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Econ 2200
finals concepts
| Question | Answer | |
|---|---|---|
| What are the shifters of supply | Input prices Technological Advancement | |
| what are the shifters of the "Demand for labor" | Price of product Marginal Product of Labor | |
| what are the shifter of the "supply of Labor" | Immigration: increase causes increase Population: increase causes increase | |
| why was slavery profitable in the south? | 1. demand was increasing for cotton from Britain and New England | |
| does and increase in quality increase or decrease the demand for something? (cotton) | Increase | |
| if the demand for something increases, what kind of pressure will that have on price? (up or Down) | Upward | |
| if it costs less to produce each unit, will the supply increase or decrease? | increase | |
| if the demand for cotton increases there is going to be an upward price on cotton, if the price of cotton increases, what happens to the demand for slaver? | increases | |
| how did the cotton gin effect the demand for slavery? | it is uncertain, because there are multiple factors that both increase and decrease the demand for slavery. | 1.increase supply of cotton (decreases P of cotton which decreases the demand for slavery) 2. marginal product of labor UP which increases the D for slavery (increase in efficiency) 3. quality increase, D for cotton up, P of Cott up, D slaves up. |
| how did the quality of the climate and soil in the south affect the Demand for slaves? | uncertain because there were two different affects | 1.S of cotton up, P or cotton down, D for slaves down 2. MPL up, D for slaves up. |
| plantations were less efficient with more slaves, T or F? | False | with more slaves, they can specialize and be more efficient. |
| how did efficiency affect the demand for slavery? | Uncertain because everything impacts the rest of the factors. | |
| what is the CS and PS when the firms is a price discriminating monopsony? | CS: everything PS: Nothing/$0 | |
| Which president cared that states wanted to Secede? Lincoln or Buchanan | Lincoln | |
| how did the Anaconda plan affect the Price of cotton? | caused the price of cotton (domestic and world) to decrease. | |
| how did the burning of the cotton affect the price of cotton? (same time as anaconda plan) | it caused the price to increase because the supply decreased significantly. (increase in domestic and world price) caused exports to fall. | even though it was at the same time as the anaconda plan, it was a bigger change in price and outweighed the anaconda plan. |
| was was the south's main source of income during the civil war? | printing money | |
| what was the north's main source of income during the civil war? | bonds | |
| what was the main reason that there was inflation in the south? | most of it came from the decrease in demand for money. (once the people found out they were going to lose the war, they wanted to get rid of their currency) | |
| The Income Tax brought in the most revenue to the gov, T or F? | False | The morrill tariff act and excise taxes did. |
| what are the shifters of AD? | increase in any of the "C+G+I+Xn", change in taxes, change in money supply | |
| what are the shifters of LRAS? | Capital, Labor and Technology, money does not affect it because its neutral | |
| what are the shifters of SRAS? | anything that affects LRAS and nominal wages/input prices | |
| which president created the Civil Rights act of 1866? | Johnson | |
| what are the 4 causes of economic growth? | 1.Technology 2.Human Capital(skills, education) 3.Physical Capital(machinery) 4. Natural Resources (oil) | |
| how does the classical growth theory affect the capital per worker in the long run? | does not change. It shifts up in the short run but then shifts along the curve back down as the population increases. | |
| how does the second industrial revolution affect inigration/SL | it increases imigration which increases the supply of Labor | |
| which is responsible for LR economic growth? Investment or Technological advancements | technological advancements | |
| the panic of 1907 leads to what? | the federal reserve | |
| how did WWI affect unemployment? | unemployment fell because of the draft | |
| Which president’s administration outlawed yellow-dog contracts | Herbert Hoover's | |
| what was the primary cause of the great depression? | severe contractionary monetary policy by fed. | |
| the stock market crash caused the laffer curve to shift.... | down and to the left | |
| In 1914, Henry Ford doubled worker wages, paying efficiency wages. If every other firm had doubled wages, the short-run equilibrium price level would ______ and the short-run output would have.... | increased and decreased | |
| The Hawley-Smoot Tariff Act of 1930 caused producer surplus in importing markets to... | increase | |
| During the Great Depression, the Federal Reserve conducted open market sales. These sales, all else equal, caused the long-run equilibrium price level to | decrease and the long run output to remain unchanged. | |
| decreasing the discount rate does what to the interest rate | decreases it | |
| During the 1920s, the Federal Reserve decreased the discount rate. At the original price level, a | surplus of money existed, so the price level rose | |
| Following WWI, European countries rebuilt their farms, and farmers in the United States were price takers. All else equal, for an individual U.S. farmer total revenue | decreased and PS decreased | |
| did rockefeller of standard oil engage in horizontal integration, vertical integration, or both? | both | |
| A profit maximizing monopoly finds it in its best interest to __________ its price when it faces lower marginal costs of production | decrease | |
| In which city was the heart of the dust bowl? | boise city | |
| Hypothetically, suppose that President Franklin D. Roosevelt had repealed the Norris-La Guardia Act of 1932. All else equal, this would have caused the short-run equilibrium price level to | decrease and output to increase | |
| The Monetarist explanation of the Great Depression states that the real interest rate __________ during the first years of the depression. The actual real interest rate __________ during that period. | increased, increased | |
| I. The Norris-La Guardia Act II. The Dust Bowl III. The Stock Market Crash of 1929 Refer to List 3.0 above. As defined in economics, which of the above exhibit market failure | THE DUST BOWL | |
| During the 1920s, the U.S. government imposed protectionist tariffs in an industry to | maximize tariff revenue to the gov | |
| Suppose that the Federal Reserve increases the required reserve ratio. All else equal, this causes the equilibrium real interest rate in the long run to | remain unchanged | |
| Upon its passage, the Sherman Anti-Trust Act of 1890 was initially | ineffective, companys could still legally merge | |
| Which of the following do most historians label as the start of the Cold War? | Truman Doctrine | |
| The National Industrial Recovery Act of 1933 encouraged monopolization by firms. In the short run, this monopolization caused unemployment to | increase | |
| During which president’s administration were Supplemental Security Income and the Environmental Protection Agency established? | nixon | |
| what are the shifters of demand | Income and Quality |
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