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From Flashcardlet > Economic Midterm > Flashcards

Economic Midterm Flashcards

0
Q

What happened October 1929

A

Wall Street crashed.

5.5-6 million Germans unemployed

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1
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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2
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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3
Q

14 big mammals

A

Horse, cow, pigs, goats and sheep

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4
Q

Which French socialist influenced Mussolini’s ideas

A

George sorel

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5
Q

What does autarky mean?

A

Self sufficiency for a nation and independence

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6
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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7
Q

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

A

100 million

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8
Q

Totalitarianism

A

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

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9
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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10
Q

Sparta slaves were called?

A

Herlots

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11
Q

Fall of Rome

A

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

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12
Q

What is meant by furher-prinzip

A

The leader is the embodiment of the state

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13
Q

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

A

Squadristi

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14
Q

Papa New Guinea gathered and harvested what?

A

Gathered Sago

Harvested taro

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15
Q

Who wrote guns, germs and steel?

A

Jared diamond

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16
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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17
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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18
Q

Characteristics of a command economy

A

Militaristic, centralized, imperialistic

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19
Q

Normative

A

Belief or opinion, cannot be verified

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20
Q

Major theme of economics?

A

Scarcity - make a choice - involves a cost

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21
Q

Abraham Maslow’s Hierarchy of needs?

A 
Physiological
Safety
Belonging and Love
Esteem
Self-actualization
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22
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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23
Q

Foraging society

A

Economic needs are satisfied by hunting and gathering

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24
Q

Definition of Economics

A

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

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25
Q

Factor of production

A

Land, labour, capital, enterprise

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26
Q

What things are produced

A

Goods and services

Capital goods

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27
Q

3 fundamental questions of economics

A

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

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28
Q

Failure of foraging society?

A 
Lack of choice:
Food
Education
Live
Work
Retire
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29
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

30
Q

Why did foragers mostly die out?

A

Civilizations pushed foragers out
Forced to change
Population growth
Food shortage

31
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

32
Q

Factor of income

A

Rent, wages, interest, revenue

33
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

34
Q

Opportunity cost

A

Best alternative foregone.

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

35
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.

36
Q

Phalanx

A

Self sufficient independent community

37
Q

Technology means?

A

A method of production

38
Q

Nomadic means?

A

No fixed residence

39
Q

Foragers were not maximizes they were?

A

Satisfizers

40
Q

Examples of communes

A 
Shakers
Hutterites
Rappites
Doukhobours
Essenes
41
Q

Positive

A

Facts, verifiable

42
Q

In the medieval manorial organization, the serf:

A

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

43
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

44
Q

The feudal system can best be characterized as a

A

Customary economy

45
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

46
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

47
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

48
Q

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

A

Venice

49
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

50
Q

What was the inquisition

A

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

51
Q

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

A

Thomas aquinas

52
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

53
Q

Who led the first European voyage to successfully circumnavigate the World

A

Ferdinand Magellan

54
Q

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

A

30 million

55
Q

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

A

Florence

56
Q

Who introduced a Puritan element into the Protestant movement

A

John Calvin

57
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.

58
Q

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

A

To help promote the growth of the British shipping industry

59
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

60
Q

Which book showed an idealistic attitude towards governance

A

More’s Utopia

61
Q

What will tend to create a trade deficit

A

Increase in imports

62
Q

Single most important invention of all time?

A

The printing press

Johannes Gutenberg

63
Q

What is mercantilism?

A

Attempt to keep the state prosperous by economic regulations

64
Q

Three ways to acquire gold

A

Trade, colonialism, war/ piracy

65
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

66
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

67
Q

What is not money

A

Credit cards, debit cards, personal cheques

68
Q

What is money

A

Demand deposit and currency

69
Q

Who is the current governor of the bank of Canada

A

Mark carney

70
Q

Difference between custom and cooperation economies

A

The class system

71
Q

Characteristics of money

A

Acceptable, durable, portable, divisible, standardized

72
Q

Functions of bank of Canada

A

Monetary policy, banker to banks and government, issue currency

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