate demand?
400
Increase in the value of the currency, expressed in terms of another currency, in a floating exchange rate system.
What is appreciation?
400

Life expectancy, GNI per capita and mean years of schooling / expected years of schooling

What is HDI?

400
Implies that one country is able to produce a good at a lower opportunity cost than another.
What is comparative advantage?
500
Refer to a situation where all costs, including opportunity cost, are moer than covered by revenue.
What is supernormal or abnormal profits?
500
A demand-side policy with the Central Bank using changes in the money supply or interest rates to affect AD.
What is monetary policy?
500

The situation in which imported goods are more than exported goods

What is trade deficit? 
500
Involves essential facilities and services such as roads, airports, sewage treatment, railways, and other utilities typically provided by the government.
What is infrastructure?
500
A measure of inequality in the distribution of income.
What is Gini Coefficient?