What Was Iceland's Comparative Advantage?

Submitted By bninja
Words: 3051
Pages: 13
Open Document
1. What was Iceland's Comparative Advantage?
(a) Produce, Novels, Energy
(b) Manufacturing, Novels, Produce
(c) Energy, Fish, Novels
(d) Fish, Novels, Manufacturing

2. How did the secret document change agriculture in China?
(a) It increased L
(b) It increased A
(c) It increased K
(d) It increased P

3. Which of the following is true about MPL
(a) It is negative and decreasing
(b) It is negative and increasing
(c) It is positive and decreasing
(d) It is positive and increasing

4. What is the capital accumulation equation in the Solow Growth Model?
(a) ΔK = It - dK
(b) ΔK t+1 = It - dKt
(c) ΔIt = dKt
(d) ΔI t+1 = Kt - dIt

5. What is output per worker in the Solow-Growth Model?
(a) Ᾱ(s/d)^(.5)
(b) Ᾱ^(.5)(s/d)^(1.5)
(c) Ᾱ(d/s)^(.5)
(d) Ᾱ^(1.5)(s/d)^(.5)

6. What best describes changes in manufacturing employment in the U.S.?
(a) Number of workers has gone down, skill level have gone down
(b) Number of workers has gone up, skill level have gone up
(c) Number of workers has gone down, skill level have gone up
(d) Number of workers has gone up, skill level have gone down 7. Which person on the presidential ticket is the most Hayekian?
(a) Ryan
(b) Romney
(c) Obama
(d) Biden

8. What happened when prices were frozen?
(a) Prices stopped increasing
(b) GDP Increased
(c) Trade increased
(d) People hid cows

9a. What was the primary cause of the giant pool of money investing in home mortgages?
(a) Increased trade deficits
(b) High interest rates in the U.S.
(c) Low interest rates in the U.S.
(d) Relaxed credit standards

9b. What spread the cold of collateralized debt obligations?
(a) CDSs
(b) CSDs
(c) DSDs
(d) SDSs 10. What best describes what happened to Magnitar?
(a) They made money making crappy CDOs
(b) They lost money making crappy CDOs
(c) They made money making good CDOs
(d) They lost money making good CDOs

11. What is a new thing that the fed is doing?
(a) Changing Interest Rates
(b) Lending Directly to Banks
(c) Buy Assets like Mortgage Backed Securities

12. What are the "origin stories" of the Fed and ECB "primary fears"?
(a) Both fear unemployment
(b) Both fear inflation
(c) Fed fears inflation, ECB fears unemployment
(d) Fed fears unemployment, ECB fears inflation

13. What would be hard to do if the U.S. had no debt?
(a) Fiscal Policy
(b) Monetary Policy
(c) Exporting
(d) Importing

14. What was Iceland voting on?
(a) Repaying the banks
(b) Repaying bank customers
(c) Repaying foreign governments 15. what hurt Switzerland about its currency?
(a) it was too strong
(b) it was too weak
(c) it was not tradable outside of Switzerland

16. What part of CPI are more volatile?
(a) clothing and electronics
(b) house and cars
(c) food and energy
(d) health and education services

17. What currency did the Argentines peg the Peso to?
(a) Swiss Franc
(b) Euro
(c) Dollar
(d) Yen

Podcast 1: Switzerland
(a) Explain how a strong currency can help and hurt a country.
It is helpful to consumers because it makes it cheaper to import goods, which helps to control inflation. But at the same time, it makes it more expensive for others to purchase your goods, which makes exports go down. Both effects will tend to depress GDP, holding everything else constant.
Podcast 2: CPI
(a) Explain the difference between core and overall CPI and how this relates to the goods in the podcast.
Core CPI measures changes in the price level for less volatile goods, i.e. it excludes things such as food and energy. In the podcast we saw a large price change for lettuce, which would be included in overall but not core CPI.
Podcast 3: Iceland
Explain why trade was important in the development of Iceland's economy. Cite examples of things that Iceland was not able to consume without trade, and things that Iceland has been able to trade.
Iceland had few natural resources, but by exporting fish it was able to begin trading with other
Show More

Related Documents: What Was Iceland's Comparative Advantage?

Assignment 1 ECON 2010 002 Summer 2015 Princ Of Microeconomics Essay

7/3/2015 Assignment 1: ECON 2010­002 Summer 2015 Princ Of Microeconomics Assignment 1 Due Jul 3 at 11:59pm Allowed Attempts 2 Points 32 Questions 32 Available Jun 25 at 12am ­ Jul 3 at 11:59pm 9 days Time Limit None Instructions In this assignment you will have two attempts. Although the first attempt will show you if your answers were right or wrong, the correct answer won't show up until the final deadline. Take the Quiz Again Attempt History Attempt Time Score LATEST…

Words 2148 - Pages 9

Essay about Class Slides Week 3A 2

ECON 157 -- Professor Handel -- Week 3A 1 Demand for Insurance: Information and Complexity Week 3A Health Insurance in Reality ECON 157 -- Professor Handel -- Week 3A 2 Health Insurance in Reality • Last week we talked about key aspects of consumer demand for insurance • Choice Under Uncertainty • Risk Aversion • Expected Utility • Simple model of insurance with premium p paid up front and payout q if consumer gets sick • Similar conceptually to health insurance in reality, but details in…

Words 2279 - Pages 10

the essay of life

Department of Economics and Finance School of Business Administration Montclair State University Econ 207-01 Course Outline Instructor: Ram Sewak Dubey Fall 2014 Office Hours: MW 4:30pm-5:30pm, M 12:45pm -1:45pm Office: 422, Partridge Hall Phone: 973-655-7778 Email: dubeyr@mail.montclair.edu Lecture Schedule: MW 11:30am-12:45pm Location: PA 114 I Note on Office Hours: I understand that these office hours may conflict with your class schedules. This should not come in the way of learning.…

Words 1189 - Pages 5

Econ-Ua 2 Principles Of Economics Chapter 2

ECON-UA 2 PRINCIPLES OF ECONOMICS II CHAPTER 03 HANDOUT DR. ANDREW PAIZIS – NYU 1 NEW YORK UNIVERSITY Department of Economics THE AVIAN FLU  In 2005, both in the United States and Europe the market for chicken had about the same price, as it can be seen from the following Figure 1:  In 2006, the chicken flu epidemic affected Europe and Asia.  This generated considerable fear among consumers in Europe, and the demand curve shifted drastically to the left in 2006. The…

Words 847 - Pages 4

Econ 102 Quiz Essay

Econ 102 quiz 1 Question 1 of 10 10.0/ 10.0 Points Economics is best defined as the study of A. financial decision-making B. how consumers make purchasing decisions. C. choices made by people faced with scarcity. D. inflation, unemployment, and economic growth Answer Key: C Question 2 of 10 10.0/ 10.0 Points Macroeconomics differs from microeconomics in that A. macroeconomics is the study of individual markets, while microeconomics…

Words 1498 - Pages 6

Economics: Economics and Long Term Expenses Essay

+ Basic Economic Ideas Lydia King +Economic Choices  What is economics? : Economics is the study of how we make decisions when resources are limited. It has been called “ the science of decision making”.  We have to make economic choices when faced with needs (things we need for survival), and wants (things we want but don’t need for survival). When making economic choices, it is important to be fiscally responsible- not spending more than you earn.  For example, an economic choice would…

Words 420 - Pages 2

Notes Ax Predictive Working Class: Marxism And Conditions Of Capitalism

workers eg machine operators unskilled manual workers eg farmers Weber econ classes distinct groups defined by position in econ system (labor and commodity markets) no specific number (as many classes as distinct market positions) social closure (process of exclusion and withholding opportunities) class matters for individual outcomes no assumption of class collective action pessimistic marx neomarx distinct groups defined by position in econ system (ownership of capital) limited and specified # (2 in ideal…

Words 2880 - Pages 12

Study Guide for EC301 Essay

Study Guide for EC301 Your final exam consists of 34 multiple choice questions and three problems. I have listed below an example of what your exam will look like. This is your final exam. Good luck on your final. You just need to study these questions and you will do well on your final exam. Tom Econ 301 Intermediate Macroeconomics Study Guide, Professor Thomas Hiestand, Park University Online, Final Exam (Weight 300 Points) ______________________________ Multiple choice Questions…

Words 741 - Pages 3

Argumentative Essay: What Should Be Done Over Gun Ownership?

now walk around the streets with lethal weapons on their side. With this law enacted crime rate has increased. A study from the “Journal of Criminal Law and Criminology” observed 5 urban cities. With their research they concluded that gun homicide rates have increased “on average” by 4.5 per 100,000 persons following the enactment of the “shall-issue” laws. A peer reviewed study in “Econ Journal Watch found that the shall-issue laws increased the numbers of aggravated assaults between 1977 and 2006…

Words 608 - Pages 3

Economics: Economics and Water Policy Reform Essay

Economics and Water Scarcity Econ Assignment According to Survey of Economics, economics is “ the study of choices when there is scarcity”(Sullivan, Sheffrin & Perez, 2012). Scarcity is a concept that is very familiar to some cultures, but not others. Here in the United States we have a culture of not appreciating the resources we have. Economics looks closer at these resources and the choices that humans make to determine the future of these resources. One scarcity problem that affects…

Words 467 - Pages 2