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Econ > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

Two systems of logic

A

Inductive and Deductive

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2
Q

System of logic based on Syllogism:

A

Deductive

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3
Q

System of logic based on empiricism:

A

Inductive

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4
Q

Whats true for the part is true for the whole:

A

Fallacy of composition

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5
Q

Maximizing inputs (costs) with a static output:

A

Economize

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6
Q

Maximizing output with static inputs:

A

Efficiency

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7
Q

Economic activity with negative spreading effects:

A

External Diseconomy

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8
Q

Economic activity with positive spreading effects:

A

External Economy

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9
Q

A value on a horizontal axis

A

Abscissa

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10
Q

A value on the vertical axis:

A

Ordinate

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11
Q

For a linear function, the slope is:

A

Constant

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12
Q

Numbers that assign value:

A

Cardinal

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13
Q

Numbers that assign rank:

A

Ordinal

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14
Q

Lines that approach but never touch the axis:

A

Asymptote

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15
Q

A reverse auction

A

Dutch

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16
Q

The sellers agent:

A

Shill

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17
Q

An auction with a minimum price:

A

Reserve

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18
Q

Let the buyer beware

A

Caveat Emptor

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19
Q

Costs that vary with the level of output:

A

Variable Cost

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20
Q

Costs that are constant despite the level of output:

A

Fixed cost

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21
Q

The point of the TC curve where diminishing returns begin:

A

Inflection point or minimum AC

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22
Q

As output increases, AFC:

A

decreases FC/q

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23
Q

Tax incidence

A

Tax Burden

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24
Q

The school of economic thought that favored free trade:

A

classical or Ricardians

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25
Q

The school of economic thought that favored protectionism, opposed free trade:

A

Mercantilists

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26
Q

The school of economic thought that proposed that labor created value:

A

Classical

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27
Q

The school of economic thought that proposed that agriculture is the source of growth:

A

Physiocracy

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28
Q

Who is the founder of physiocracy?

A

Quesnay

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29
Q

The school of economic thought that opposed tariffs and quotas:

A

Classical

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30
Q

The school of economic thought in favor of import tariffs, import quotas, and export subsidies:

A

Mercantilists

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31
Q

Consumers maximize:

A

Utility

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32
Q

Producers maximize:

A

Profit

33
Q

Demand is the derivative of:

A

Utility

34
Q

supply is the derivative of:

A

Costs

35
Q

series of numbers increasing at a decreasing rate (2,4,6,8,10):

A

Arithmetic

36
Q

Series of numbers increasing at a constant rate (2,4,8,16)

A

Geometric

37
Q

What are the Classical factors of production:

A

Land, labor, and capital

38
Q

What are the primary factors of production?

A

land and labor

39
Q

What is the factor of production that promotes growth?

A

Entrepreneurship

40
Q

Who is responsible for the entrepreneurship factor of production?

A

Schumpeter

41
Q

Distribution according to need:

A

Marxism

42
Q

Distribution according to scarcity:

A

Meritocracy

43
Q

A single buyer and a single seller is called what respectively?

A

Monopsony & Monopoly

44
Q

How do you create a shift in PPC?

A

Innovation, new production methods, etc.

45
Q

Which countries currently trade gold?

A

Spain and Portugal (Not the US!)

46
Q

Another name for disguised unemployment:

A

Feather bedding

47
Q

Describe the cost behavior for downward sloping supply curve:

A

Decreasing cost

48
Q

Which factor of production has a backward bending supply curve?

A

Labor

49
Q

What is the shape of indifference curves?

A

Convex to the origin

50
Q

What is the shape of indifference curves for perfect substitutions?

A

Linear

51
Q

What is the shape of indifference curves for perfect complements?

A

Right angle

52
Q

What is the shape of indifference curves where addiction is present?

A

Concave sections

53
Q

Which assumption for indifference curves does the law of substitution explain?

A

Convex

54
Q

Which assumption for indifference curves is explained by more is preferred to less?

A

Rationality

55
Q

Which assumption for indifference curves is explained by if A > B and B > C, then also A > C

A

Transitivity

56
Q

The willingness and ability to enter the market at a specific price is:

A

Demand

57
Q

Is demand a condition that is necessary or sufficient?

A

Necessary

58
Q

The willingness and ability to enter the market at the market price is:

A

Effective demand

59
Q

What happens to MU as Q consumed increases?

A

Decreases

60
Q

What happens to MU at the satiation point?

A

MU=0

61
Q

What happens to MU after the satiation point?

A

MU is negative

62
Q

Reverse income effect is for what kind of good?

A

Inferior good

63
Q

Who is responsible for inferior goods?

A

Giffen (Reverse income effect)

64
Q

Reverse substitution effect is for what kind of good?

A

Conspicuous consumption

65
Q

Who is responsible for conspicuous consumption

A

Veblen (Reverse Substitution)

66
Q

3 Agriculture Laws

A

Morrill Act

Hatch Act

Smith-Lever Act

67
Q

Morrill Act

A

Land Grant Act

68
Q

Hatch Act

A

Provided more money for farm research

69
Q

Smith-Lever Act

A

Morrill Act Schools must extend school hours to accommodate farm families.

70
Q

Public Law 480

A

If you’re not a Marxist country, we will provide you with food in exchange for counterpart funds.

Public Law 480 is a food aid and market development program focused on the needs of developing countries and is aimed at establishing a U.S. presence in such markets and supporting their economic growth.

71
Q

Counterpart Funds

A

Soft currency money, which is money that is only used to pay for consulate services in those countries and the Peace Corps

72
Q

Crop Limitation Programs

A

Soil Banking and Payment in Kind (PIK)

73
Q

Price Support Programs

A

Government Purchase and Price Differential

74
Q

Soil Banking

A

Don’t Plant (Shifts Supply Right)

75
Q

Payment in Kind (PIK)

A

Don’t Pick (Shifts Supply Right)

76
Q

Government Purchase

A

Government buys enough of the supply so that the so that the market supply function crosses the demand function at the parity price (equilibrium price becomes the market price)

77
Q

Price Differential

A

Fill out form and government pays the difference between what you actually received and what you should have received. Costs consumer less.

78
Q

Government Purchase and Price Differential visual

A

Econ (7 decks)

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