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Econ 7-9 > econ final 2 > Flashcards

econ final 2 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

medium of exchange’s advantages?

A

decrease transaction costs: specialization and efficiency

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17
Q

standard of deferred payment

A

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

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18
Q

transactions deposits

A

checkable and debitable account balances

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19
Q

fiduciary monetary system

A

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

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20
Q

transaction approach

A

money as medium

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21
Q

liquidity approach

A

money as store of value

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22
Q

M1

A

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

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23
Q

thrift insitution

A

receive funds from ppl’s saving 存钱的

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24
Q

M2

A

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

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25
Q

financial intermediation

A

银行拿别人的钱然后再借出去

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26
Q

financial intermediaries

A

银行transfer funds between lenders (savers) and borrowers

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27
Q

asymmetric info

A

交易中，只有一方有info

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28
Q

adverse selection

A

borrowers 用借的钱在高风险project的可能性

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29
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

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30
Q

liabilities

A

amount owed

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31
Q

assets

A

amount owned

32
Q

fractional reserve banking

A

system in which 银行 holds reserves < deposits

33
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

34
Q

money multiplier

A

money multiplier x change in reserves = change in money supply

35
Q

potential money multiplier

A

1/reserve ratio, max value of money multiplier

36
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

37
Q

federal deposit insurance corporation

A

确保银行存款够

38
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)

39
Q

quantitative easing

A

Fed open market purchase 想increase bank reserve at 0 interest

40
Q

equation of exchange

A

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

41
Q

quantity theory of money and price

A

change in money supply is proportional to change in price

42
Q

federal funds market

A

一堆银行组成的market互相借reserve

43
Q

fed funds rate

A

银行跟interbank fed funds market 借reserve时用的rate

44
Q

discount rate

A

fed借reserve时用的rate

45
Q

FOMC directive

A

一个总结Fed open market committee 的policy的文件

46
Q

trading desk

A

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

47
Q

Taylor rule

A

suggested guideline for monetary policy

48
Q

credit policy

A

policy involving 直接借钱给公司&银行

49
Q

active (discretionary) policymaking

A

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

50
Q

passive (non discretionary) policymaking

A

policymaking carried out in response to a rule

51
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info2. 这些expectations包括一个人的understanding about how econ 运作 (i.e. monetary and fiscal policy)
52
Q

policy irrelevance proposition

A

不管policy 有没有被anticipate,在SR/LR都没用

53
Q

stagflation

A

在inflation increase的同时，GDP decrease，UE increase

54
Q

small menu costs

A

D就算改变了，公司如果要改P会有cost

55
Q

new keynesian inflation dynamics

A

因为AD increase而导致的inflation

56
Q

economics freedom

A

拥有东西的权利和交易的权利

57
Q

dead capital

A

没有ownership的capital

58
Q

portfolio Investment

A

买外国公司少于10%的shares of ownership

59
Q

foreign direct investment

A

买外国公司多于10%的shares of ownership

60
Q

international financial crisis

A

外资 and loan一下子从一个国家全部拿光

61
Q

international monetary fund

A

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

62
Q

quota subscription

A

一个国家在 IMF的account,denominated in special drawing rights (international unit of accounting)

63
Q

infant industry argument

A

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

64
Q

dumping

A

以一个低于国家的P/低于成本的P在国外卖

65
Q

quota system

A

另一个国家可以在美国卖一定量的一种goods

66
Q

voluntary restraint agreement

A

日本自愿decrease export到美国

67
Q

voluntary import expansion

A

自愿increase import美国东东

68
Q

regional trade bloc

A

group of nations that grants member special privileges

69
Q

trade diversion

A

shifting trade from 非成员国 to 成员国

70
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

71
Q

rules of origin

A

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

72
Q

what are the four functions of money?

A

medium of exchange, unit of accounting, store of value, standard of deferred payments

73
Q

Government Prohibitions and Licensing Requirements

A

Some commodities cannot be purchased at all legally; others require a license

74
Q

Import Quota

A

Supply restriction that prohibits the importation of more than a specified quantity of a particular good

75
Q

Gains from trade

A

The sum of consumer surplus and producer surplus

76
Q

Division of Labor

A

The segregation of resources into different specific tasks

Econ 7-9 (3 decks)

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