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100 Cards in this Set

  • Front
  • Back
What numbers assign rank?
ordinal
What numbers assign value
cardinal
The assumption that more is preferred to less?
Rationality
A value on the X axis is called what?
Abscissa
A value on the Y axis is called what?
Ordinate
A point on the graph which display both these values is called what?
coordinate
What is the catalytic factor of production
Entreprenuer
The Wealth of Nations set forth priciples of free trade using what doctrine?
Invisible Hand Doctrine
What group of economists believed in Free Trade?
Classical Economists
When the price of one good is decreased, and it becomes an attractive alternative to another good, the quantitiy demanded is?
Increased
Conspicuous Consumption occurs when what effect is reversed?
Substitution
The indifference curve of a perfect substitute is, straight, linear, convex, or concave?
linear
The point at wich the indifference curve approaches but doesn't touch each axis?
Asymptote
Wealth = Goods + Services is what?
Quantity Theory of Money
Assuming what is true for the part to be true for the whole?
Fallacy of Composition
Reasoning from the particular to the general?
Inductive
Reasoning from the general to the particular?
Deductive
An analysis which considers all significant variables over a time series?
Dynamic
An economic good is ______ and therefore commands a ________.
scarce and price
What is the secondary factor of production?
capital
Indifference curve
Edgeworth
Classical rent doctrine and the labor theory of value
Ricardo
Founded the Academy, wrote the Republic
Plato
Consumer surplus, theory of the firm
Marshall
Wealth of Nations
Smith
Law of diminishing returns
Malthus
Replace social security with negative income tax
Milton Friedman
Quantity theory of money
David Hume
Concept of demand, Father of European market
Monnet
Educational vouchers. Negative income tax
Milton Friedman
Law of supply and demand
(equilibrium theory)
Walrus
Father of physiocracy
Quesnay
Just price just wage
St. Thomas Aquinas
Capitalism will lead to democratic socialism
Schumpeter
Law of diminishing marginal utility, study of natural laws
Carl Menger
Law of Comparative Advantage
Ricardo
The Utility Theory
John Stuart Mill
Business Cycle
Karl Marx
He was a demographer and pessimist.
Malthus
Single Tax
Reynold's System
If it is price then it is a free good?
False
When you economize, you minimize input with the given output?
True
Economics is an engine for the discovery of concrete truths?
True
An ! after an integer is called an absolute value?
False
Concept of Division of Labor was first developed by Mencius?
True
Plato called his inductive form of logic the dialectics?
True
Confucius wrote the Golden Rule?
True
Colbert wrote "Discourse on Trade"?
False
Aristotle's deductive logic tests used syllogistic logic?
True
Plato founded the Lyceum
False
Marshall said economices is the study of natural law?
False
Capital is the primary factory of production according to Ricardo?
False
Jean Colbert was a mercantilist?
True
St. Thomas Aquinas believed in just price, just wage?
True
Quesnay wrote "Tableau Economique"?
True
Malthus believed in comparative advantage?
False
To economize is to maximize output with given inputs?
False
Ricardo came up with the concept of Comparative Advantage?
True
Mills founded the "Utility Theory"?
True
If the price of an inferior good was decreased, and your real income increases, you would buy more of that good?
False
Plato called his inductive form of logic the dialectics?
True
Confucius wrote the Golden Rule?
True
Colbert wrote "Discourse on Trade"?
False
Aristotle's deductive logic tests used syllogistic logic?
True
Plato founded the Lyceum
False
Marshall said economices is the study of natural law?
False
Capital is the primary factory of production according to Ricardo?
False
Jean Colbert was a mercantilist?
True
St. Thomas Aquinas believed in just price, just wage?
True
Quesnay wrote "Tableau Economique"?
True
Malthus believed in comparative advantage?
False
To economize is to maximize output with given inputs?
False
Ricardo came up with the concept of Comparative Advantage?
True
Mills founded the "Utility Theory"?
True
If the price of an inferior good was decreased, and your real income increases, you would buy more of that good?
False
The fallacy of composition occurs with what type of logic?
Inductive
Economic Goods are _______ while free goods are not?
Scarce
Minimizing inputs with a given level of output is called what?
Economy
A time series of analysis of all significant variables is called?
Dynamic
Marginal cost is the slope of?
Total Cost
What you wuld have gotten in the best thing you did not do is called?
opportunity cost
What is an economist's word for money?
Money
What is the frontier line of maximum output capabilities that may be achieved when all available facors of production are being fully employed at their highest and best use called?
PPC
Output is called what?
product
Economic Rent is a payment to what?
A factor of production
What are "Primary Factors"?
Land and Labor
What is the "Secondary Factor"?
Capital
A factory pollutes a stream as a by product of its production is creating what?
external diseconomy
Marxism is distribution according to need, meritocracy is distribution according to?
scarcity
A weight decreasing industry would tend to operate near?
Raw materials
First person to develop the concept of "Division of Labor"?
Mencius
Who proposed the ideal communistic state in The Republic?
Plato
Who thought the Lyceum had a better football team than the academy?
Aristotle
This Dominican monk and School of Man was the author of Summa Theologica?
St. Thomas Aquinas
I'm a "Bullionist" in England, who is my ideological leader?
Thomas Mun
My French Mercantilist friends would look up to whom?
Jean Baptiste Colbert
A mercantilist would support Nafta?
False
Stationary State Doctrine is to Ricardo as Iron Law Of Wages is to Marx?
Karl Marx
Who developed the indifference curve to measure ordinal utility?
Edgeworth
How many terms are in
4X^7*X+7X^6(X)+9X^5?
3