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Economics Final Flashcards

0
Q

In the medieval manorial organization, the serf:

A

Had specific payments of labour and products to make to his lord

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1
Q

David Hume believed that trade surpluses would eliminate themselves, why?

A

Because they tend to cause inflation which would make a country’s products less competitive.

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2
Q

Christian paternalism included all of the following ideas

A

We are our brothers keeper, ostentatious displays of wealth are inappropriate, charity is both a virtue and a duty.
Exception: everyone should do their best to improve their position in life

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3
Q

Olsen’s thesis power and prosperity is

A

Stationary and roving bandit. If bandit or mafia stays and protects villagers, mafia has encompassing interest to protect villagers. Mafia becomes government with leader collecting money for protection

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4
Q

Totalitarianism

A

Absolute control of a nation by an autocratic government. Or dictatorship.

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5
Q

Which European city was the centre of the intellectual and artistic revolution that was part of the renaissance?

A

Florence

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6
Q

Who led the first European voyage to successfully circumnavigate the World

A

Ferdinand Magellan

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7
Q

Who said “A merchant can scarcely be pleasing to god”

A

Thomas aquinas

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8
Q

All of the following, except one, are reasons why towns and cities became depopulated during the early feudal period in Europe:

A

Towns had become unsanitary, towns were easy targets for marauding bands, people in towns ran a greater risk of not obtaining food.
Exception: people in towns and cities had to pay higher taxes

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9
Q

The feudal system can best be characterized as a

A

Customary economy

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10
Q

In which country during the feudalist period was it possible for a bright young man from a village to be chosen to study, be examined and become a member of the governments bureaucracy

A

China

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11
Q

What was the inquisition

A

A tribunal of the Roman Catholic Church established for the discovery and punishment of heresy.

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12
Q

Gross Domestic Product

A

Market value of final goods and services newly produced in a country in a given period.

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13
Q

Foragers were not maximizes they were?

A

Satisfizers

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14
Q

What was the approximate size of the population of the Roman Empire

A

100 million

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15
Q

Abraham Maslow’s Hierarchy of needs?

A 
Physiological
Safety
Belonging and Love
Esteem
Self-actualization
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16
Q

Two efficiencies a market economy produces?

A

Allocative efficiency- the production of output that best satisfies the consumers demand
Productive efficiency- the production of output at the lowest average cost

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17
Q

What is mercantilism?

A

Attempt to keep the state prosperous by economic regulations

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18
Q

Who is the current governor of the bank of Canada

A

Mark carney

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19
Q

What are the similarities in the rise of both Fascists in Italy and Nazis in Germany?

A

Suffering economic distress, felt bitter about the outcome of the WW1, neither had a history of great faith in parliamentary democracy, both used parliamentary system to end democracy

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20
Q

Mercantilist a believed all of the following

A

The government should exercise string control of the economy, trade surplus are beneficial to the country, gold and silver bullion are the main sources of wealth to a nation
Exception: citizens should be allowed to export anything they wish as long as it is profitable

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21
Q

Why did foragers mostly die out?

A

Civilizations pushed foragers out
Forced to change
Population growth
Food shortage

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22
Q

The reasons why washrooms are provided free while people have to pay for popcorn at the movies is because

A

It’s just a matter of custom

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23
Q

Three ways to acquire gold

A

Trade, colonialism, war/ piracy

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24
Q

All of the following are economic policies of Colbert

A

Introduction of tariffs and imported goods, increased regulations on manufactures goods, the attempt to build a powerful colonial empire, the creation of large monopolistic trading companies.
Exception: elimination of the guild system

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25
Q

How many people is it estimated were killed by the Black Death in 14th century Europe

A

30 million

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26
Q

Failure of foraging society?

A 
Lack of choice:
Food
Education
Live
Work
Retire
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27
Q

Fascism

A

Totalitarian philosophy of government that glorifies the state and assigns to it control over every aspect of national life

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28
Q

Papa New Guinea gathered and harvested what?

A

Gathered Sago

Harvested taro

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29
Q

What is a Favourable balance of trade and how is it achieved

A

Export greater than import

Decrease import
Quota, tariff
Increase export
Subsidies

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30
Q

Examples of communes

A 
Shakers
Hutterites
Rappites
Doukhobours
Essenes
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31
Q

Major theme of economics?

A

Scarcity - make a choice - involves a cost

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32
Q

What is meant by furher-prinzip

A

The leader is the embodiment of the state

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33
Q

Foraging society

A

Economic needs are satisfied by hunting and gathering

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34
Q

The introduction of agriculture had the following consequences

A

Big increase in levels of production, production of surpluses and the resulting introduction of storage and preservation methods, introduction of new technologies in building homes, tools, storage, increased specialization and the introduction of new roles and occupations

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35
Q

What happened October 1929

A

Wall Street crashed.

5.5-6 million Germans unemployed

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36
Q

Normative

A

Belief or opinion, cannot be verified

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37
Q

Truth about the Roman Empire

A

1/4- 1/3 of the population of Rome were slaves, it was 10 times the size of Italy today, lasted from 31BCE- 476BCE, in one 70 year period it was ruled by 29 emperors.

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38
Q

What does autarky mean?

A

Self sufficiency for a nation and independence

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39
Q

Nomadic means?

A

No fixed residence

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40
Q

The feudal lords provided there serfs with all of the following:

A

Supervision in organizing manorial life, administering justice in the manor, physical and economic protection.
Did not provide assistance in training a serf to enter a guild

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41
Q

What was the name of the para-military units of the Fascists party

A

Squadristi

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42
Q

Fall of Rome

A

Too big, no industrial base, huge army, increasingly difficult to administer.

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43
Q

14 big mammals

A

Horse, cow, pigs, goats and sheep

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44
Q

What was the main purpose of Britain’s an ovation a acts

A

To help promote the growth of the British shipping industry

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45
Q

Opportunity cost

A

Best alternative foregone.

Ex. Taking this class, has a cost= work, sleeping, exercise

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46
Q

Functions of bank of Canada

A

Monetary policy, banker to banks and government, issue currency

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47
Q

Difference between custom and cooperation economies

A

The class system

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48
Q

Phalanx

A

Self sufficient independent community

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49
Q

What are characteristics of totalitarianism

A

State and leader worshiped, state controls all aspects of a citizens life, state is militaristic and imperialistic, non-democratic rights of the state come first

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50
Q

Factor of income

A

Rent, wages, interest, revenue

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51
Q

Characteristics of a command economy

A

Militaristic, centralized, imperialistic

52
Q

Definition if money

A

Anything widely accepted as a medium of exchange and therefore it can be used to buy goods and services or settle debts

53
Q

Who introduced a Puritan element into the Protestant movement

A

John Calvin

54
Q

3 consequences of nomadic life?

A

Carrying capacity- size of group is limited
Few possessions- common ownership, liability during travel
No surplus- no storage, wagons, preservation

55
Q

What is money

A

Demand deposit and currency

56
Q

Characteristics of money

A

Acceptable, durable, portable, divisible, standardized

57
Q

Which French socialist influenced Mussolini’s ideas

A

George sorel

58
Q

Who wrote guns, germs and steel?

A

Jared diamond

59
Q

The 4 C’s? What do each mean?

A

Cooperation- economics decided through consensus
Command- economics which are controlled by a single individual (king, emperor, dictator)
Custom- economics where decisions are determined on customs, which are reinforced by religion
Competitive- economics where decisions are made by individuals and the market determines price and allocation of the product.

60
Q

Single most important invention of all time?

A

The printing press

Johannes Gutenberg

61
Q

Technology means?

A

A method of production

62
Q

Universal Unity

A

12 passions-
5 senses- sight, taste, hear, touch, smell
4 group passions- friendship, love, family feelings, ambition
3 distributive passions- planning, change, unity

63
Q

Sparta slaves were called?

A

Herlots

64
Q

Positive

A

Facts, verifiable

65
Q

Factor of production

A

Land, labour, capital, enterprise

66
Q

What will tend to create a trade deficit

A

Increase in imports

67
Q

Definition of Economics

A

Study of how people allocate their limited resources to satisfy their unlimited wants

68
Q

Which book showed an idealistic attitude towards governance

A

More’s Utopia

69
Q

At the time of the crusades which of the following cities was the largest

A

Venice

70
Q

3 fundamental questions of economics

A

What to produce
How to produce- capital or labour intensive?
For whom? How to distribute?

71
Q

What things are produced

A

Goods and services

Capital goods

72
Q

What is not money

A

Credit cards, debit cards, personal cheques

73
Q

Competitive advantage

A

Lower opportunity cost of production

74
Q

Adam Smith believed that the wealth of a nation could grow because of all except one of the following. Which is the exception?

A

The promotion of trade monopolies

Included: division of labour, parsimony, competitive market system

75
Q

What does physiocracy mean

A

The rule of nature

76
Q

Law of diminishing returns

A

With technology and the resource base held constant, at some time in any productive process, further equal additions of a variable resource will yield successively smaller increments of output

77
Q

Marginal product

A

Mp= change tp/ change labour

78
Q

Participation rate

A

Labour force/ working age x 100%

79
Q

Which industry in Britain was the leading edge during the industrial revolution

A

The cotton industry

80
Q

Average product

A

Ap= tp/ # workers

81
Q

Who was the leader of Physiocratic movement in France

A

Francois Quesnay

82
Q

What effect do preventative checks have

A

They decrease the birth rate

83
Q

Unemployment rate

A

Unemployed/ labour force x 100%

84
Q

Who were the Luddites

A

A group of craftsmen who protested by destroying machines and factories

85
Q

Who developed the theory of comparative advantage

A

David Ricardo

86
Q

Absolute advantage

A

Produce more

87
Q

How does the market react to a shortage

A

Price increases above natural price, which leads to profits increasing, therefore new firms enter the market, surplus amounts, price then decreases to the natural price

88
Q

2 features of a public good

A

Non-rival: your consumption does not reduce the amount available for others. Ie. TV show

Non-essential: it is impossible/ costly to prevent non-buyers from enjoying the benefit. Ie. lighthouse, military defence

89
Q

Most important invention of the industrial revolution

A

Steam engine

90
Q

Natural price is made of 3 elements

A

Rent, wages and profits

Payments made to:

Land, labour and capital

91
Q

What does physiocracy mean?

A

The rule of nature, where the belief is nature and natural laws govern human behaviour.

92
Q

3 functions of government

A

Protecting g society from foreign attack

Establishing a legal and social foundation

Provision of public goods

93
Q

1950, what 2 mega mega cities with 5 million population

A

New York and London

94
Q

What problems are associated with low birth rate and low mortality rate

A

Can enough food be provided, is there enough resources, control growing population
Aging society brings increases in population and pension and rises immigration needs
Richest billion consume 80% of resources while other 6 billion make do with the remaining 20%

95
Q

What’s a quasi-public good

A

Private goods that are provided by the government because they involve extensive benefits for the general public. Ie. education, healthcare and postal service.

96
Q

Participation rate

A

Labour force/ working age X 100%

97
Q

What is Malthus’s preventative and positive checks?

A

Preventative: helps to reduce the birth rate through contraception, abortion and infanticide. Based on unnatural vices.

Positive: helps increase the death rate through war, natural disaster, disease and famine. Based on misery.

98
Q

Unemployment rate

A

Unemployed/ labour force X 100%

99
Q

Smith included what as public goods

A

Canal, harbour, post office, coinage, schools and churches

Free education for common people was essential

100
Q

Adam Smith suggested 3 factors for increasing wealth of nations

A

Competitive market system: reward success and penalize failure

Division of labour: increase productivity

Parismony: allows an economy to invest more in capital

101
Q

Industrial revolution started

A

1780-1850

102
Q

Three classes of nature

A

Productive: farmers, fisherman
Proprietary: do not contribute to economy, but receive the most ie. king, church.
Sterile: transformers of natures produce ie. traders, merchants, teachers, doctors

103
Q

Demand less than supply- surplus= price decrease

Demand greater than supply- shortage= price increase

A

.

104
Q

4 pillars of a market economy

A

Trade and specialization
Competition
Private ownership
Legal and social foundation

105
Q

Public good

A

Goods or services whose benefits are not affected by number of users from which no one can be excluded

106
Q

5 big changes from industrial revolution

A

Shift from rural to urban society
Shift from cottage to factory industry
Shift from the production of consumer goods to capital goods
Big increase in profits of new class of industrialists
Big increase in population

107
Q

Two countries with the lowest birth rate and lowest mortality rate

A

Canada and Japan

108
Q

What do anarchists believe

A

That governments should be abolished

109
Q

According to Marx, what are the “forces of production”?

A

It refers to the production resources and technological know-how a society possess

110
Q

According to Marx, who are the proletariat

A

The industrial, urban working class

111
Q

All, but one had a big influence on Marx, which is the exception

A

Vladimir Lenin

Influencers:
Feuerbach
Ricardo
Hegel
Darwin
112
Q

According to Marx, all of the following except one, will cause the demise of capitalism

A

Reforms brought about by trade union action

Will cause:
Falling rates of profit
Immiseration of the proletariat
Monopolization 
Instability of capitalism and its tendency toward booms and slumps
113
Q

Who said property is theft

A

Pierre-Joseph Proudhon

114
Q

According to Marx, the history of hitherto existing society is the history of

A

Class struggle

115
Q

According to Marx, what type of society will follow after capitalism

A

Socialism

116
Q

When was Das Kapital published

A

1867

117
Q

All if the following, except one, are common themes of socialists

A

They believe that capitalism can only be overthrown through violence and revolution

Themes
Believe productive resources should be publicly owned or controlled.
Believe that collective action is needed to bring about change.
Believe human beings are perfectible and individuals can be changed by first changing society.
Believe different classes in society are in conflict and one class gains only at the expense of another.

118
Q

When did the Soviet Union come to an end?

A

1991

119
Q

What is the literal meaning of Bolshevik

A

Majority

120
Q

Neoclassical economists believed all of the following except one

A

Overproduction will cause the exchange rate to drop

Believed:
Overproduction will cause prices to fall.
Unemployment will disappear because wage rates will drop.
Under-spending will mean an excess of savings which will cause interest rates to drop.

121
Q

What is stagflation

A

High inflation and high unemployment

122
Q

Who introduced the New Deal

A

Franklin Roosevelt

123
Q

According to Premier Deng of China: “market economies need not be surnamed capitalism, for socialism too has…

A

Markets

124
Q

All of the following except one is true of the Islamic Republic of Iran

A

Women are allowed to enter any profession except law

125
Q

What 3 factors are considered in computing the HDI

A

Life expectancy, education levels and GDP per capita levels

126
Q

What is the purpose of Sweden’s solidaristic wage differentials

A

To ensure equal wages for each skill and seniority level across all firms in an industry

127
Q

Since 1990 which of the following countries has seen the highest and which has seen the lowest increase in average income

A

China and Iran

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