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Econ 7-9 > econ final > Flashcards

econ final Flashcards

1
Q

empirical

A

relying on real-world data in evaluating the usefulness of a model

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2
Q

bounded rationality

A

the hypothesis that people are nearly but not fully rational, so that they cannot examine every possible choice available to them but instead use simple rules of thumb to sort among the alternatives that happen to occur to them

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3
Q

positive economics

A

descriptive statements, objective

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4
Q

normative economics

A

judements

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5
Q

economic goods

A

goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price

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6
Q

comparative advantage

A

produce at a lower opportunity cost compared to others

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7
Q

absolute advantage

A

produce more units using given quantity of resources

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8
Q

relative price

A

of units that must be sacrificed to buy another

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9
Q

money price

A

nominal price

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10
Q

ceteris paribus conditions

A

determinants of the relationship between price and quantity that are unchanged along a curve. changes in these factors cause the curve to shift

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11
Q

normal goods

A

income rise, demand rise

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12
Q

inferior goods

A

income rise, demand falls

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13
Q

price system

A

price is always changing to reflect demand and supply i.e. expensive= rare

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14
Q

voluntary exchange

A

two parties trade expecting both to be better off

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15
Q

nonprice rationing devices

A

all methods used to ration scarce goods that are price-controlled. (ex: price ceiling & floor)

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16
Q

labor force participation rate

A

% of non institutionalized working age individuals who are employed or seeking employment

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17
Q

frictional unemployment

A

search for job offers

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18
Q

structural uneumployment

A

poor match of abilities and requirements

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19
Q

cyclical unemployment

A

recessions: actual - natural UE

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20
Q

seasonal unemployment

A

seasonal pattern of work in specific industries

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21
Q

full employment

A

arbitrary level of unemployment that corresponds to “normal” friction in labor market. 除了frictional之外的，只要其他的没有就算full employment，因为fictional永远存在。

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22
Q

natural rate of unemployment

A

UE in long run

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23
Q

price index

A

今天market basket/base year market basket x100

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24
Q

consumer price index

A

消费者买的东西的 weighted avg

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25
Q

producer price index

A

producer 卖的weighted avg

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26
Q

GDP deflator

A

price index measuring the changes in prices of all new G&S

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27
Q

personal consumption expenditure

A

avg prices that uses annual updated weights based on surveys of consumer spending

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28
Q

real rate of interest

A

nominal rate of interest - anticipated rate of inflation

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29
Q

cost of living adjustments (COLAs)

A

automatic increases in wage rates to take account of increases in price

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30
Q

leading indicators

A

event that have been found to occur before changes in business activity

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31
Q

Expenditure approach

A

GDP= C+I+G+X

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32
Q

income approach

A

GDP= wage+ interest+ rent+ profit

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33
Q

durable vs non durable

A

3 yr

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34
Q

gross private domestic investment

A

capital goods, changes in inventories, repairs to buildings or machines

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35
Q

fixed investment

A

买下来的 producer durables

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36
Q

inventory investment

A

stocks of finished goods, ones in process, raw material

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37
Q

indirect business tax

A

sales and business property tax

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38
Q

non income expense items

A

total of indirect bus taxes and depreciation

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39
Q

constant dollars

A

dollars expressed in terms of real purchasing power using a particular year as the base or standard of comparison, in contrast to current dollars

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40
Q

purchasing power parity

A

adjustment in exchange rate conversions that takes into account diff in the true cost of living across countries 有些国家看似只赚一点钱，那是因为可能食物或修理的工作比较便宜，所以换算一个国家的GDP到美元时，要综合考虑

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41
Q

rule of 70

A

years required for per capita real GDP to double = 70/avg rate of econ growth ( in 10% growth rate, per capita real GDP will double in 7 yr)

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42
Q

labor productivity

A

real GDP/# of workers

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43
Q

new growth theory

A

examines the factors that determine why tech, research, innovation etc are undertaken and how they interact

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44
Q

development economics

A

study of factors that contribute to the econ growth of a country

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45
Q

real balance effect (wealth effect)

A

price increase, purchasing power decrease, buy less (expenditure decrease)

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46
Q

interest rate effect

A

price increase, interest increase, less borrowing (expenditure decrease)

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47
Q

open economy effect

A

price increase, buy less US goods

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48
Q

Say’s law

A

supply creates its own demand 因为有需求其他东西，所以要卖东西换钱

49
Q

aggregate demand shock

A

event that causes AD to shift

50
Q

demand pull inflation

A

AD increase not matched by AS increase

51
Q

cost push inflation

A

decrease in SRAS

52
Q

consumption function

A

relationship between amount consumed and DI

53
Q

autonomous consumption

A

C that is independent of DI

54
Q

net wealth

A

stock of assets owned by a person

55
Q

lump sum tax

A

tax that does not depend on income

56
Q

crowding out effect

A

为了增加消费，政府借钱买东西，利息上升，投资下降；最终expansionary fiscal policy cause decrease in I and C

57
Q

ricardian equivalence theorem

A

increase in govm budget does not effect on AD。大家预测到政府上升预算会导致未来tax增加，所以反而花的少

58
Q

direct expenditure offsets

A

increase in government in an area that competes with private sector will have some direct expenditure offset

59
Q

supply side effects

A

?

60
Q

recognition time lag

A

time needed to collect info bout econ

61
Q

action time lag

A

time needed between recognizing an econ prob and conducting policy

62
Q

effect time lag

A

time it takes for fiscal policy to effect econ

63
Q

automatic/built in stabilizers

A

change in G and tax that happens automatically without congress’ action

64
Q

medium of exchange’s advantages?

A

decrease transaction costs: specialization and efficiency

65
Q

standard of deferred payment

A

item is desirable for use as means of settling debts maturing in future

66
Q

transactions deposits

A

checkable and debitable account balances

67
Q

fiduciary monetary system

A

currency issued by government and its value rests on public confidence that it can be exchanged for G&S

68
Q

transaction approach

A

money as medium

69
Q

liquidity approach

A

money as store of value

70
Q

M1

A

transaction approach: currency + transactions deposits + traveler’s checks

71
Q

thrift insitution

A

receive funds from ppl’s saving 存钱的

72
Q

M2

A

liquidity approach: M1+ savings deposits+ small denomination time deposits+ balances in retail money market mutual funds

73
Q

financial intermediation

A

银行拿别人的钱然后再借出去

74
Q

financial intermediaries

A

银行transfer funds between lenders (savers) and borrowers

75
Q

asymmetric info

A

交易中，只有一方有info

76
Q

adverse selection

A

borrowers 用借的钱在高风险project的可能性

77
Q

moral hazard

A

在得到loan之后，一个借钱的人可能会有risk behavior的可能性

78
Q

liabilities

A

amount owed

79
Q

assets

A

amount owned

80
Q

fractional reserve banking

A

system in which 银行 holds reserves < deposits

81
Q

open market operations

A

买卖securities。一开始Fed向dealer买bond会因为银行一直借钱而生产好几倍的loan

82
Q

money multiplier

A

change in reserve = change in money supply

83
Q

potential money multiplier

A

1/reserve ratio

84
Q

bank run

A

大家怕bank 借太多钱出去导致liabilities> assets所以一次性把所有钱领出来

85
Q

federal deposit insurance corporation

A

确保银行存款够

86
Q

why would people demand money? (wants to hold money)

A

transactions (可以买东西) precautionary (以后可能要用) assets (存value)

87
Q

quantitative easing

A

Fed open market purchase 想increase bank reserve at 0 interest

88
Q

equation of exchange

A

MsV=PY (人们手上的钱x income velocity of $ = P x real GDP)

89
Q

quantity theory of money and price

A

change in money supply is proportional to change in price

90
Q

federal funds market

A

一堆银行组成的market互相借reserve

91
Q

fed funds rate

A

银行跟interbank fed funds market 借reserve时用的rate

92
Q

discount rate

A

fed借reserve时用的rate

93
Q

FOMC directive

A

一个总结Fed open market committee 的policy的文件

94
Q

trading desk

A

an office at Fed reserve bank of NY，用来执行monetary policy developed by FOMC

95
Q

Taylor rule

A

suggested guideline for monetary policy

96
Q

credit policy

A

policy involving 直接借钱给公司&银行

97
Q

active (discretionary) policymaking

A

因为econ上的变化而做出相应措施 (monetary and fiscal policy)

98
Q

passive (non discretionary) policymaking

A

policymaking carried out in response to a rule

99
Q

rational expectations hypothesis

A
  1. 一个人base their expectations bout future values of econ variables on 过去和现在的info
  2. 这些expectations包括一个人的understanding about how econ 运作 (i.e. monetary and fiscal policy)
100
Q

policy irrelevance proposition

A

不管policy 有没有被anticipate,在SR/LR都没用

101
Q

stagflation

A

在inflation increase的同时，GDP decrease，UE increase

102
Q

small menu costs

A

D就算改变了，公司如果要改P会有cost

103
Q

new keynesian inflation dynamics

A

因为AD increase而导致的inflation

104
Q

economics freedom

A

拥有东西的权利和交易的权利

105
Q

dead capital

A

没有ownership的capital

106
Q

portfolio Investment

A

买外国公司少于10%的shares of ownership

107
Q

foreign direct investment

A

买外国公司多于10%的shares of ownership

108
Q

international financial crisis

A

外资 and loan一下子从一个国家全部拿光

109
Q

international monetary fund

A

promote world econ through financial stability (mainly by making loans to 开发中国家）

110
Q

quota subscription

A

一个国家在 IMF的account,denominated in special drawing rights

111
Q

infant industry argument

A

要有tariffs to protect from import competition an industry that is getting started

112
Q

dumping

A

以一个低于国家的P/低于成本的P在国外卖

113
Q

quota system

A

另一个国家可以在美国卖一定量的一种goods

114
Q

voluntary restraint agreement

A

日本自愿decrease export到美国

115
Q

voluntary import expansion

A

自愿increase import美国东东

116
Q

regional trade bloc

A

group of nations that grants member special privileges

117
Q

trade diversion

A

shifting trade from 非成员国 to 成员国

118
Q

trade deflection

A

非成员国把半成品带进bloc里的国家，组装完成后，再卖给其他成员

119
Q

rules of origin

A

regulations in 成员国 bloc,用来设立product categories eligible for trading

Econ 7-9 (3 decks)

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