Term
| Largest Fraction of House Hold Spending is spent where? |
|
Definition
|
|
Term
| Majority of Business firms are..... |
|
Definition
|
|
Term
| Limited Liability means what? |
|
Definition
| Only subjected to lose when your invested |
|
|
Term
| Gekko's evidence of the principle agent problem is what? |
|
Definition
| 33 vice presidents making over 200K & Corporate Jets, Golden Parachutes |
|
|
Term
| Charon revisionist have shifted from what to what |
|
Definition
| Stock holders to stake holders |
|
|
Term
| Economist theretical check on principle agent problem is |
|
Definition
|
|
Term
|
Definition
| Pollution of air and rivers production or consumption cost inflictionon a third party |
|
|
Term
| Problem preventing production of a public good |
|
Definition
| Cannot rely on private enterprise to produce them. Creates a free rider problem |
|
|
Term
| Public Choice Theory is.. |
|
Definition
| when the gov sets out to serve the public good. They end up serving private enterprises. |
|
|
Term
| Smallest government expenditures |
|
Definition
|
|
Term
| Largest % of state and local spending |
|
Definition
|
|
Term
| Not characteristic of US in last 7 years |
|
Definition
| We have not exported more then we have imported |
|
|
Term
caraguy can produce 10million of bananas or 20mil hemp; venzoola can produce x number of bananas 40 million hemp who has the advantage of bananas |
|
Definition
| venzoola because of the O.P.of bananas 40/x= 4/3 |
|
|
Term
| What would happen if everything was cheaper in mexico |
|
Definition
| The peso would appreciate and the dollar would depreciate |
|
|
Term
|
Definition
| trade with low wage country’s will result in labor getting the short end of the stick because wages are pushed down lower than the price advantage gained from lower priced goods |
|
|
Term
|
Definition
| Set up world trade organization and got rid of tarriffs |
|
|
Term
| Per Capita growth from the roman empire - 1776? |
|
Definition
| None till after 1776 when the steam engine was invented |
|
|
Term
|
Definition
Supply Shock or Demand Shock
From a fixed price
a decrease in sales |
|
|
Term
| Advances in inventory monitoring |
|
Definition
| less severe factory orders because of closely monitered inventory & inventories are smaller |
|
|
Term
| Who compiles national reports of national income product accounts |
|
Definition
|
|
Term
| Wheat is 25c flower is 50c bread is 75c retail is 1.00. What is the sum of the value added? |
|
Definition
| it has to equal the cost of the good |
|
|
Term
|
Definition
| Adding all the transactions from all the banks will no measure GDP |
|
|
Term
|
Definition
| Structures machines and inventory |
|
|
Term
| From year 1 to year 2 how do did they calculate GDP before 1995 |
|
Definition
| used the base year (1990) then used year one and year two numbers to compare |
|
|
Term
| from 1973 to 2006 real weekly earning and real GDP did what |
|
Definition
| real weekly earnings went down while GDP went up |
|
|
