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Economists
"who said that?"
Laws
The Multiplier
"who wrote it?"
100
Today, his reputation rests on his explanation of how rational self-interest in a free-market economy leads to economic well-being.This scottish
Who is Adam Smith?
100
Religion is the opium of the masses
What is Karl Marx?
100
This curve represetns the tax revenue collected based on the tax rate.
What is the Laffer Curve?
100
Proportion of a small change in disposable income that would be saved, instead of being spent on consumption. It is computed by dividing the change in savings by the change in disposable income that caused the change.
What is the Marginal Propensity to Save?
100
The Communist Manifetso and Das Kapital
Who is Karl Marx?
200
His comprehensive writings laid the foundation for later political leaders, notably Vladimir Lenin and Mao Tse-tung.
Who is Karl Marx?
200
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
Who is John Maynard Keynes?
200
It represents the relationship between inflation and unemployment.
What is the Phillips Curve?
200
It represents the proportion of an aggregate raise in pay that is spent on the consumption of goods and services, as opposed to being saved.
What is Marginal Propensity to Consume?
200
The Wealth of Nations
Who is Adam Smith?
300
He offered that a country that trades for products it can get at lower cost from another country is better off than if it had made the products at home.
Who is David Ricardo?
300
If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.
Who is Milton Friedman?
300
It identifies the correlation between unemployment and GDP.
What is Okun's Law?
300
The expansion of a country's money supply that results from banks being able to lend. The size of the expansion depends on the percentage of deposits that banks are required to hold as reserves. In other words, it is money used to create more money and is calculated by dividing total bank deposits by the reserve requirement.
What is the multiplier effect?
300
In Capitalism and Freedom, arguably the most important economics book of the 1960s, he made a case for relatively free markets to a general audience. He argued for, among other things, a volunteer army, freely floating exchange rates, abolition of licensing of doctors, a negative income tax, and education vouchers.
Who is Milton Friedman?
400
He argued that the market was not designed by anyone but evolved slowly as the result of human actions ... the market does not work perfectly ... but increases in the money supply by a central bank will cause market failure.
Who is Friedrich Hayek?
400
Population, when unchecked, increases in a geometrical ratio.
Who is Thomas Malthus?
400
It provides a guideline for central bankers setting short term interest rates.
What is the Taylor Rule?
400
The ratio of the change in aggregate output (or gross domestic product) to an autonomous change in an aggregate expenditure (consumption expenditures, investment expenditures, government purchases, or net exports) when consumption is the only induced expenditure.
What is the simple spending multiplier?
400
Essay on Population
Who is Thomas Malthus?
500
He argued that even in the short run there could be no overproduction of goods relative to demand
Who is Jean Baptisite Say?
500
Man is an animal that makes bargains: no other animal does this - no dog exchanges bones with another.
Who is Adam Smith?
500
The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals.
What is a comparative advantage?
500
The MPC is 80%. The government tax break equals $10 billion. The Multiplier Effect is applied, aggregate output will increase by this amount.
What is $50 billion?
500
Road to Serfdom
What is Friedrich Hayek?