Quizbowl Economic Concepts I

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54 Terms

1
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Regulated by Fed

Money Supply

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M0 measures

Money Supply

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Quantitative easing increases

Money Supply

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Fisher’s equation

Money Supply

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k-percent rule

Money Supply

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LM function is bounded by

Money Supply

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Inversely related to inflation

Unemployment

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Okun’s law relates to GDP

Unemployment

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U3 measure

Unemployment

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“non-accelerating” measure

Unemployment

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“structural“ type

Unemployment

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Search and matching theory models

Unemployment

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Shapiro–Stiglitz theory

Unemployment

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Gresham’s Law

Money

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“quantity theory”

Money

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Seigniorage

Money

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book by Georg Simmel

Money

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Factors of land, labor, and capital

Production

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Points lying on namesake curve are efficient

Production

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Leontief and Cobb-Douglas functions

Production

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Demand curve for company is same as market

Monopoly

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Price discrimination

Monopoly

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Coase conjecture

Monopoly

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Deadweight loss

Monopoly

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triangle model

Inflation

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Ludwig von Mises work, “Money and ___”

Inflation

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“Tax” indirectly imposed by seigniorage

Inflation

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Decreases by 2% by Okun’s Law

GDP

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Simon Kuznets first postulated

GDP

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Market supply = market demand

Equilibrium

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when a mixed strategy minimizes the maximum loss

Equilibrium

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General type by Leon Walras

Equilbrium

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When variables reach balanced growth

Equilibrium

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Met in tatonnement, or groping

Equilibrium

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Laffer curve

Taxes

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“ad valorem” type

Taxes

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“Pigouvian” type

Taxes

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Vertical and horizontal fairness considered

Taxes

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Wealth relates to behavior

Income Effect

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positive for normal goods and negative for inferior ones

Income Effect

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Causes backward-bending labor supply curve

Income Effect

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Negatively associated w/ price

Demand

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Slutsky equation relates changes between two type

Price

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Pre-determined and standard in Fisher market

Supply

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general glut results from an excess of

Supply

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Heckscher-Ohlin mode

Trade

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2x2x2 model

Trade

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Theory developed by Paul Krugman

Trade

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represented by an M

Imports

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MPM

Imports

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triggered “expenditure cascades”

Economic Inequality

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When r > g

Economic Inequality

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Kuznets Curve

Economic Inequality

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“The Price of ___”

Economic Inequality