The Rise of an Oil Nation
What natural resource transformed Venezuela from an agricultural economy into a global energy power?
What is Oil?
What economic phenomenon occurs when a resource boom strengthens a country’s currency?
What is Dutch Disease?
This is the central bank of the United States.
What is the Federal Reserve (or the Fed)?
GDP stands for this three-word economic term.
What is Gross Domestic Product
This classic game theory scenario involves two suspects who must decide whether to cooperate or betray each other.
What is The Prisoner's Dilemma
What term describes a country whose economy revolves around oil exports?
What is a Petrostate?
What is another name for the Resource Course?
What is the Paradox of Plenty?
When the Fed wants to stimulate the economy, it typically does this to interest rates.
What is to Lower (or decrease)
This is the formula component of GDP that represents household spending on goods and services.
What is Consumption
This paradoxical type of good sees demand increase as its price rises, violating the standard law of demand.
What are Giffen Goods
What is the general term for the major shift that occurred when Venezuela took full control of its oil industry?
What is Nationalization?
When a currency strengthens, what happens to other export industries?
What is they become less competitive
This is the interest rate that the Fed charges banks for short-term loans.
What is the Discount Rate?
This type of GDP is adjusted for inflation, giving a more accurate picture of economic growth.
What is Real GDP
This term describes a situation where no player can improve their outcome by unilaterally changing their strategy.
What is Nash Equilibrium
What major global organization helped oil-producing countries coordinate prices and production?
What is OPEC?
Why might political leaders prioritize controlling oil money over improving long-term productivity?
What is because controlling resource revenue provides power and short-term political advantage.
This tool involves the Fed buying or selling government securities to influence the money supply.
What are Open Market Operations
These four components make up GDP in the expenditure approach: C + I + G + this.
What are Net exports (NX)
This curve shows the inverse relationship between unemployment and inflation in the short run.
What are Phillips Curve
What was Venezuela's primary export prior to the discovery of oil?
What is Coffee?
What are two effects of the resource curse?
What is ...
Slower long-term growth
Weaker institutions
Greater political instability
etc.
This is the percentage of deposits that banks are required to hold in reserve and not lend out.
What is the Reserve requirement (or reserve ratio)
This measure adjusts GDP for differences in price levels across countries, allowing for more accurate international comparisons.
What is Purchasing Power Parity (or PPP)
TOM'S TEAM CANNOT ANSWER :)
This economics book, written by R.W. Grant discusses debates about laissez-faire capitalism, arguing that many industrial-age economic problems stemmed from government interference rather than markets. The title of this book is The Incredible _____ _______.
What is Bread Machine