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SI (Micro Econ Final Exam Review) Flashcards | StudBud
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SI (Micro Econ Final Exam Review)
SI (Micro Econ Final Exam Review)
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1
What are the types of Non-Tariff Barriers
Quotas and Chaebols
Dumping, Import Substitution, Export Subsidies, Export Promotion
Import Substitution, Export Subsidies, Export Promotion, Tariffs
Dumping, Import Substitution, VER, Quota
2
Who has AA in Cake?
Canda
US
3
You consume more leisure b/c you are happy w/ your current income level (Desire to work is down). What effect is this?
Output Effect
Income Effect
Input Substitution Effect
Labor Effect
4
What is featherbedding?
Requiring more Labor than necessary
Making people work more than they are supposed to
Getting paid but not the right amount
Not getting paid for the work they do
5
What is the Signaling Effect
You make more money than HS grads
You are bound to find a job
You are smarter than everyone
You have the ability to handle multitask (Time management/ Competent)
6
Demand of Labor (BF) is based off??
The supply of other goods and services
The demand for other goods and services
7
Why do trade restrictions exist?
I don't know
Infant Industry P, National Security, Discourage Con. , Income Distribution
International Security, Discourage Con. , Income Distribution
Discourage Consumers and Protect the Country
8
What are the two types of Dumping
Cost Based and Price Based
Price and Capital
Physical and Financial
Capital and Land
9
What is the Learning Effect?
You have the ability to handle a lot of stuff
You are smart
You learn specific skills to apply to your future career
You develop communication skills to find jobs
10
What is an Autarky?
The absence of trade
Only exporting goods, no imports
Trade is occurring in all nations
There is trade only on 1 country
11
What does the Terms of Trade for Ice Cream mean? (US left and Canada Right)
i don't know
Canda pays more and the US pays less
They both have to pay more
The US is paid more and it's cheaper for Canda
12
As wages increase, the price of leisure increases. What effect is this?
Substitution Effect
Output Effect
Income Effect
College Premium
13
What does the black line represent?
The consumption if they don't trade
How much they will trade with Canda
How much they produce
I don't know
14
As wages increase, it becomes easier to substitute capital (K) of different labor for current labor What effect is this?
Input Substitution Effect
Income Effect
Wage Effect
15
Who has CA in Cake?
US
Canda
16
If there is an increase in the Demand for Labor, what happens?
i don't know D :
Real wages increase and employment increases
Real wages decreases and employment increases
Real wages increase but employment decreases
17
What does the yellow line represent?
I don't know
If they specialize in a good and trade for another
How much they produce if they made more
How much more consumers want
18
As wages increase, price increases. As prices go up, Demand and Derived Demand goes down. What effect is this?
Substitution Effect
Income Effect
Output Effect
Input substitution Effect
19
What are the types of Tariff Barriers
Quota, VER, Tariff, Dumping
Tariff, Quota, VER
Tariff, Quota, Dumping
Dumping, Import Substitution, VER
20
What if there is an increase in the Supply for Labor
Real wages increase and employment decreases
Real wages fall and employment increases
They both decrease
I actually have no clue
21
Who has CA in Ice cream?
US
Canda
22
Who has AA in Icecream?
Canda
US
23
Minimum Wage is a Price Floor?
False
True
