Econ 3341 Final Questions With Complete Solutions
adam smith Correct Answers Scottish economist who wrote the
Wealth of Nations a precursor to modern Capitalism.
barriers to trade Correct Answers various government policies
that discourage importing goods from foreign countries
calculate growth rates Correct Answers { (GDP 2005 - GDP
2004) rule of 70
capitalism Correct Answers An economic system based on
private ownership of capital
communism Correct Answers A theory or system of social
organization based on the holding of all property in common,
actual ownership being ascribed to the community as a whole or
to the state.
cost Correct Answers the value of everything a seller must give
up to produce a good
David ricardo Correct Answers (1772-1823)-English
economist who formulated the "iron law of wages," according to
which wages would always remain at the subsistence level for
the workers because of population growth.
dead weight loss Correct Answers The fall in total surplus that
results from a market distortion, such as a tax.
, deadweight Correct Answers The fall in total surplus that
results from a market distortion, such as a tax.
deflation Correct Answers A situation in which prices are
declining
diminishing returns story Correct Answers The supply curve
for a competitive industry is upward sloping in the short-run
because
dynamic efficiency Correct Answers The ability of an economy
to increase consumer satisfaction through innovation and
technological change
efficiency loss Correct Answers is measured as the combined
loss of consumer surplus and producer surplus.
fascism Correct Answers A political system headed by a
dictator that calls for extreme nationalism and racism and no
tolerance of opposition
free trade Correct Answers international trade free of
government interference
fuedal Correct Answers A political system in which nobles are
granted the use of lands that legally belong to a king in return
for loyalty and military service
GATT Correct Answers General Agreement on Tariffs and
Trade
adam smith Correct Answers Scottish economist who wrote the
Wealth of Nations a precursor to modern Capitalism.
barriers to trade Correct Answers various government policies
that discourage importing goods from foreign countries
calculate growth rates Correct Answers { (GDP 2005 - GDP
2004) rule of 70
capitalism Correct Answers An economic system based on
private ownership of capital
communism Correct Answers A theory or system of social
organization based on the holding of all property in common,
actual ownership being ascribed to the community as a whole or
to the state.
cost Correct Answers the value of everything a seller must give
up to produce a good
David ricardo Correct Answers (1772-1823)-English
economist who formulated the "iron law of wages," according to
which wages would always remain at the subsistence level for
the workers because of population growth.
dead weight loss Correct Answers The fall in total surplus that
results from a market distortion, such as a tax.
, deadweight Correct Answers The fall in total surplus that
results from a market distortion, such as a tax.
deflation Correct Answers A situation in which prices are
declining
diminishing returns story Correct Answers The supply curve
for a competitive industry is upward sloping in the short-run
because
dynamic efficiency Correct Answers The ability of an economy
to increase consumer satisfaction through innovation and
technological change
efficiency loss Correct Answers is measured as the combined
loss of consumer surplus and producer surplus.
fascism Correct Answers A political system headed by a
dictator that calls for extreme nationalism and racism and no
tolerance of opposition
free trade Correct Answers international trade free of
government interference
fuedal Correct Answers A political system in which nobles are
granted the use of lands that legally belong to a king in return
for loyalty and military service
GATT Correct Answers General Agreement on Tariffs and
Trade
