Show:
Name the Man
Terms
Supply/Demand + More
Name 2 in a List
Federal Reserve and Other
100
studied the Irish to see how much taxes they could pay Britain
Sir William Petty
100
Normative Economics (define)
what "should" be, value judgements needed
100
comparative advantage
less of an opportunity cost
100
Reasons why demand curve may shift
income, price of related goods, tastes, expectations, # of buyers
100
Current Chairman of Federal Reserve (and who came before him/her)
Janet Yellen (Ben Bernanke came before)
200
CPI overstates rate of inflation by 1.2% per year
Boskin (Commission)
200
define Coase Theorem
private externalities will be resolved if both parties negotiate
200
monopolistic competition
firms produce differentiated items (cereal, books)
200
factors that influence the elasticity of demand
substitutes, necessities, market definition (broader = lower), time horizon
200
Fed formed from how many regional banks (1913)
12
300
removed oil price controls in the US
Reagon
300
type of good with low rivalry and high excludability
collective good
300
Marginal cost
increase in cost when producing additional output
300
examples of barriers to entry for suppliers
ownership of key resource, government-created monopoolies, natural monopolies
300
7 members are appointed by ___ and confirmed by ____
president, Senate
400
English man who wrote "The Coal Question"
William Jerons
400
define pork barrel politics and logrolling
officials introduce projects to give money to their community (wasteful gov spending) and logrolling is when they support each others' pet projects
400
What is the elasticity of a crucial medicine for people with diabetes? (elastic, inelastic, perfectly elastic)
inelastic
400
What are some intermediaries?
banks, mutual funds
400
Who calculates the CPI monthly?
US Bureau of Labor Statistics
500
Rich man who controlled Standard Oil
Rockefeller
500
define vertical integration
oil companies do every step of the process
500
define Date of maturity
when loan must be repaid
500
Avergae Labor Productivity Factors (name 2)
physical capital, human capital, natural resources, technology, political and legal environment
500
Who is paid first, bondholders or stockholders, when a organization has financial difficulties?
bondholders