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70 Cards in this Set

  • Front
  • Back
F. Punt: Does he really want me to answer this?
“It’s raining outside my window here in Washington”, said Mr. Gore.
“It must be raining back home in Tennessee.” This is an example of

A. Democratic Idealism
B. Fear and Loathing on the Potomac C. Bad Meteorology
D. Inductive Logic gone wrong
E. Deductive Logic gone syllogistic
F. Punt: Does he really want me to answer this?
E. All of the above
President Carter said, “That may be good in theory, but it doesn’t hold water in the real world.” Mr. Carter is A. A Democrat
B. Unclear on the concept
C. A former Peanut farmer D. A victim of lust in his heart
E. All of the above
Predict
What should a theory do well?
Inductive
The Fallacy of Composition occurs with what type of Logic?
Necessary
It is an essential requirement for a specific outcome. (__________Condition)
Scarce
Economic Goods are __________________ while Free Goods are not
Economy
Minimizing inputs with a given level of output is called what?
Dynamic
A time series analysis of all significant variables is called?
TC
Marginal Cost is the slope of?
Opportunity Cost
What you would have gotten in the best thing you did not do is called?
True
A lawyer prepares a contract for his client in August 1998.
This action is properly accounted for in 97-98 GNP. (True or False?)
Money
What is the economist’s word for Money?
PPC
What is a Frontier line of maximum output capabilities that may be achieved when all available factors of production are being fully employed at their highest and
best use called?
Product
Output is called what?
A factor of Production
Economic Rent is a payment to what?
Land & Labor
What are the Primary factors?
Capital
What is the secondary factor?
External Diseconomy
A factory that emits pollution into a neighboring stream as a by-product of its production is creating a what?
Scarcity
Marxism is distribution according to need, meritocracy is distribution according to?
E. The Ocean
A weight decreasing industry would tend to operate near A. Overweight people
B. The Point of Sale
C. Canada, eh
D. Raw Materials
E. The Ocean
Confucius
First person to profess the Golden Rule?
Mencius
First person to develop the concept of Division of Labor?
Plato
Who proposed the ideal communistic state in The Republic?
Aristotle
Who thought the Lyceum had a better football team than the Academy?
St. Thomas Aquinas
This Dominican Monk and School Man was the author of Summa Theologica
Mun
I’m a Bullionist in England, who is my ideological leader?
Colbert
My French mercantilist friends would look up to who?
False
A Mercantilist would support NAFTA. (True or False?)(North American Free Trade Agreement)
Quesnay
He was Madame de Pompadour’s physician and father of the Physiocrats.
Hume
Who first proposed that wealth did not come from gold?
Smith
Who set out to prove him wrong only to prove him right?
Wealth of Nations
Mr. Smith hung his ornaments on the Christmas Tree of Laissez Faire in what 1776 published inquiry?
Physiocrats
From what school of thought did Smith borrow the term Laissez Faire?
Malthus
Who explained that when equal amounts of a variable input are
successively added to a fixed input, the MPP will eventually diminish due to unbalanced growth.
Decreasing returns to scale
Describe the productivity when proportional increases in inputs correspond to an output increase from 100 to 150 to 175.
False
A business should always operate at the point of Diminishing Returns.
(True or False?)
Geometric
What kind of progression is represented by the following series of numbers: 1-2-4-8-16-32-64-128-256-512-1024-2048-4096?
False
Malthus was an optimist. (True or False?)
Labor
According to David Ricardo what factor is the source of all value?
False
David Ricardo was a proponent of import tariffs. (True or False?)
Landowner
Ricardo thought surplus value was captured by who?
False
Ricardo like Marx was a student of Business Cycles. (True or False?)
Mill
Who was the prized pupil of Jeremy Bentham?
Capitalist
Marx thought surplus value was captured by who?
Dialectical Materialism
Marx borrowed heavily from Plato and Hegel in developing what system of historical review?
Free Trade
What was the universal tenet of the Classical Economists?
Ricardians
What were the Classical Economists also known as?
Walras
Who wrote the General Theory of Equilibrium and was one of the three men responsible for developing the concept of MU?
Marshall
Of paper, rock, scissors, who preferred scissors to explain Supply & Demand
Marshallian
The Neo-Classical economists are also known as?
Marshall
Created the term Widget to describe an undefined Good or Service?
Edgeworth
Who developed the Indifference Curve to measure ordinal utility?
Schumpeter
Who blamed business cycles on discontinuous entrepreneurship?
Keynes
Who is responsible for developing the Keynesian Cross?
Hayek
Who wrote the “Road to Serfdom”?
Utility
Demand is a function of?
MV=PQ
The Hume-Fisher equation of exchange is written out as?
Factorial
An ! after an integer is called a?
2
How many factors are in the following expression: 16x (to the 5th)
How many terms are in the following expression [NEED GRAPHIC]
3
Ordinate
A value measured on the y axis is called an?
(0,0)
What is the coordinate for the origin?
Tangent
If two lines on a graph touch, but do not cross, they are said to be what?
Asymptotic
If two approaching lines on a graph get closer and closer, but do not touch, they are said to be what?
Vector
What is a straight line drawn from an initial point called?
0
A horizontal line has a numerical slope of what?
False
There is sometimes a single number which represents slope for all points on a curvilinear function. (True or False?)
False
A minus sign in a slope answer indicates that the function is positively sloped? (True or False?)
37
Assume y=25x0 – 48x-2 + 3x3. Find y when x = 2
[NEED GRAPHIC]
Infinity (negative exponent causes you to have to divide by zero).
Assume y=25x0 – 48x-2 + 3x3. Find y when x = 0 (Be careful!)