600?s E
561 The narrator says of his actions in "Ambush
" "It was entirely automatic." What action is he speaking of? ;getting ready to throw the grenade or throwing the grenade
595 Three of the shorter selections have a female protagonist. Which selections are they? ;"The Lesson
" "The Lonesome Death of Hattie Carroll," "Where the Kissing Never Stops"
475 Near the end of "Masters of War
" Dylan asks if the "masters of war" might think that something they own is enough for them to get forgiveness. What is it that the "masters" might try to use for that purpose? ;Money
472 In "Masters of War
" Dylan compares the deception of the "masters of war" to what Biblical figure? ;Judas
473 In "Masters of War
" Dylan laments the threat to what "unnamed" future person? ;his own child
474 In "Masters of War
" Dylan sings that even what figure of forgiveness would never forgive the "masters of war"? ;Jesus
392 In "The Lesson
" Miss Moore provides a contrast or a foil to another, more obedient single woman who apparently does not take the children on excursions — who is that woman? ;the aunt/ Aunt Gretchen
542 Didion describes a topic on which Baez's feelings are "all vague
" and on which she was (at the time of the essay) "instinctive" and "pragmatic" rather than incisive and detailed. What subiect is Baez "all vague" about? ;politics
160 The Player says that the Tragedians "die beautifully
" and they also have a related second talent, which is what? ;They kill.
123 Rosencrantz summarizes: "Let me get it straight. Your father was king. You were his only son. Your father dies. You are of age. Your uncle becomes king." What is "unorthodox
" as he terms it, in this scenario? ;The son should have become king.
334 In the "Letter
" as the Rev. King frames it, what is the next step after direct action? ;negotiation
343 The Rev. King denounces the white "moderates
" because instead of iustice they prefer what? ;order
429 In "The Idea of Ancestry
" describe two of the locations the narrator describes being in. ;1) prison; 2) Mississippi/ family gathering/ grandmother's yard, 3) Los Angeles 4) Memphis
132 When Guildenstern gives the example of "a Chinaman of the T 'ang Dynasty
" he says that by definition this means that the man is also — what? ;a philosopher
495 In "The Lonesome Death of Hattie Carroll
" how does Zanzinger react to what he's done? ;He's dismissive/ shrugs/ swears/ sneers etc.
395 In "The Lesson
" how does the way Miss Moore speaks to Fat Butt in particular emphasize the different expectations she has for the children? ;She calls him by his formal name (Ronald).
496 In "The Lonesome Death of Hattie Carroll
" how large is Zanzinger's tobacco farm? ;600 acres
494 In "The Lonesome Death of Hattie Carroll
" how long did it take before Zanzinger was granted bail? ;It was very quick ("in a matter of minutes").
556 In "Ambush
" how many grenades does the narrator line up in front of him? ;three
493 In the song "The Lonesome Death of Hattie Carroll
" how old is Zanzinger? ;24
330 Early in the "Letter from a Birmingham Jail
" the Rev. King compares himself to the Apostle Paul. What similarity does he describe? ;leaving his home to bring aid
335 In the "Letter
" the Rev. King compares the tension of direct action to the approach of what philosopher? ;Socrates
336 In the "Letter
" the Rev. King quotes Reinhold Niebuhr's important statement about the morality of groups. What was Niebuhr's assertion about groups? ;That groups are more immoral than individuals
340 In the "Letter
" the Rev. King says that one can recognize an unjust law because it is or does what? ;It is or does something out of harmony with moral law/ it is immoral (or. a majority inflicts it on a minority but the law is not binding on the maiority).
332 In the "Letter
" the Rev. King sets out four steps of a nonviolent campaign: fact-finding, negotiation, self-purification; and what is the fourth step? ;direct action
431 In "The Idea of Ancestry
" the narrator may be trying to shorten time by shortening his spelling of what significant word? ;"year" / "yr"
528 In "Where the Kissing Never Stops
" the students are critical of the V.D.C., an activist organization. What does V.D.C. stand for? ;Vietnam Day Committee
331 In the "Letter
" what argument does the Rev. King use in defense of someone from Atlanta coming to the aid of people in Alabama? ;They are in the same network/ "what affects one directly affects all indirectly" / "Anyone who lives in the United States can never be considered an outsider anywhere in this country."
135 To demonstrate "the misuse of free speech
" what does Rosencrantz yell out? ;Fire!"
388 Near the end of "The Lesson
" what does Sugar do that outrages the narrator so much that she describes it as "treachery"? ;learns something/ replies to Miss Moore/ gets Miss Moore's point
112 When Rosencrantz says that the king and queen "might...put your dread pleasures more into command than to entreaty
" what does he mean? ;He means that they don't have to ask, they could just command.
463 In "A Hard Rain
" what form of transportation is the "son" using, i.e. car, horse, airplane, etc.? ;He is on foot ("I've stumbled...l've walked and I've crawled...l've stepped...").
038 When Rosencrantz yells "Fire!
" what happens afterwards that breaks the fourth wall? ;He makes a remark directly to/about the audience.
309 In "The Phantom of the Opera's Friend
" what is Don Juan Triumphant? ;the music played by the Phantom
114 When Guildenstern says "we might have been left to sift the whole field of human nomenclature...At least we are presented with alternatives
" what is he referring to?;knowing their names
529 In regard to the title of "Where the Kissing Never Stops
" what is ironic about the content of the article? ;There is no kissing in the article.
464 In "A Hard Rain
" what sense (hearing, touching, etc.) does the son use primarily in the second stanza?;sight
465 In "A Hard Rain
" what sense (hearing, touching, etc.) does the son use primarily in the third stanza? ;hearing
189 When Rosencrantz contemplates jumping over the side of the boat to frustrate "them
" what thought makes him change his mind? ;Maybe jumping over the side is what "they" were planning on
471 According to "Masters of War
" when the "bullets Fly," how do the "masters of war" respond? ;they run away ("Your turn and run farther / When the fast bullets fly")
476 At the end of "Masters of War
" where does Dylan imagine himself standing? ;at the grave of the "masters"
536 When Joan Baez wrote about God "playing music in his favorite cathedral in heaven
" where were these musings published (apart from in the Resource Guide)? ;in a concert program
398 At the end of "The Lesson
" who indicates that he/she will be able to buy something at the toy story when his/her birthday money comes in, and who hence is allied with the rich? ;Mercedes
247 Which character exclaims
"Aha! All in the same boat, then!" ? ;The Player
339 The Rev. King quotes an early theologian who said
"An unjust law is no law at all." Which theologian is he quoting? ;St. Augustine
260 Which character says
"Boats are safe areas in the game of tag"? ;Guildenstern
240 Which character says
"Deaths for all ages and occasions! Deaths by suspension, convulsion, consumption, incision, execution, asphyxiation, and malnutrition—I"? ;The Player
153 When the Player says
"Full thirty times hath Phoebus' cart—I', what is he trying or starting to say? ;A month has passed/ the sun has come up thirty times.
486 What was the slogan for the Kennedy campaign during the 1960 presidential elections?
"Getting Americans moving again
263 Of which character is it said
"He talks to himself, which might be madness"? ;Hamlet
225 When Guildenstern says
"Heaven make our presence and our practices pleasant and helpful to him," who does he mean by him? ;Hamlet
250 Which character says
"I can't think of anything original; I'm only good in support"? ;Rosencrantz
410 Knight wrote
"I died in 1960 from a prison sentence." According to him, what force brought him back to life? ;poetry
268 Which character says
"I say we will have no more marriage!" ? ;Hamlet
269 Which character says
"I've frequently not been on boats"? ;Rosencrantz
349 The Rev. King cites a quotation
"Let justice roll down like waters and righteousness like a mighty stream" (now on the Civil Rights Memorial in Alabama). Who is this quotation attributed to? ;Amos (the Book of Amos, 5:24)
577 Which person connected to the shorter selections wrote
"My life is a crystal teardrop. There are snowflakes falling in the teardrop..." ? ;Joan Baez
172 When the Player says
"Not exactly avuncular, as time goes on," who is he referring to? ;the king/ Claudius (Hamlet's uncle)
171 When the Player says of someone
"Not exactly avuncular, as time goes on." What does avuncular mean? ;like an uncle
271 Which character says
"Not that I'd like to sleep in a box, mind you, not without any air - you'd wake up dead, for a start, and then where would you be?"? ;Rosencrantz
199 When Guildenstern says
"Nothing will be resolved without him... We need [him] for our release!", who is he referring to? ;Hamlet
270 Which character says
"Nymph, in thy orisons be all my sins remembered"? ;Hamlet
152 In the line
"Nymph, in thy orisons be all my sins remembered," what does orisons mean? ;prayer
478 Who wrote the song about racial division
"Only a Pawn in their Game"? ;Bob Dylan
262 Which character is told
"Stop picking your nose"? ;Alfred
032 Who was the author of the influential essay
"The Literature of Exhaustion"? ;John Barth
226 When the Player says
"The bad end unhappily, the good unluckily. That is what tragedy means," what famous playwright is he parodying? ;Oscar Wilde
273 Which character says
"The colour yellow is a mystical experience shared by everybody"? ;Guildenstern
232 When a character says
"The ears are senseless that should give us hearing to tell him his commandment is fulfilled," what commandment does he mean? ;to kill Rosencrantz and Guildenstern
233 When a character says
"The ears are senseless that should give us hearing to tell him his commandment is fulfilled," whose ears does he mean? ;Hamlet's
277 Which character says
"The need we have to use you did provoke our hasty sending"? ;Claudius
254 Which character says
"The scientific approach to the examination of phenomena is a defense against the pure emotion of fear"? ;Guildenstern
237 At one point the Ambassador says
"The sight is dismal; and our affairs from England come too late." What dismal sight is he referring to? ;the tableau where the king, queen, etc. lie dead
224 One character says of others
"They are beyond surprise." Who is he referring to? ;The Tragedians/ players/ actors
259 When they Player announces
"They've gone! It's all over!" who is he referring to? ;the pirates
278 Which character says
"Though this be madness, yet there is method in it"? ;Polonius
212 Rosencrantz says
"Twenty-seven questions he got out in ten minutes, and answered three." Who is the he Rosencrantz is referring to? ;Hamlet
235 Which character says
"We aim at the point where everyone who is marked for death dies"? ;The Player
276 Which character says
"We can give you a tumble if that's your taste, and times being what they are..." ? ;The Player
351 The Rev. King mentions that one "extremist" is the man who wrote
"We hold these truths to be self- evident, that all men are created equal." Who is King quoting? ;Thomas Jefferson
258 Which character says
"We must not lose control. Tighten up. Now"? ;Guildenstern
279 Which character says
"We're more of the blood, love and rhetoric school"? ;The Player
249 At one point in the play one of the characters says
"Well, he is a man, he is mortal, death comes to us all, etcetera, and consequently he would have died anyway, sooner or later." Who is he referring to? ;Hamlet
470 "Masters of War" complements another Dylan song
"With God on Our Side," which charges that America has done what with (said sarcastically) "God on our side"? ;gone to war
164 When Rosencrantz says
"YOU are the pleasures which we draw him on to," who is he addressing? Who is the "YOU"? ;The Player/ players
165 When Rosencrantz says
"YOU are the pleasures which we draw him on to," who is the he who will be drawn on? ;Hamlet
156 Which character tells Guildenstern
"YOU can't go through life questioning your situation at every turn"? ;The Player
272 Which character says
"YOU don't understand the humiliation of it—to be tricked out of the single assumption which makes our existence viable — that somebody is watching"? ;The Player
230 Which character says
"Your visit shall receive such thanks as fits a king's remembrance"? ;Gertrude/ the queen
575 In which of the shorter selections does an important person live underground
"across a dark lake"? ;"The Phantom of the Opera's Friend"
197 What happens directly after Rosencrantz demands
"is it too much to expect a little sustained action?!"? ;Pirates attack
265 When Rosencrantz says
"l think we should stick together. He might be violent," who does he mean by He? ;Hamlet
540 One of the students of the school for nonviolence shows a present Joan gave him when they had a party and all exchanged presents
"like Christmas but it wasn't." What is the present that Joan gave him? ;a marble
280 The last stage direction of the plays specifies that the play fades out
"overtaken by dark and" — what? ;music
117 What is ironic or curious about Guildenstern's statement (echoing the queen)
"there aren't two people living whom he (Hamlet) dotes on more than us"? ;It is ironic because Hamlet doesn't seem to care for them all that much or because Hamlet ends up arranging for their deaths.
305 By what factor has the total real output of the U.S. increased since 1900?
32
308 By what factor has population increased since 1900?
4
003 How many different items does an average supermarket carry?
47,000
373 What is the number of households the BLS surveys each month?
60,000
292 The current age of the Phantom of the Opera emerges in the story. How old is he? ;sixty-five 48
6th paragraph from the bottom
517 What is the current gender gap in earnings?
79.6 percent
309 By what factor has average output per person increased since 1900?
8
227 What percentage of the world's diamonds were produced from the mines owned by the DeBeers company until recently?
80 percent
591 What percent of GDP did defense spending account for in the early 1960s?
9 percent
496 What was the marginal income tax rate for those with an income of $400,000 and over in 1960?
91 percent
488 Despite a slowing economy, what did Kennedy say the 1960s represented for America?
A "New Frontier"
171 We can represent the effects of a tax by what?
A downward shift in the demand curve, or an upward shift in the supply curve by the amount of the tax.
560 Due to the work of which economist did we begin to understand the apparent trade off between low unemployment rates associated with a strong economy and the rate of inflation?
A.W. Phillips
242 What are examples of government using anti-trust laws?
AT&T split in 1984, and the unbundling of internet explorer from the Windows operating system
200 What is the accounting profit formula?
Accounting Profit = Total Revenue — Accounting Costs
070 How does one find the market demand schedule?
Add up the quantity that every consumer will purchase at every possible price
217 What do positive economic profits signal?
Additional resources should be deployed to the market and producers should enter.
327 What is the problem associated with aggregates?
Aggregates help us see the big picture, but obscure the important details.
001 Name the title of Adam Smith's 1776 book on economics.
An Inquiry into the Nature and Causes of the Wealth of Nations
474 What are the reasons for shifts in aggregate demand?
Anything that influences the consumption decisions of households or foreign residents, or leads firm to increase investment, changes in consumer sentiment, and changes in government spending and taxes
558 Who was Johnson's chief economic advisor?
Arthur Okun
363 Define substitution bias.
As relative prices change, households will shift consumption away from more expensive goods and services.
575 When was the Gulf of Tonkin Resolution signed?
August 10, 1964
541 When was VISTA created?
August 1964
473 Why is the short-run aggregate supply curve upward sloping?
Because many firms do not immediately adjust prices in response to variations in demand, rather they fix a price then over time adjust prices in response to the gap between actual and anticipated sales.
452 Who runs the Fed?
Board of governors consisting of seven members serving 14 year terms, appointed by the President, and confirmed by the Senate
173 Regardless of who legally has to pay the tax, who does the burden of payment fall on?
Both the buyers and suppliers share the cost of the tax.
123 What is the one example of a development that allows suppliers to produce at lower costs?
Bovine Growth Hormone BGH
099 What is the mechanism that drives prices up to equilibrium from a shortage?
Buyers might be tempted to pay more to make sure they get what they need until prices are at the equilibrium price.
359 Give the CPI formula.
CPI in year t = 100 x cost of bundle in year t/ cost of bundle in base year
512 Who presented evidence to suggest that the Civil Rights Act did indeed improve black employment gains at employers subject to the new law?
Carrington, McCue, and Pierce
461 Define neutrality Of money.
Changes in the quantity of money have no effect on real quantities in the economy.
168 After the death of Polonius
ClalJdiUS tells Rosencrantz and Guildenstern to seek Hamlet out and "speak fair." What does he mean by "speak fair"?;Speak in a gentle manner (rather than accusingly)
192 If a closed economy opens up to trade, who will benefit and who will suffer if the world price is above equilibrium price?
Consumers will suffer, and producers will benefit gaining some of the consumer surplus.
281 How has the United States Environmental Protection Agency EPA addressed the sulfur dioxide emission problem?
Creating a maximum emission level and auctioning off the rights to emit sulfur dioxide. And the owner can trade amongst themselves if they discover they can reduce pollution at a cost lower than other potential polluters value the right to emit pollutants.
284 Referring to the model behind his own stories
Donald Barthelme said that "The principle of is the central principle of all art of the twentieth century." What word should go in the blank? ;collage
033 Define positive economics.
Economic analysis that predicts what will happen under particular circumstances.
037 Define normative economics.
Economic analysis that tells what should be as opposed to what is.
513 Who argued that "studies find significant improvements in the relative labor market positions of blacks compared with whites since 1965"?
Economist Charles Brown
337 In 1932, who did the U.S. commission to develop a system to measure national output?
Economist Simon Kuznets
468 Define Okun's Law.
Every one percent that the unemployment rate differed from the natural rate is associated with a two percent deviation in the output gap.
579 What did the Eisenhower Administration do following the 1954 peace treaty ending the Indochina War?
Fearing a Viet Minh leader would be elected, they blocked the free elections promised under the peace treaty.
481 Though the recession of August 1957 technically ended in April 1958, the sluggish recovery afterward pushed the recession to last until when?
February 1961
176 What is a way to depict the effects of a tax?
Find a point where the vertical distance between supply and demand is equal to the amount of the tax.
351 What is the expenditures equation for GDP?
GDP = C + I + G + NX
352 What are the equivalency statements we can make with GDP?
GDP = Production = Expenditures = Income
354 Define nominal GDP.
GDP calculated with the current year prices
367 What is the m measure of inflation found by analyzing the relationship between real and nominal GDP?
GDP deflator
368 What is the equation for GDP deflator?
GDP deflator = IOO x Nominal GDP / Real GDP
353 Define real GDP.
GDP from a given year calculated using the prices of a base year
538 Of the following — Virgil
Gandhi, Krishnamurti, and Thoreau — which is not studied at the school for nonviolence? ;Virgil
064 List characteristics of a perfectly competitive market.
Good or service is highly standardized, number of buyers and sellers is large, and all participants are well informed.
145 What is an effect on the elasticity of a good the larger the time interval?
Goods become more elastic with time.
303 What are the three aggregate economic indicators?
Gross Domestic Product GDP, the cost of living, and the unemployment rate
082 In a lengthy disquisition
Guildenstern proposes that a certain way of looking at things is "a defense against the pure emotion of fear." What way of looking at things is he proposing? ;scientific (or: philosophical/ logical)
090 In a philosophical disquisition
Guildenstern remarks that "the name we give to common experience" is what? ;reality
175 Near the end of Act Two
Guildenstern remarks that the atmosphere is like a certain season. Which season does he describe? ;Autumn
076 In the initial conversation
Guildenstern reproves Rosencrantz for not responding with a certain emotion. What emotion does he want Rosencrantz to feel? ;fear
184 When the two are talking about the money paid by the king
Guildenstern says, "He wouldn't discriminate between us." What is ironic about this statement? ;The king (like everyone) cannot tell them apart.
091 In his ruminations on reality
Guildenstern tells the story of people who see a certain unlikely animal. What animal do they see? ;a unicorn
218 Which characters from earlier acts of Rosencrantz and Guildenstern are also on the boat? ;Rosencrantz
Guildenstern, the actors (including the Player), and Hamlet
170 When the pirates attack
Hamlet jumps into the left barrel, the Player into the right, and Rosencrantz and Guildenstern into the middle barrel. What is unexpected about their emergence from the barrels? ;They come out of different barrels than they went into.
593 What did the Johnson administration seek to do to defray the costs Of the war?
He sought a 6 percent surcharge tax on corporate and personal income.
574 Who was critically termed the "Big Bubba of Rebellion
High Priest of Protest, the Czar of Dissent"? ;Bob Dylan
384 Describe the interactions between households and firms.
Households take income in the form of wages from firms in exchange for labor, and firms take revenue in the form of household spending on goods and services provided by firms.
136 Define inelastic demand.
If a one percent change in price results in a less than one percent change in the quantity demanded
137 Define unit elastic.
If a one percent change in price results in a one percent change in quantity demanded
376 Define unemployed.
If a person did not work during the previous week, but made efforts to find employment during the previous four weeks
377 Define what it means to be "out of the labor force
If a person did not work in the past week and did not seek employment during the previous four
375 Define employed.
If a person worked for pay, either full- or part- time, during the previous week, or is on vacation or sick leave.
325 After the 1970s, what was the U.S. relationship between imports and exports?
Imports have been greater than exports.
580 When did fighting resume in Vietnam?
In 1957, the fighting resumed after the South Vietnamese moved to expel northern forces that had been allowed to remain in the South.
168 What are the historically negative side effect of rent controls?
In the long run, landlords will cut back on maintenance costs, allowing apartments to deteriorate, and even eventually removing them from the market and there will be an excess of demand.
165 What is one effect of rent control on consumer surplus?
Increasing the consumer surplus of some renters, while reducing the producer surplus of landlords
565 How is inflation related to monetary policy?
Inflation can be caused by increased aggregate demand, which may come from an increased supply of money.
597 What was the impact of the Vietnam War on GNP according to Anthony Campagna of the Wharton Associates?
Initial impact of the war on GNP was about $ 10 billion in 1966, $25 billion in 1967 and 1968, and $3 billion in 1969.
395 Define financial markets.
Institutions through which individuals who have money they wish to save can supply these funds to persons or firms that wish to borrow money for investment
322 What is the way in which national economies are linked?
International trade
544 When Joan Baez tells herself that she's just like everybody else
Ira Sandperl reminds her that what about her is especially distinctive? ;her voice (presumably her singing voice)
554 How is the standard government measure of the poverty rate calculated?
It is calculated by comparing pre-tax income against a minimum threshold set currently at three times the cost of a minimal diet in 1963, updated each year for inflation.
339 What are the three limitations of the techniques for measuring GDP?
It is not easy to determine what a final good is, it excludes of goods not bought and sold in markets, and it ignore activities that deplete a country's natural resources or pollute the environment.
573 What does economic historian Alexander Fields point out regarding the slowdown in American productivity?
It is often dated at 1973 but began in the late 1960s.
035 What is the defining characteristic of positive economics?
It is value free.
534 What happened if a state chose not to participate in Medicaid?
It loses federal funding to help cover the medical costs for its poor residents.
104 A benefit of competitive equilibrium is what?
It maximizes the benefits that buyers and sellers receive from the exchange.
514 What is notable about the language on gender added to the Civil Rights Act?
It was added by a Southern Segregationist Democrat at the last minute to torpedo the bill.
574 What does Fields argue is the cause of the slowdown in American productivity?
It was due in part to spillovers into the private sector from the end of large-scale government- funded highway programs.
549 What was significant of the 1965 Elementary and Secondary Education Act?
It was the first time federal funds had been distributed to local school districts in American history.
012 In Tom Stoppard's above play
James Joyce meets Tristan Tzara and what other famous character from history? ;(Vladimir) Lenin
516 As Joan Didion describes it
Joan Baez refused to pay 60% of her income tax because that money went to what? ;the defense establishment
470 Who was the British economist who developed the explanation for short-run fluctuations in the level of economic activity?
John Maynard Keynes
584 Which of the author of the shorter selections referred to his/her five-year-old son in the work? ;Rev. Martin Luther King
Jr.
509 When was the Civil Rights Act of 1964 signed?
July 2, 1964
487 What was the unemployment rate at the time of Kennedy's inauguration?
Just under 7 percent
240 What was required under the Sherman Anti-Trust Act?
Large mergers and acquisitions must be reviewed by government regulators.
067 The negative relationship between a good's price and the quantity demanded is what?
Law of demand
083 The positive relation between price and quantity supplied is called what?
Law of supply
502 Who succeeded the presidency after the death of Kennedy?
Lyndon B. Johnson
447 What are the assets that fall under M2?
M l, savings deposits, time deposits, retail money Funds
133 What is the formula for price elasticity of demand?
Price elasticity of demand = Percentage change in quantity demanded / Percentage change in price
147 What is the formula for price elasticity of supply?
Price elasticity of supply = Percentage change in quantity supplied / Percentage change in price
214 What would happen if economic profit were to fall below zero?
Producers would leave the market.
582 Who stated, "the line between participation and assistance became thinner, more obscure, as the magnitude of our effort increased"?
Richard Goodwin
592 Who was the Defense Secretary during the Johnson administration?
Robert McNamara
129 In discussing their interaction with Hamlet
Rosencrantz and Guildenstern characterize the interaction as a kind of game. What game do they say it was? ;question and answer
540 What did the EOA use its funding from Congress for?
Roughly half went to programs like Job Corps, Work Study, and Volunteers in Service to America (VISTA), and the remainder of funds were allocated to the newly created Community Action Programs.
427 What is the equation for savings taking net capital outflows into account?
S = I + NCO
417 What is the equation for national savings?
S = I = Y - C - G
071 Among the writers Wilder
Sartre, de Beauvoir, and Carnus, which was not an existentialist? ;(Thornton) Wilder
418 What is implied by the equation for savings that a accounts for taxes?
Savings is equal to the sum of private saving Y — C — T and government savings T — G
239 What is the name of the legislation meant to increase market competition?
Sherman Anti-Trust Act of 1890
159 Why do dairy farmers adopt the new technology despite decreased revenue?
Since each farmer only supplies a small amount of the total output, market forces cause them all to adopt the new technology, increasing supply and driving down prices.
335 What was one of the earliest efforts to measure national output?
Sir William Petty in the mid- 1600s as part of the British effort to assess the ability of the Irish to pay taxes to the crown
360 Name three ways the CPI influences the economy.
Social Security payment adjustments, union employment contracts' cost-of-living adjustments, and taken into account when considering wage rate adjustments
097 How do prices return to equilibrium from a surplus?
Suppliers will be pressured to cut prices to attract business until equilibrium is reached.
552 Of the following — The New Yorker
The Atlantic, The 1966 Pentagon Special Report, and Best American Short Stories — which has Tim O'Brien not been published in? ;The 1966 Pentagon Special Report
357 How does the CPI work?
The CPI measures the cost of purchasing a market basket of goods and services intended to represent the consumption of a typical consumer.
366 What were the findings of the Boskin Commission?
The CPI overstated the rate of price inflation by 1.3 percent per year.
508 What legislation would Kennedy's nationally televised 1963 speech eventually be the basis for?
The Civil Rights Act of 1964
547 How was the distribution of food stamps handled?
The Department Of Agriculture would distribute them out to various state welfare offices, and the stamps would then be allocated by the states themselves.
600 What four consumer safety laws did the 1960s usher in?
The Federal Cigarette Labeling and Advertising Act ( 1965), the Fair Packaging and Labeling Act (1967), the Child Protection Act (1966), and the National Traffic and Motor Vehicle Safety Act (1966)
454 Who is in charge of controlling the money supply?
The Federal Open Market Committee FOMC
306 Name two of the most notable fluctuations in U.S. output since 1900.
The Great Depression 1929-33 and the expansion of output due to WWII 1941-5
583 What was the single incident that sparked American entry into the Vietnam War?
The Gulf of Tonkin incident of 1964
578 What did the Vietnam War arise from?
The Indochina War (1946-54) between France and the Viet Minh, which resulted in a dividing of Vietnam at the 17th Parallel
576 What marked the end of direct American military involvement in Vietnam?
The Paris Peace Accord of 1973
153 What is the graphic representation of total revenue?
The area of the box made by drawing a horizontal and vertical line from any point on the demand curve to the axes.
386 What does the equation for real GDP per capita tell us?
The average quantity of goods and services available for each person to consume depends on the average labor productivity and the proportion of the population that is engaged in production.
471 What is the basis of Keynesian theory?
The causes of short-run fluctuations in the level Of economic activity can be summarized in terms of the interaction between an aggregate demand curve and a short-run aggregate supply curve.
350 Define net exports.
The difference between the value of domestically produced goods sold to foreigners through exports and the value of foreign-produced goods purchased by domestic buyers through imports.
489 What was the economic situation America was in according to Kennedy's first State of the Union Address?
The economy was "in the wake of seven months of recession, three and one-half years of slack, seven years of diminished economic growth, and nine years of falling farm income."
432 What is the reason why savings is represented by an upward sloping line?
The higher the real interest rate is, the greater the amount that people will choose to save.
167 How will tenants be selected if rent controls cut back supply?
The landlord may charge finders fees, they may choose to rent to their friends, or they may choose to discriminate based on personal characteristics.
095 An important feature of market equilibrium is what?
The market has an automatic tendency to gravitate towards this combination of price and quantity.
278 So long as property rights are dearly defined, what happen, according to the Coase Theorem .
The parties involved in externalities will arrive at an efficient solution.
506 What was the result of the 1964 tax cuts?
The three best consecutive years for economic growth in the post-WWII era, with real GDP increasing from 4.4 percent in 1963 to 5.8 percent in 1964, 6.5 percent in 1965, and 6.6 percent by 1966.
319 What are the two important points regarding the unemployment rate?
The unemployment rate is never zero, and despite huge changes since 1900, there is no indication that the unemployment rate is increasing in the long-run.
277 Define the Coase Theorem.
Theorem created by Ronald Coase stating, inefficiencies created by externalities should be able to be resolved so long as the parties involved can negotiate with each other
274 Why is the socially optimal level of a negative externality not zero?
There is likely some positive level of the externality that will be consistent with maximizing consumer and producer surplus.
045 Define Pareto efficiency.
There is no way to improve at least one person's well-being without reducing the well-being of someone else.
485 How much had the population grown during the 1950s?
There were 25 million more people (a 17 percent increase) at the end of the 1950s than at the start of the decade.
098 What occurs if the price is below the equilibrium price?
There will be shortages due to an excess of demand.
559 What did Okun claim regarding economic recessions?
They "are now generally considered fundamentally preventable, like airplane crashes and unlike hurricanes."
332 How do capital goods factor into GDP?
They are counted in the year they are produced.
599 According to economist Joshua Angrist, how were the incomes of Vietnam War veterans affected after returning from the war?
They earned 15 percent less after returning from the war than men who did not serve.
079 What would happen if consumers expect a decrease in disposable income?
They might decrease the quantity of a product that they demand, shifting the demand curve.
413 Why are mutual funds attractive to savers with small amounts of money?
They provide a high degree of diversity, and they provide access to the knowledge and insight of professional money managers.
412 How do mutual funds function?
They purchase a portfolio of stocks and bonds and sell shares to savers who would otherwise not be able to purchase bonds or stocks.
585 What did the Gulf of Tonkin resolution do?
This gave the president authority to use force to protect American interests in the region.
511 What is one way Gavin Wright argues we can gauge the impact of the Civil Rights Act on African Americans in income, occupational status, and educational attainment?
To examine whether there were larger black employment gains at employers that were covered by the act compared to those not covered, since the law focused on large employers
067 Among the authors Calvino
Tolstoy, Pynchon, and Vonnegut, which one wrote Realist fiction? ;Tolstoy
152 What is the total revenue formula?
Total Revenue = p x
129 What are the effects on the total surplus from the introduction of BGH?
Total surplus increased unambiguously.
193 If a closed economy opens up to trade, what is the effect on total surplus?
Total surplus is increased.
172 What is the effect of the tax reducing the equilibrium quantity?
Total surplus is reduced, and mutually beneficial exchanges are prevented. 1
355 Who measures inflation?
U.S. Bureau of Labor Statistics
252 Cartels are illegal under what?
U.S. anti-trust law
338 What added additional motivation to perfect techniques for measuring output?
U.S. entry into WWII
581 What was the term used to refer to Vietnamese Communists?
Viet Cong
046 Who is the creator of the concept of Pareto efficiency?
Vilfredo Pareto
505 Who was the Chairman of the Council of Economic Advisers during JFK's presidency?
Walter Heller
022 What is one reward of studying economics?
We become better decision makers.
333 What is the meaning of the word "domestic" in GDP?
We only count goods produced within the borders of the country in question.
302 What is the second question macroeconomics is concerned with?
What are the causes and consequences of short- run fluctuations in the level of economic activity, unemployment, and inflation?
301 What is the first question macroeconomics is concerned with?
What factors determine the long-run growth in the size of economies, the standard of living they provide, and the price level?
420 What is one important implication that emerges from breaking down savings into its components?
When government runs a deficit, investment decreases, reducing the growth rate of living standards.
270 Explain the situation between the beekeeper and the apple grower.
While making honey, the bees pollinate the apple trees, thus increasing the size and value of the farmer's crop and the beekeeper is neither harmed nor benefited from it.
170 What is an important question that arises when discussing taxes?
Who bears the burden of paying the tax?
567 Who was the chairman of the Federal Reserve's Board Of Governors throughout the 1960s?
William McChesney Martin, Jr.
416 What is the equation for income in a closed economy?
Y = C + I + G
415 What is the equation for income?
Y = C + I + G + NX
251 Suppliers agreeing to behave like monopolist to maximize market profits are known as what?
a cartel
396 Define a bond.
a certificate of indebtedness that specifies the obligations of the borrower to the holder of the bond
464 What are the three possible effects of an increase in the money supply, and what is the associated equation?
a fall in the velocity of money, an increase in real GDP, or an increase in the price level, represented by the formula V x M = P x Y
223 Define market power.
a firm can choose market prices
285 Define excludability.
a good for which the consumption of it can be controlled
163 Define price ceiling.
a government set maximum price
164 Define price floor.
a government set minimum price
377 Which of the kids annoys the others
a kid who is described as having a "smart ass"? ;Mercedes
040 What influential philosopher came up with the idea of the Übermensch or Superman
a man who exceeds the common man? ;(Friedrich) Nietzsche
442 Define liquidity.
a measure of the ease with which an asset can be converted into the economy's medium of exchange
304 Define real GDP.
a measure of the total quantity of goods and services produced in an economy, adjusted to remove the effects of inflation
340 How can we also think of GDP?
a measure of the total value of expenditures within a country
437 What are the three functions of money?
a medium of exchange, a unit of account, and a store of value
174 What does a tax create?
a price wedge between the amount consumers pay and the amount suppliers receive
460 In the long run, what does an increase in money supply lead to?
a proportional increase in price level
294 The Phantom is to be examined by "Dr. W.
a qualified alienist." What is an alienist? ;a psychologist
166 What is one effect of rent control on total surplus?
a reduction in total surplus since some mutually beneficial transactions are prevented
007 Though economists study a vast range of different behaviors, their work is unified by what?
a reliance on a small number of seemingly simple, yet powerful assumptions
571 What was one cause of the rising inflation in the late 1960s?
a slowdown in productivity growth
505 What state did Joan Didion come from
a state which featured heavily in her writing? ;California
160 In the farming sector, increasing technological advances have been accompanied by
a steady decline in the number of farmers
205 In the final scene
a tableau borrowed from Hamlet, four people lie dead. Which four people? ;the King, Queen, Laertes, and Hamlet
544 What was the Job Corps?
a training program designed to intervene with troubled youth, teaching them a trade
572 What was the average annual increase in average output per hour in the private nonfarm sector of the American economy between 1947 and 1965?
about 2.75 percent/ year
502 What is the title of the piece by Hunter S. Thompson
about chasing the American Dream in Las Vegas? ;Fear and Loathing in Las Vegas Vegas
231 Who wrote
about the meaning of Rosencrantz and Guildenstern Are Dead, "It's about two courtiers at Elsinore"? ;Tom Stoppard
552 By what fraction did per pupil spending increase throughout the 1960s?
about two-thirds
275 The true social value of a positive externality is what?
above and to the right of the market equilibrium
180 What "gaudy" object is aboard the ship
above the three casks? ;an umbrella
298 The works of what famous macabre 19th-century American author prefigured the story of the Phantom of the Opera
according to Barbara L. Coe? ;(Edgar Allen) Poe
201 What is economic profit?
accounting profit minus opportunity costs
086 The market supply curve is obtained by what?
adding all the quantities supplied at each price by all the suppliers in the market
518 When did most of the increase in female earnings take place?
after 1980
300 Define a lobbyist.
agents hired by firms to petition legislators to continue price supports
441 What is the economist definition of the term "wealth"?
all of the different stores of value in an economy
387 Sugar reflects that in an entire year
all of the kids don't eat an amount equivalent to the cost of what toy? ;the sailboat
196 Hamlet and the Players
all of them on the boat, have something in common as regards the king. What is it? ;They have all offended the king.
318 Define labor force.
all the individuals who are employed or unemployed
256 As a rule, we say oligopolies result in what?
ambiguous reduction in social welfare
248 At one point Rosencrantz describes an event which "is abandoned in some confusion owing to certain nuances outside our appreciation — which
among other causes, results in, among other effects, a high, not to say, homicidal, excitement..." What is he talking about that was abandoned? ;the Tragedians' play/ The Murder of Gonzago
189 If one party in a trade can produce more of both goods, what are they said to have?
an absolute advantage
595 Aside from a surcharge tax, what two revenue- generating policies did the Johnson administration enact in 1968?
an acceleration in corporate income tax collections and a continuation of existing excise taxes on automobiles and telephone services
364 Who was Michael Boskin?
an economist who headed the Boskin Commission in 1996
311 Define average labor productivity.
an economy's total output divided by the total number of workers employed
596 What is a counterfactual?
an exercise in which economists try to estimate the impact of an event by asking what the economy would have looked like if that event had not occurred
143 For perfectly elastic demands, if price decreases, what quantity will consumers buy?
an infinite amount
459 Which French Symbolist poet
an influence on Bob Dylan, championed "the derangement of the senses"? ;(Arthur) Rimbaud
321 To try to forestall marches and demonstrations
an iniunction was levied in Birmingham in 1963. What did the injunction prohibit? ;public gatherings
449 Define central bank.
an institution created to oversee the banking system and regulate the supply of money
438 Define medium of exchange.
an item that buyers can use to purchase goods and services
440 Define store of value.
an item that people can use to transfer purchasing power from the present into the future
295 When the Phantom talks about 100 million cells in the brain
and 3000-4000 human languages, what point is he making in describing these? ;how special he is ("the only Phantom of the Opera in every one of them'")
203 Who does Guildenstern attempt to kill
and fail? ;The Player
221 What famous actor gave suggestions for Rosencrantz and Guildenstern
and finally remarked about it, "Just the odd pearl"? ;(Laurence) Olivier
424 The narrator is prevented from returning to his family this year
and he characterizes this obstacle as what thing damming his stream? ;a wall (the prison wall)
501 What is the name of the type of reportage practiced by Tom Wolfe
and other figures of the 1960s, as demonstrated in "Where the Kissing Never Stops" in which the reporter was no longer an invisible presence? ;"New Journalism"
222 When Guildenstern tries to make a bet with the players
and the players say they have no money, what do they offer instead? ;Alfred
140 Who is the first person to speak in Rosencrantz and Guildenstern Are Dead
apart from Rosencrantz and Guildenstern? ;The Player
094 What object do the players come with
apart from musical instruments and props? ;a cart
589 What was the monetary costs of the Vietnam War?
approximately $ 173 billion
526 Ira Sandperl was Joan Baez's mentor for many years and Manny Greenhill had been her manager for five years. What was notable about their meeting
as Didion looked on? ;They had never met each other before.
087 In contrast to the fingernails and the beard
as Rosencrantz tells it, what never grows at all? ;toenails
503 How are the Kennedy/ Johnson tax cuts of 1964 best viewed?
as a form of Keynesian economic policy designed to stimulate demand
213 Which character is stabbed
as if behind a tapestry, in the dumbshow? ;Polonius
491 In real life
as in the song, how long was Zantzinger's prison sentence? ;6 months
487 In real life
as in the song, how many children did Hattie Carroll have? ;ten
488 In real life
as in the song, how old was Hattie Carroll when she died? ;51
586 Three of the authors of the shorter selections are still alive
as of May 2018. Which three are they?;Bob Dylan, Joan Didion, Tim O'Brien
344 The Rev. King condemns the criticism of direct action
as precipitating violence, using the example of a man whose money precipitates robbery, or Socrates' wisdom precipitating his execution. Who else does he use as an example, who suffered execution for efforts? ;Jesus
201 In the final scene of Rosencrantz and Guildenstern
at Elsinore, two people speak aloud. Who are they?
207 In the final scene of Rosencrantz and Guildenstern
at Elsinore, two people speak aloud. Who are they?;the Ambassador and Horatio
072 What year did Rosencrantz and Guildenstern first open
at the Old Vic in London? ;1967
242 Which of the pair says
at the end of the play, "All right, then. I don't care. I've had enough. To tell you the truth, I'm relieved"? ;Rosencrantz
508 How many students does Joan Baez have at her school
at the time Didion is describing? ;15
462 Define velocity of money.
average number of times a dollar bill is used in a year
408 What are the two most important intermediaries?
banks and mutual funds
510 What was the purpose of the Civil Rights Act?
banned race- and gender-based discrimination in employment and officially ended segregation in all public facilities including schools
225 What do monopolies arise from?
barriers to entry
060 What do micro- and macroeconomics share common assumptions about?
basic features of human behavior
346 The Rev. King discusses a few black people who have become "insensitive" to the racism experienced by others
because of what advantages? ;"academic and economic security"/ affluence/ being middle class/ profiting from racism
399 Define defaulting.
being unable, or consecutively failing to pay some or all of the principal or interest on a loan
043 What is the social effect of an increase in minimum wage?
benefits some and hurts others
598 What does the "no war" counterfactual suggest that the unemployment rate would have been?
between 1.6 and 3 percentage points higher than they had been
124 By how much did BGH increase milk production?
between 10 and 15 percent
404 Should a firm run into financial trouble get paid before
bondholders, stockholders
258 What are examples of monopolistically competitive markets?
book publishing, restaurants, clothing, breakfast cereals, and many local service industries
004 How did Tom Stoppard
born Straussler, acquire the last name Stoppard? ;(After his father's death) his mother married a man named Stoppard.
347 The Rev. King talks about two opposing forces in the black community
both of which are helpful. One is a force Of complacency. What is the other? ;bitterness/ hatred/ violent tendencies
241 Anti-trust regulation also has the power to what?
break up large companies
419 If T - G is positive we say the government runs a ______ and if it is negative we say it runs a _______.
budget surplus, budget deficit
286 The Phantom of the Opera's friend refers to the Phantom's "immense
buried talent" at one of the arts — which artistic talent does the Phantom often practice? ;music (playing the organ)
348 What are the subdivisions of investment?
business fixed investment, residential fixed investment, and inventory
333 In Birmingham
business owners had already negotiated to make some changes, so why was the direct-action anti-racism campaign going ahead despite these promises? ;The business owners had broken their promises.
058 Tom Stoppard participated in writing many films
but has directed only one film. What film did he direct? ;Rosencrantz and Guildenstern Are Dead Wikipedia entry for Rosencrantz and Guildenstern Are Dead
167 The Players says that the actors' main talent is death
but he has a different main talent. What is his main talent, according to him? ;finding meaning ("extracting significance from melodrama")
291 One section of "The Phantom of the Opera's Friend" does not center on the Phantom
but on another man. Who is that man? ;the author of The Phantom/ Gaston Leroux
042 What is the name of the philosophy that holds that the universe is empty of meaning
but that humans can create their own meaning? ;Existentialism
409 How do banks get the funds that they lend?
by accepting deposits from people who have money they wish to save
358 How are goods determined to be in a market basket?
by the Consumer Expenditure Survey, conducted by the BLS each month
027 What is the name of the famous psychologist
called "the Father of Psychoanalysis," who first mapped out the realms of the unconscious? ;(Sigmund) Freud
089 How do shifts in technology affect the supply curve?
change how businesses operate, lowering costs
475 What are the reasons for shifts in short-run aggregate supply?
changes in expected price levels, and aggregate supply shocks
434 What is the force that equilibrates the financial market?
changes in the interest rate
370 what does the CPI account for that the GDP deflator does not?
changing consumption patterns
245 Define price discrimination.
charging each customer a price equivalent to the value that customer places on the product
002 What is the most fundamental element of economics?
choices
292 Marginal cost of production for a non-rival good is what?
close to zero
190 If one party in a trade has a lower opportunity cost for producing a good what are they said to have?
comparative advantage
100 An extremely effective method of allocating resources is what?
competitive markets
077 Goods for which a decrease in price means an increase in the demand for another good are called what?
complements
218 What are the examples given of important goods and services that are controlled by oligopolies?
computer operating systems, commercial airplanes, automobiles, air travel, and mobile phones
031 What is the name of the literary movement
concerned with linguistics and semiotics, of which it has been said that "language and words were no longer stable repositories of meaning"? ;Postmodernism
343 What are the subdivisions of consumption?
consumer durables, non-durables, and services
107 What is the benefit that consumers receive?
consumer surplus
110 What is the difference between the height of the demand curve and a horizontal line drawn at the market price?
consumer surplus for the marginal buyer at each quantity demanded
504 What was the primary driver of economic activity according to Keynesian economic theory?
consumption
342 Household purchases are called what?
consumption expenditures usually shortened to just consumption
231 An author becomes a monopolist over the book he or she has written under what laws?
copyright laws
039 The tool of economics that can help to structure a discussion of different possible outcomes is what?
cost-benefit comparisons
203 Define variable costs.
costs that depend on production and can be varied in the short run
202 Define fixed costs.
costs that do not depend on production and cannot be changed in the short run
548 What was the result of the Housing and Urban Development Act of 1965?
created the federal department of Housing and Urban Development (HUD), aiming to help the low-income, elderly, and disabled population afford housing with subsidies, and also provided for construction of low-income housing projects
446 What are the assets that fall under M ?
currency, nonbank travelers checks, demand (checking) deposits, and other checkable deposits
393 What must you give up to create more capital to use in the future?
current consumption
177 The small loss to social welfare after a tax is imposed is called
deadweight loss
477 What is the reason for the U.S. entering a recession in March of 2001 ?
decline in investment spending
326 What is the common title of the Rev. King's most famous speech
delivered at the 1963 March on Washington? ;"l Have a Dream"
068 What is the downward sloping line representing an individual's demand schedule?
demand curve
564 What is inflation closely linked to?
developments in monetary policy
028 In economics, what do models most often consist of?
diagrams or mathematical formulas
387 Where do most of the variation in GDP per capita occur?
differences in average labor productivity
213 A profit-maximizing firm's supply Curve will be upward sloping as a result of what?
diminishing returns to scale
565 As he tells it
does the narrator in "Ambush" forgive himself for killing the young man? ;sometimes yes, sometimes no
126 Indicate the new equilibrium point in the market for cigarettes after an anti-smoking campaign.
down and to the left
125 Indicate the direction of the new equilibrium point after the introduction of BGH.
down and to the right
439 What instrument did Dylan regularly play
early in his career, in addition to guitar? ;harmonica
148 What are the factors that affect price elasticity of supply?
ease of entry and exit, scarce resources, and time horizon
038 Normative economics combines what two things?
economic analysis with value judgments
237 Firms in a monopoly may earn what?
economic profit
186 All points along the PPF are what?
efficient
555 How do new measures of the poverty rate address the problem of different types of households?
either recalculating the threshold over time, or using today's threshold and carrying it back historically by adjusting for inflation
046 What are the names of the pair in Waiting for Godot
either their formal names or their informal ones? ;Vladimir and Estragon or Didi and Gogo
135 If a one percent change in price results in a greater than one percent change in quantity demanded, demand is said to be
elastic
131 What do we employ to measure the size of the changes in prices and quantities as well as their direction?
elasticity
219 What are examples of monopolies?
electricity, water, and cable television
374 What are the three categories that comprise the working-age population?
employed, unemployed, out of the labor force
296 What does the narrator of "The Phantom of the Opera's Friend" mean when he says he'll wait until "the hot meat of romance is cooled by the full gravy of common sense"? ;until he starts being realistic about the Phantom 49
end of story
261 Individuals who take on the risk of attempting to create new products or services, establish new markets, or develop new methods of production are known as what?
entrepreneurs
443 One music magazine was especially influential in publishing songwriters of the early 1960s
especially with political songs, and "Masters of War" and other early Dylan songs were published in it. What is the name of this magazine? ;Broadside
280 Another possibility for reducing a negative externality is what?
establishing Quotas
391 Another clue that the children are in rich people's territory is the presence of a woman wearing what
even in summer heat? ;a fur coat
009 What was the name of Stoppard's first play
eventually produced for television? ;Walk on the Water
096 At prices higher than the equilibrium price there will be a(n)
excess supply
480 How can government offset deviations in spending?
expansionary and contractionary fiscal policy
313 What are the periods of rapid growth of output called?
expansions
199 Define accounting costs.
explicit monetary costs
439 Define unit of account.
expressing the value of a good as a price to be paid with a common medium of exchange, i.e. money
266 When the actions of one person affect the well- being of someone else, but neither party pays nor is paid for. These effects are known as what?
externalities
265 What are the two types of market failures?
externalities, and when the institution of private property breaks down
411 Aside from their roles as intermediaries, what other function do banks play in the economy?
facilitating purchases of goods by providing checking accounts
569 Which fears drove Martin to increase the interest rates during the Johnson administration?
fears about inflation arising from Johnson's "Great Society" spending, as well as the accelerated military spending in Vietnam
545 How was the Community Action Program funded?
federally through local grants
522 What was the impact of the race riots on the median value of all homes between 1960 and 1970?
fell by about 6 to 10 percent
556 What was the change in the poverty rate from the 1960s to today according to the newer measures of the poverty rate?
fell from 26 percent in 1967 to 16 percent today
516 What was the impact on female earnings relative to male earnings after the Civil Rights Act?
fell from 60.7 percent at the start of the decade to 59.4 percent by 1970
316 What is the central focus of macroeconomics regarding recessions?
finding ways to reduce the severity and duration of such periods
194 What are the economic actors who are responsible for supplying goods and services in an economy?
firms
490 How many Americans were without jobs at the time of Kennedy's first State of the Union Address?
five and one-half million Americans
010 List four expenses families must choose how much income to spend on.
food, clothing, travel, and savings
423 What are the two types of international capital flow?
foreign direct investment and portfolio investment
293 Define institutions.
formal and informal rules that structure human interactions
294 Define organizations.
formal rules and structures Used to help organize human interactions
380 What are the three types of unemployment?
frictional, structural, and cyclical
568 How long was William McChesney Martin, Jr. the chairman of the Federal Reserve's Board of Governors?
from 1951 to January 1970
184 What is the reason our modern economy is characterized by such a high degree of
gains from trade
594 What was the result of the 10 percent surcharge tax passed by Congress in 1969?
generated a budget surplus
469 The inspiration for "Masters of War" was probably an address warning about the military- industrial complex
given by which president of the United States? ;(Dwight D.) Eisenhower
013 Define a trade-off.
giving up one thing to get something else
269 Define public goods.
goods for which it is impossible to establish private property rights
329 Define intermediate goods.
goods that are used up in the production of a final good
345 Define consumer non-durables.
goods used up quickly
288 What is the source of externalities?
goods which are rival in consumption but not owned
479 Define fiscal policy.
government spending
307 What is one reason for the rising level of production historically?
growth in population
116 When Guildenstern first calls Rosencrantz and thinks Rosencrantz has finally remembered his name
he has just been startled by someone crossing the stage. Who is it that crossed the stage? ;Hamlet
202 How does Guildenstern's attitude towards boats change over the course of Act Three? ;In the beginning of Act Three
he thinks they're safe/ a respite/ a way of being carried without having to make decisions; at the end, he thinks they're unsafe/ a way of being trapped and unable to make decisions.
011 What are expenses a society must choose how much of their resources to devote to?
healthcare, national defense, and education
149 If entry and exit are easy, then elasticity will be ?
high
286 Private goods are characterized by what?
high degree of excludability and rivalry
287 Define a common resource in terms of rivalry and excludability.
high degree of rivalry and low excludability
461 Of the following places — hospitals
highways, forests, oceans, a graveyard, which is the one NOT included in "A Hard Rain"? ;hospitals
209 The demand curve for a perfectly competitive market is
horizontal
071 We add demand curves _____.
horizontally
341 What are the four categories of purchasers?
households, firms, government, and the foreign sector
158 In the dumbshow
how are the characters referred to who parallel Rosencrantz and Guildenstern? ;as "Spies"
109 As Claudius tells it
how did Rosencrantz and Guildenstern first get to know Hamlet? ;They were brought up with him.
198 When the pirates attack
how do Hamlet, the Tragedians, and Rosencrantz and Guildenstern keep from being killed? ;They hide in the barrels.
518 At Joan Baez's school
how does every fifth day differ from the preceding four? ;They keep silence on the fifth day.
370 When Miss Moore takes all the kids for the day
how does she surprise the narrator in her choice of transportation? ;She uses cabs instead of the subway.
057 The tools of economic analysis can be used to study which phenomena?
how individuals and businesses make decisions, how they interact in the market, the factors that determine levels of production, employment, and the price level
490 In real life
how much was Zantzinger fined for Hattie Carroll's death? ;$625
025 What do theoretical models help us to understand?
how the economic phenomena we observe fit together
030 What is the test of an economic model?
how well it captures the aspects of reality that we are seeking to understand
031 The simplicity and lack of realism of models allows us to what?
identify the important assumptions and characteristics
452 What state is the world in
in "A Hard Rain"? ;neglect/ disintegration/ turmoil etc.
564 Who tries to reason with the narrator after the death of the young man
in "Ambush"? ;Kiowa
386 What is the narrator's first name
in "The Lesson"? ;Sylvia
557 Where do Wimer and others argue that historical poverty trends "have been more favorable — and that government programs have played a larger role" than older estimates suggested?
in "Trends in Poverty with an Anchored Supplemental Poverty Measure"
542 When was the Peace Corps established?
in 1961 by President Kennedy
524 When was the "War on Poverty" launched?
in Johnson's first State of the Union Address in January 1964
016 Which film did Stoppard co-write that was set in Shakespeare's day
in addition to Rosencrantz and Guildenstern are Dead? ;Shakespeare in Love
252 Which of the actors
in addition to the Player, has lines in Rosencrantz and Guildenstern Are Dead? ;Alfred
421 Under what circumstance does domestic savings no longer have to equal domestic investment?
in an open economy
525 When did Johnson outline his Great Society to Congress?
in his second State of the Union Address in 1965
497 What job did Hattie Carroll have
in real life and in the song? ;Barmaid/ kitchenmaid/hotel worker
563 What does the narrator of "Ambush" think about the peril of the situation
in retrospect? ;that there was no real peril
229 How do Rosencrantz and Guildenstern in Stoppard's play differ from the same characters in Shakespeare's play
in terms of responsibility for the plot against Hamlet? ;In Stoppard they are hapless and victimized; in Shakespeare they are more culpable henchmen.
204 What time of day is it
in the final scene on the boat, after the Tragedians enact their deaths? ;Sunset
111 What confusion do Rosencrantz and Guildenstern show
in the scene with Claudius and Gertrude? ;not knowing which one is Rosencrantz and which one is Guildenstern
110 What confusion do both Claudius and Gertrude show
in the scene with Rosencrantz and Guildenstern? ;not knowing which one is Rosencrantz and which one is Guildenstern
498 To indicate that Hattie Carroll had a humble position
in the song, where does Bob Dylan say that she never sat? ;at the head of the table
015 The opportunity cost of attending a baseball game for a landscaper is ________.
income from mowing lawns
073 What are the factors that cause a shift in the demand curve?
income, price of related goods, tastes, expectations, and number of buyers 13-74, paragraph titles
154 As we move down the demand curve, if demand is elastic, total revenue will
increase
212 So long as diminishing returns to scale apply, marginal costs will _____ as the firm's output ______.
increase, increases
563 What caused inflation rates to rise starting in 1965?
increased federal spending on the war in Vietnam
042 What are the four consequences of a hike in the minimum wage?
increased income of minimum-wage workers, some minimum-wage workers losing jobs, workers unable to acquire minimum-wage jobs, and diminished profits for minimum-wage employers
561 According to Phillips, what was the result of low unemployment in a strong economy?
increased wages, which leads to inflation
130 After the introduction of BGH, consumer surplus ______ and producer surplus _______.
increased, changed ambiguously
206 Define diminishing returns to scale.
increasing marginal costs due to some factors of production being fixed in the short run
119 Any point to the left of the equilibrium quantity is considered to be what?
inefficient
150 If an input is scarce, then supply will be ?
inelastic
075 Goods for which the demand is negatively related to income are called what?
inferior goods
065 In a perfectly competitive market, buyers and sellers can buy and sell as much as they wish without fear of what?
influencing market price
260 What is one important route firms take to establish market power?
innovation
087 What are the four factors that may shift the supply curve?
input prices, technology, expectations, and number of sellers 14, 2, paragraph titles
346 Define services.
intangible goods
276 One approach to solving the problem of externalities is what?
internalization of the externality
021 Cost-benefit calculations are performed in what way?
intuitively and approximately.
347 Purchases of final goods and services made by firms are called what?
investment
431 What is the equivalent of demand in the financial market?
investment
195 When Hamlet spits into the audience
it has a result he didn't expect. What is this result? ;He responds as if he's been spat upon/ it's as if he and the audience are the same.
533 How is Medicaid financed?
jointly by states and the federal government
195 What are the inputs of a firm?
labor, capital equipment, raw materials, and other inputs
468 Of the following sights — hammers bleeding
ladder covered with water, a rainbow, a harvester — which one does NOT occur in "A Hard Rain"? ;harvester
494 What was one of the most lasting legacies of the Kennedy administration's efforts to stimulate the economy?
large reductions to the to marginal income tax rates
414 What is the benefit of diverse investments?
less risk, reducing the potential ups and downs found when tied to a single business
467 Define natural rate of unemployment.
level of unemployment due to frictional and structural unemployment
228 The shouts 'The King rises!" and "Lights
lights, lights!" put an end to what event? ;the dumbshow/The Murder of Gonzago
008 Where does scarcity arise from?
limited resource supplies and insatiable desires
243 What are examples public ownership?
local services such as water, sewer, and sanitation service that are operated by municipal governments
344 Define consumer durables.
long-lived consumer goods
331 Define capital goods.
long-lived goods that are produced and used to produce other goods and services but are not used up in production
312 What four things do higher levels of production make possible?
longer life, broader access to education, better healthcare, and cleaner environments
342 The Rev. King gives three necessities for disobeying an unjust law: that one must do it openly
lovingly, and — what is the third necessity? ;with a willingness to accept the penalty
140 Items regarded as necessities generally have _____ elasticities.
low
289 How is a collective good characterized?
low degree of rivalry and high excludability
144 The broader the market definition the price elasticity of demand is.
lower
059 Which economic branch focuses on the overall performance of the national economy?
macroeconomics
248 What are examples of oligopolies in the U.S.?
manufacturers of tennis balls, breakfast cereals, aircraft, electric light bulbs, washing machines, and cigarettes
106 The buyer who at a price is just indifferent between buying a good in question and not buying it is known as what?
marginal buyer
208 What is the additional revenue from producing one more unit of output?
marginal revenue
062 All the buyers and sellers of a particular good or service comprise its ___.
market
264 What are instances where competitive markets fail to produce socially desirable outcomes?
market failures
222 Firms that face a downward sloping demand ClJrve are said to possess what?
market power
061 Individual buyers and sellers respond predictably to changes in what?
market prices
220 What is the definition of an imperfectly competitive market?
markets with one or only a few suppliers
058 Which branch of economics focuses on individual behavior and the operation of markets?
microeconomics
056 The field of economics is traditionally divided into what two broad subfields?
microeconomics and macroeconomics
198 Define economic costs.
monetary costs plus opportunity costs
257 The most common form of imperfect competition is what?
monopolistic competition
224 A single supplier in a market is said to be a ?
monopoly
388 What is the reason for recent increasing trend of labor force participation in the U.S.?
more women entering the labor force and lower birth rates causing an increase in the working- age population
236 Which character is termed melancholy
morose, moody, and perhaps mad? ;Hamlet
069 How is a change in price represented graphically?
movement along the curve
290 Collective goods can be easily privatized and are often sources of
natural monopolies
200 Trying to be ingratiating
near the end of Act Three, Rosencrantz offers Guildenstern a familiar bet. What bet does he offer? ;that the year of his birth doubled is an even number
588 What was the human cost of the Vietnam War?
nearly 60,000 Americans and a million Vietnamese lost their lives
134 Because of the law of demand, the price elasticity of demand will always be
negative
268 When the actions of one person negatively affect the well-being of someone else, this is known as
negative externalities
436 What are the three things that cause a shift in the financial market equilibrium?
new technology, government saving, and government taxing
429 Define the real interest rate.
nominal rate minus the rate of inflation
291 How is a public good characterized?
non-rival and non-excludable
142 For perfectly elastic demands, if price increases, what quantity will consumers buy?
none
061 Who wrote the famous poem in which a character proclaims "No! I am not Prince Hamlet
nor was meant to be / Am an attendant lord..."? ;T. S. Eliot
074 Goods for which demand is positively related to income are called what?
normal goods
036 What is an analysis method?
normative economics
052 What does choosing between efficient outcomes require?
normative judgments
041 "Consumption of gas should decrease if gas prices increase" is what type of economic statement?
normative statement
539 The silent days at the school for nonviolence also involve not talking
not smoking, not reading, and not what? ;not writing
027 What four things does economic analysis rely on?
observation, description, measurement, and theory
318 What organization did the Rev. King help to found
of which he became its first president? ;The Southern Christian Leadership Conference
124 Who is Hamlet talking to
offstage and then on, near the end of Act One? ;Polonius
249 A market with only a few sellers is a(n)?
oligopoly
528 When were Medicare and Medicaid officially created?
on July 30, 1965, as amendments to the Social Security Act of 1935
182 What is Hamlet doing
on the boat, when Rosencrantz first notices him? ;sleeping
148 When the players discovered that no one was watching their performance
one actor, who was playing someone who had committed a certain crime„ was giving a soliloquy. What crime had that character committed? ;Murder
143 In the play
one character describes others by saying "They are beyond surprise." Which characters are "beyond surprise"? ;The Tragedians/ players/ actors
284 Define a rival good.
one in which the consumption by one individual reduces the consumption of another
491 How many Americans were actively searching for work for more than five months according to Kennedy's first State of the Union Address?
one million
077 Early in the play
one of the duo tries, for the first time, to figure out the reason for a certain unnerving experience that the two have been having. What is he trying to figure out the reasons behind? ;Why their coins have always been flipped the same way
411 Knight earned his B.A. in two fields
one of which was American Poetry. What was the other? ;Criminal Justice
455 What tool does the Fed use to adjust the money supply?
open market operations
299 In what way does the Phantom's dwelling resemble the landscape of Dante's Inferno? ;It is below ground (or. has levels
or involves suffering).
310 The average output per person is referred to as what?
output GDP per capita
543 How many volunteers did VISTA have just one year after being established?
over 3,000
587 How many American troops were stationed in Vietnam at the war's peak in 1968?
over 500,000
054 Efficiency is an important first step in maximizing what?
overall well-being
029 At first glance, models appear ______.
overly simplistic
453 What are the roles of the twelve regional banks?
overseeing commercial banks in their respective regions, and as a lender of last resort
361 CPI will typically ______ the true increase in the cost of living.
overstate
283 Define tragedy of the commons.
overuse of a commonly owned resource
226 What are the most important sources of barriers to entry?
ownership of key resources, government-created monopolies, and natural monopolies
400 Define stock.
partial ownership of a firm
262 Entrepreneurs can obtain legal monopoly through what mechanism?
patents
229 What are mechanisms through which exclusive rights are given?
patents and copyrights
403 Define dividends.
payment of a share of a firm's profit to its shareholders
151 What are the five possibilities for elasticity in order from least to greatest slope
perfectly elastic, elastic, unit elastic, inelastic, perfectly inelastic
141 What is the elasticity when a change in price causes no change in the quantity?
perfectly inelastic
360 Among politicians
philosophers, psychologists, and theologians, which group does King not cite in "Letter from a Birmingham Jail"? ;Psychologists
389 What are the five factors that affect average labor productivity most prominently?
physical capital, human capital, natural resources, technological knowledge, and political and legal environments
086 What is Rosencrantz doing
physically, when he remarks that the fingernails and beard grow after death? ;cutting his fingernails
428 Under what circumstances did the narrator's uncle apparently disappear? ;He took a freight train. 74
poem, 3rd verse, lines 2-3
032 The insights that economics offers about individual and social decisions can be divided into two categories, ______ or _____ economics.
positive and normative
034 Which economic analysis focuses on cause-and- effect relationships?
positive economics
053 Normative judgments rest on criteria outside the realm of
positive economics
040 "Consumption of gas will decrease if gas prices increase" is what type of economic statement?
positive statement
380 Which kid
predictably, finally goes first into the toy store? ;Mercedes
082 What is the most important factor to influence the quantity supplied?
price
132 The measure of how much the quantity demanded responds to a change in price is what?
price elasticity of demand
115 What is the difference between the price and the opportunity cost?
producer surplus
185 What is the representation of the trade-off between producing two different goods?
production possibilities frontier PPF
537 What do applicants to the school of nonviolence have to do to be admitted
provided they are over 18 years of age? ;write and ask (as one of the first 15 per session)
349 What is the economic definition of "investment"?
purchase of new capital goods, such as buildings and equipment
566 What are the two most common ways the Federal Reserve can inject new money into the economy?
purchasing financial assets from commercial banks and lowering interest rates
066 The amount of a good that buyers are willing and able to purchase is known as?
quantity demanded
210 Since the demand curve for a perfectly competitive market is horizontal, the price is not affected by what?
quantity supplied
234 What are examples of natural monopolies?
railroads, pipelines, and cable television
255 How did the Organization of Petroleum Exporting Countries (OPEC) play an important part in raising oil prices in the 1970s?
raised prices from $11 a barrel in 1972 to $35 a barrel in 1981
019 What is the economic assumption that people make choices by comparing benefits vs. opportunity costs?
rationality
385 What is the equation for real GDP per capita?
real GDP per worker multiplied by the fraction of the population employed
314 What are the periods of slow growth or decline in output called?
recession
090 How will suppliers react if they expect prices to rise in the future?
reduce supply today and store current inventory
523 What was the primary cause of declining property values according to William Collins and Robert Margo?
reduced demand based on perceptions Of risk rather than increased supply of housing
175 What are the effects of a price wedge?
reduced market quantity
321 What is the effect of inflation on purchasing power?
reduces purchasing power, making people worse off
020 Give two examples of social issues many people care about.
reducing pollution and helping the less fortunate
495 What is the marginal tax rate?
refers to the rate paid on the next dollar of income someone earns
188 The point chosen along a PPF depends on the individual's what?
relative preferences of the two variables
156 Over a time horizon of a year or more, the elasticity of supply of milk is
relatively elastic
139 Goods with close substitutes will tend to have _____ elasticities.
relatively high
155 What is the elasticity of the demand for milk?
relatively inelastic
553 What was the effect on the poverty rate indicated by the standard government measure between 1966 and 2012?
remained unchanged at about 15 percent
161 What is the name of legislation that limits increases in the rates that landlords can charge?
rent controls
299 What is the name of socially unproductive activities that seek simply to direct economic benefits to one set of actors rather than another?
rent seeking
115 Which of the following — statement
repetition, synonyms, philosophy — which is NOT a foul in the game of questions? ;philosophy
244 What are the four approaches to the problem of monopolies?
review of large mergers and acquisitions, break- UPS, regulation, and public ownership
104 The Player says that the three main components of their plays are blood
rhetoric, and what? ;love
128 Indicate the new equilibrium point if consumers expect a shortage in the future, and suppliers expect prices to decrease in the future.
right
515 What was the impact on the female labor force participation rate after the Civil Rights Act?
rose from 37 percent in 1960 to 43 percent by 1970
402 Define debt finance.
sale of bonds
401 Define equity finance.
sale of shares of stock
430 What is the equivalent of supply in the financial market?
savings
345 The Rev. King uses the example of a white man in Texas who wrote a letter urging patience
saying that another movement took "almost two thousand years." What movement was he referring to? ;Christianity
399 What 'person" (first
second, or third) is "The Lesson" written in? ;first
379 When the narrator finally goes to enter the toy store
she feels a "funny" and unexpected emotion. What emotion is she feeling? ;shame
385 When the narrator thinks about the people who spend so much money on toys
she wonders, "What kinda work they do and how they live" — and what last and most important question does she wonder? ;why people like the narrator don't live that way ("how come we ain't in on it?" )
088 If the price of an input falls, how will the supply curve shift?
shift to the right
235 Increasing supply causes economic profits to increase so long as what occurs?
so long as marginal revenue is greater than marginal costs
084 Suppliers will be willing to supply a product as long as what occurs?
so long as the price they receive exceeds their opportunity cost
216 Why will owners be content with zero economic profit?
so long as they earn their opportunity wage
371 What is Miss Moore's first request to the narrator
so the narrator can practice using arithmetic? ;Miss Moore asks her to calculate the tip for the cab driver.
179 Near the beginning of Act Three
someone lights a lantern on the boat/ stage. Who is it that lights ;Hamlet
023 By ______ in the things we like and do the best, and then trading with other people ho have different abilities, both we and they can then be better off.
specializing
191 So long as trading partners differ in their comparative advantage, they can improve their overall well-being by doing what?
specializing
532 Who administered the Medicaid program?
states under federal guidelines
405 Purchasers of _____ face a greater risk, but have a greater potential return.
stocks
250 Oligopolies have the opportunity for what?
strategic interaction between different suppliers, or collusion.
076 Goods for which a decrease in price means a decrease in the demand for another good are called what?
substitutes
138 What are the four factors that influence the price elasticity of demand?
substitutes, necessities, market definition, and time horizon
362 What are the three reasons the CPI overstates the increase in the cost of living?
substitution bias, unmeasured quality change, and introduction of new goods and services
298 Define logrolling.
supporting a colleague's pet project so to later win support for one's own pet project
078 If the perceived benefits of a good change, then so will its quantity demanded. What is this an example of?
tastes shifting the demand curve
392 What is the single most important factor in raising average labor productivity historically?
technological knowledge
122 What is one of the defining characteristics of our modern economy?
technological progress
476 What are the reasons for shifts in long-run aggregate supply?
technological progress
187 What does a PPF with a slope of -.5 indicate?
that for every additional x two y must be given up
221 What assumption can a firm in an imperfectly competitive market not make?
that its decision about how much to supply does not affect the price at which its products can be sold
103 What does the two-way communication of price between buyers and sellers insure?
that scarce goods and services are produced at the lowest cost and allocated to the buyers who value them most highly
590 What idea of "military Keynesianism" justified Kennedy's increased defense spending?
the "missile gap" idea that the U.S. had fallen behind the Soviet Union in its military spending/ readiness
350 Among the following — Jesus
the Apostle Paul, St. Patrick, Martin Luther, and Abraham Lincoln — which is not mentioned as an "extremist" in "Letter from a Birmingham Jail"? ;St. Patrick
369 Foreign produced goods have a larger role in ____ than in _______.
the CPI, the GDP deflator
356 What does the BLS use to measure inflation?
the Consumer Price Index
538 What was the key component of Johnson's "War on Poverty"?
the Economic Opportunity Act (EOA) of 1964
562 Which group controls monetary policy?
the Federal Reserve Board
551 What were the two reiterations of the 1965 Elementary and Secondary Education Act?
the No Child Left Behind Act in 2001 and the Every Student Succeeds Act in 2015
536 The introduction of the Medicare program remains one Of the most significant changes in American health insurance, rivaled only by what?
the Patient Protection and Affordable Care Act of 2010
105 When Guildenstern wants the Player to go out so he can come on
the Player doesn't want to move, saying that he starts onstage. It turns out that there is also another reason he's not moving — what is ;He has his foot on the coin (the coin that they were flipping earlier).
243 Showing the trick knife to Guildenstern
the Player says of his death and revival, "For a moment you thought I'd — cheated." What does he mean? ;For a moment Guildenstern thought he'd really died (and possibly been resurrected).
151 Referring to the ways of the court
the Player says, "l should concentrate on not losing your..." what? ;heads
163 When Guildenstern mistakenly thinks the dumbshow has ended after the first act
the Player tells him it can't end yet, because what hasn't happened yet? ;All the deaths ("everyone who is marked for death dies")
338 On the question of lawbreaking
the Rev. King reminds readers of the "Letter" about officials' disregard of an important 1954 law. What 1954 law was disregarded by many officials? ;The law outlawing segregation in the schools
296 Unlike institutions and organizations, government possess what two distinct powers?
the ability to tax its citizens, and the legal monopoly on the legitimate use of force
315 Define the business cycle.
the alternation of periods of expansion and recession
456 Define money multiplier.
the amount of money the banking sector creates from each dollar of reserves
081 Define quantity supplied.
the amount that sellers of a good are willing and able to produce
116 How is total producer surplus represented graphically?
the area between the market price and the supply curve
410 Who bears the risk of bank lending?
the bank owner
577 When marked the official end of the Vietnam War?
the capture of South Vietnamese capital of Saigon in 1975 by North Vietnamese forces
448 What is the Federal Reserve System, or "the Fed"?
the central bank of the U.S.
157 In the dumbshow
the character Lucianus parallels which person at the court in Elsinore? ;Hamlet
013 In Stoppard's play set in Zurich
the characters are staging another play by what other famous Wit? ;Oscar Wilde
141 In conversation with the Player
the characters remark on "the old man." Which character do they mean by "the old man"? ;Polonius
326 Define aggregation.
the combination of many different things into a single economic variable
204 Define marginal cost.
the cost of producing an additional unit of output
018 What does the true cost of college not include?
the cost of room and board
406 The value of a share is dependent on what?
the current profits and future prospects of the firm
397 What is a date of maturity?
the date when a loan must be repaid
274 By the end of Rosencrantz and Guildenstern Are Dead
the dead characters include Rosencrantz, Guildenstern, Ophelia, Laertes, and three other characters. Who are the three remaining dead characters? ;the king, queen, and Hamlet
197 What is the definition of profit?
the difference between the firm's total revenue and its total costs
044 An important criterion that economists often apply in evaluating a society's use of scarce resources is what?
the efficiency of the resulting allocation
092 At what point will the market settle?
the equilibrium point
026 What do models capture?
the essential features while stripping away the unnecessary details
230 Define a patent.
the exclusive rights to a new technology for a period of 20 years
272 What is the true social cost of a firm's production equal to?
the firm's marginal costs plus the cost of the externality
182 For any given supply curve, what happens the less elastic the demand is?
the greater the share of the tax paid by buyers
428 In the financial market, what acts as the price for a loan?
the interest rate
457 Define discount rate.
the interest rate that the Federal Reserve charges on loans it makes to banks
094 Graphically where is the equilibrium point?
the intersection of the supply and demand curve
372 All working-age adults who are either employed or are actively seeking work are called what?
the labor force
166 In the dumbshow
the letter to the English king appears to contain orders to kill who? ;the "Spies" (Rosencrantz and Guildenstern)
433 What is the reason why investment is represented by a downward sloping?
the lower the real interest rate is, the larger the number of investment projects by firms
024 In Shakespeare's Hamlet
the man who becomes the king at the end is from what country? ;Norway
246 What is equivalent to the marginal revenue curve for a firm that perfectly price discriminates?
the market demand curve
328 What is the formal definition of GDP?
the market value of all final goods and services produced within a country during a specified time
308 Waiting for the Phantom at the end of the story
the narrator is a little bit irritated, and what other emotion is he feeling? ;Relief (or: worry [that the Phantom does not like him])
426 In the last two lines of the poem
the narrator regrets his lack of what? ;children
384 In the toy store
the narrator sees a $35 toy clown and reflects on what that $35 could buy. What is one of the things the $35 could buy, in her thinking? ;bunk beds/ visit to the country or grandfather/ rent/ piano bill
295 An important limitation constraining institutions and organizations
the need for voluntary cooperation
521 What poet do the students refer to as "the only one
the only beautiful voice, the only one talking," who suggested taking babies and flowers to the Oakland Army Terminal? ;Allen Ginsberg
368 The narrator of "The Lesson" has one closest friend in the group
the only one she says is also "just right." What is the name of her closest friend? ;Sugar
207 The marginal cost of production can also be seen as what?
the opportunity cost of supplying an additional unit of output since it measures the amount that must be spent to produce that unit 42,
102 What information does price convey to buyers?
the opportunity cost of supplying the good
113 In terms of costs, the height of the supply curve represents what?
the opportunity cost to the marginal seller
398 Define principal.
the original amount the purchaser of the bond pays
445 Define currency.
the paper bills and coins in the hands of the public
317 Define unemployment rate.
the percentage of the labor force that would like to work but cannot find employment
570 What do scholars refer to as the golden age of U.S. productivity growth?
the period from 1948 to 1973
095 llne Player remarks that if Rosencrantz and Guildenstern hadn't come across them when they did
the players might be back performing as they did when they began. What kind of performance did they do back when they began, according to the Player? ;improvisation
382 Define structural unemployment.
the portion of the unemployed attributable to the mismatch between job openings and job-seekers, usually a skills or location mismatch
381 Define frictional unemployment.
the portion of the unemployed who are currently not working because of the normal process of matching employees and employers
297 Define pork barrel politics.
the proclivity of elected officials to introduce projects that steer money to their communities
422 Define net capital outflow.
the purchase of foreign capital or financial assets by domestic residents minus the purchase of domestic assets by foreigners
466 Define potential output.
the quantity of goods and services that the economy can produce when using its resources at normal rates
539 What was the purpose of the Office of Economic Opportunity (OEO)?
to coordinate various antipoverty programs and empower poor Americans to improve their own communities
546 What was the goal of the 1964 Food Stamp Act?
to improve the standards of living for the nation's poorest citizens while helping to strengthen agricultural enterprise
493 What was one of Kennedy's immediate solutions for the sluggish economy?
to inject billions of dollars into the economy by directing federal agencies to accelerate their budgeted spending
526 What were the three broad goals of Johnson's Great Society?
to keep the economy growing, to open opportunities for minorities, particularly in the area of voting rights, and to improve life for all Americans
196 What is a firm's goal?
to maximise profits
531 What is the purpose of Medicaid?
to provide health insurance to low-income individuals
169 Why do governments use taxes?
to raise the revenue used for public expenditures
365 What was the purpose of the Boskin Commission?
to review the methods used to calculate the CPI
369 What is Miss Moore's excuse
to the parents in the story, of why she should be responsible for the young people's education? ;She had been to college.
179 What is the main effect of a tax?
to transfer revenue to the government
279 How can the government correct externalities?
to use taxes or subsidies
271 In general there will be of an activity that generates positive externalities and of an activity that generates negative externalities.
too little, too much
390 Define physical capital.
tools, machinery, and up-to-date factories
111 The total area below the demand curve and above the market price is called what?
total consumer surplus
117 What is total surplus?
total consumer surplus plus total producer surplus
012 What is implied by scarcity?
trade-offs
238 What are two effects on social welfare caused by monopolies?
transferring consumer surplus to producers, and a deadweight loss
016 What are the explicit costs of college?
tuition, books, room and board
498 How many different tax brackets are there in the U.S.?
twenty-four
120 Any point to the right of the equilibrium quantity is said to be what?
unachievable voluntarily
383 Define cyclical unemployment.
unemployment due to the natural rises and falls of the business cycle
378 What is the equation for unemployment rate?
unemployment rate = 100 x number of unemployed / labor force
127 Indicate the new equilibrium point for the milk market if the number of cows decreases, and the number of milk buyers increases.
up
273 The socially optimal level of production for a negative externality is what?
up and to the left of the market equilibrium
085 Describe the slope of a supply curve.
upward sloping
463 What is the equation for velocity of money?
v = P x Y / M
024 What is necessary for benefits to outweigh the costs for both parties involved in trade?
voluntary exchange
050 When we make decisions about how to allocate resources, we must do so in a way that does not _________.
waste resources
055 We must allocate resources in such a way as to avoid what?
wasting resources
472 What are the three reasons aggregate demand is negatively related to the aggregate price level?
wealth effect, interest rate effects, foreign exchange effects
055 In the fiftieth-anniversary restaging of Rosencrantz and Guildenstern at the Old Vic in London
what actor played Rosencrantz? ;Daniel Radcliffe
568 According to the narrator's daughter
what can she conclude by the fact that he keeps writing about war? ;that he did kill somebody
208 In the final scene in Elsinore
what character (who does not speak in the scene) has arrived from the wars in Poland? ;Fortinbras
003 After Tom Stoppard's parents and family left their home country
what country did they end up in, where his mother ran a shoe store? ;India
482 In real life
what did Zantzinger strike Hattie Carroll with? ;a cane/toy cane
366 In the context of Bambara's career
what does BAM stand for? ;Black Arts Movement
126 At the beginning of Act Two
what evidence causes Guildenstern to say, "There are the players"? ;the sound of the band
567 When the narrator imagines the young man at times
what happens differently in his imagination? ;He doesn't kill him/ the young man keeps on walking.
313 When the Phantom's friend has encouraged him to take steps to leave the Opera and join regular life
what has been the Phantom's excuse not to do that? ;that he is too old
510 In the courtroom
what is Joan Baez's response to those who argue that they want to protect their property values? ;She has more money in property than they do/ She wants to protect her property too.
397 In connection with Toni Cade Bambara
what is This Bridge Called My Back? ;a (feminist) anthology to which she wrote the preface
131 In trying to determine which direction is which
what is the fundamental problem that makes this difficult for Rosencrantz and Guildenstern? ;They don't have any certain knowledge/ points to orient them.
560 When the narrator spots the young man
what is the young man carrying? ;a gun
097 In a word
what kind of plays do the players perform? ;Tragedies
125 In the passages reproduced from Shakespeare
what kind of words did Stoppard add to the text? ;stage directions
348 The Rev. King warns that if white people are dismissive of black people's struggles
what may happen? ;violence
073 At the beginning of Rosencrantz and Guildenstern
what objects are Rosencrantz and Guildenstern carrying that make it clear that one of them has been winning their game disproportionately and the other has been losing? ;money bags
246 In the course of the play
what one thing causes Hamlet to draw his sword onstage? ;the pirate attack
089 In the early part of the play
what sound do Rosencrantz and Guildenstern to hear? ;Music/ a band/ drums and flute
481 In real life
what was the most immediate reason that Zantzinger struck Hattie Carroll? ;For not bringing his drink fast enough
489 In real life
what was the most immediate reason that Zantzinger's prison sentence was deferred — to allow him to wait for what? ;gathering in his (tobacco) crop
043 Used as an example by the philosopher Camus
what was the task of Sisyphus that seemed to embody the human condition? ;endlessly rolling a boulder up a hill
119 What is the name of the queen of Denmark
when Rosencrantz and Guildenstern arrive at court? ;Gertrude
118 What is the name of the king of Denmark
when Rosencrantz and Guildenstern arrive at court? Claudius
424 Define foreign direct investment.
when a company or individual acquires assets in a foreign country that they will manage actively
232 Define a natural monopoly.
when a single firm can supply the market at a lower cost than could others
320 Define inflation.
when all prices rise together, and all the things people consume become more expensive
425 Define portfolio investment.
when an individual or business purchases shares of stock or bonds issued by a foreign corporation
444 Define fiat money.
when an item with no intrinsic value is used as money
443 Define commodity money.
when an item with some intrinsic value is used as money
323 Define trade surplus.
when exports exceed imports
324 Define trade deficit.
when imports exceed exports
093 In economics, a market is in equilibrium when?
when no participant in the market has any reason to alter his or her behavior
525 Why did Joan Baez want tutoring from Ira Sandperl
when she already had nonviolent convictions? ;She felt she didn't know the formal/ philosophical terms or underpinnings of the movement.
534 How old was Joan Baez at the time that Joan Didion describes
when she had been on the cover of Time and sung at the Lincoln Memorial? ;twenty-two
394 Define saving.
when someone has more income than they wish to spend
267 Define positive externalities.
when the actions of one person positively affect the well-being of someone else
282 Define a common resource.
when the consumption by an individual reduces the consumption of another individual
228 How does the government create monopolies?
when the government gives the exclusive rights to supply a product to a single company
245 After the pirate attack
when the main characters on the ship iump into barrels, the sun rises and one of the group is missing. Which character has disappeared? ;Hamlet
244 After the pirate attack
when the main characters on the ship jump into barrels, the sun rises and one barrel is missing. Who was in the missing barrel? ;Rosencrantz and Guildenstern
072 A shift in the demand curve occurs when?
when the quantity demanded changes at every price
233 How do natural monopolies occur?
when there are large fixed costs that cause a firm's average costs to be falling
407 When are sales of stock calculated into the GDP?
when they are initially sold to the public by the firm
259 How do monopolistically competitive firms choose at what output to produce?
where MC = MR
236 How does a monopolist choose which quantity to supply?
where MC = MR, or at the profit-maximizing quantity
188 When Rosencrantz and Guildenstern get to England
where are they supposed to take Hamlet? ;to the king/ court
192 Searching for the source of the music in Act Three
where does Rosencrantz finally find it coming from? ;the barrels
211 Where is the profit maximizing output point?
where marginal costs equal marginal revenue
436 What part of New York City
which Bob Dylan frequented, was known as the home of the folk music scene? ;Greenwich Village
383 What is the narrator's outward reaction
which Miss Moore notices, in the toy store? ;She is angry.
048 What is the title of the absurdist Italian play about an English king
which has special affinities with Rosencrantz and Guildenstern Are Dead? ;Enrico IV
287 In the story
which important decision awaits the Phantom? ;whether to have the surgery/ live above ground fulltime or not.
416 Of the photos on the wall
which is the only one that "smiles at me"? ;his young niece
075 In the coin-tossing game between Rosencrantz and Guildenstern
which one of them has been doing the actual flipping of the coins? ;Guildenstern
074 In the coin-tossing game between Rosencrantz and Guildenstern
which one of them has been winning? ;Rosencrantz
185 When Rosencrantz and Guildenstern are playing the coin game in Act Three
which one of them wins all the rounds? ;Guildenstern
355 Rev. King compares the modern church to a thermometer
which registers popular opinion. What does he compare the ancient church to? ;a thermostat (that transforms things)
106 When Guildenstern is flipping coins with the players
which side keeps coming up? ;heads
084 In the coin-tossing they have been experiencing in the beginning of the play
which side of the coin has been turning up? ;heads
066 What is the title of the work in which Scheherazade tells a long sequence of stories
which so interested Borges and Barth? ;The Thousand and One Nights
253 Which three characters
who also speak in Shakespeare's Hamlet, have lines in Rosencrantz and Guildenstern that are NOT in Hamlet? ;Rosencrantz, Guildenstern, and the Player
023 In Shakespeare's Hamlet
who becomes king at the end of the play? ;Fortinbras
026 What is the name of the protagonist in T. S. Eliot's famous poem
who comes to realize he will never be anything other than ordinary? ;J. Alfred Prufrock
191 When Rosencrantz and Guildenstern wake UP in the morning after reading the first letter
who do they find reading a book in a deck chair? ;Hamlet
303 In the original story of the Phantom of the Opera
who is "the Angel of Music"? ;the Phantom himself
206 In the final scene
who is holding Hamlet? ;Horatio
022 In Shakespeare's Hamlet
who is responsible for the death of Gertrude? ;Claudius (or herself, by drinking the poison Claudius prepared)
362 The Rev. King cites Martin Buber
who says that segregation causes an "I-it" relationship. This means that persons are regarded as — what? ;things
211 Of all the people who discuss death in Rosencrantz and Guildenstern Are Dead
who takes it the least seriously? ;The Player
108 In the scene with Ophelia
who utters the sigh "so piteous and profound"? ;Hamlet
337 The Rev. King gives the example of his little daughter
who wants to do something but can't because it is prohibited by black people. What does she want to do? ;go to the amusement park
477 In the tradition of political and topical folksongs
who wrote the song "Ohio," about the shootings at Kent State University in 1970? ;Neil Young
147 When the Player reioins Rosencrantz and Guildenstern in Elsinore
why is he furious at them? ;Because Rosencrantz and Guildenstern left in the middle of the players' performance (unbeknownst to the players until later)
005 Economics helps us to understand what two aspects of our economy?
why our economy functions smoothly at times, and why it occasionally breaks down
352 What institution run by white people has disappointed the Rev. King
with "some notable exceptions"? ;the "white church"
009 Name four major resources of an economy that are limited no matter how wealthy a society is.
work, energy, knowledge, and capital
215 In a competitive market, how much economic profit do owners earn?
zero
417 What does the narrator have in common with 1 grandfather
3 cousins, 1 nephew, and 1 uncle? ;his name
482 By what percent had real GDP per capita risen from 1957 to 1960?
3 percent
479 Of the following songs of the '60s — " I Ain't Marching Anymore
" "1he Ballad of George Jackson," and "500 Miles" — which is NOT a political song? ;"500 Miles"
433 "The Ballad of Hattie Carroll
" "A Hard Rain's A-Gonna Fall," and "Masters of War" were all recorded in what two-year period? ;1963-64
440 What is the name of the album that featured "1he Ballad of Hattie Carroll
" "A Hard Rain's A-Gonna Fall," and "Masters of War"? ;The Freewheelin' Bob Dylan
108 If Sharon values a good at $70, and the market price is $35, what is Sharon's consumer surplus?
$35
497 What was the average family income in 1960?
$6,691
146 The elasticity of demand is equal to ?
(1/e)*(P/Q)
157 What is the elasticity of a good if quantity decreases by 400/0 and price increases by 50%?
-0.8
484 What was the average annual rate of growth in real GDP per capita in the 1950s when you excluded 1950 and 1951 ?
1.4 percent/ year
158 What is the elasticity of a good if price increases by 35% and quantity increases by 52.5%?
1.5
550 What percent of public school funds do federal funds account for today?
10 percent
451 What constitutes the Fed?
12 regional banks, and the Federal Reserve Board in Washington D.C.
492 How many Americans were exhausting their unemployment benefits each month according to Kennedy's first State of the Union Address?
150,000
520 How many incidents of arson occurred during the race riots between 1964 and 1971 ?
16,000
537 How much Of U.S. healthcare spending does Medicare account for today?
17 percent
586 How many American troops were in Vietnam roughly a year after the Gulf of Tonkin resolution signing?
180,000
450 When was the Fed established?
1913
459 When were the most significant declines in the CPI?
1920-2 when prices dropped 16 percent, and 1929-33 when prices dropped 25 percent
336 When was the modern conceptual basis for the measurement of GDP developed?
1930s
162 In what year did Middle Eastern oil supplies get interrupted and the federal government impose a ceiling on prices to protect low-income families?
1979
483 What had been the average annual rate of growth in real GDP per capita during the 1950s?
2.5 percent/ year
499 What was marginal tax rate for the lowest tax bracket of $4,000?
20 percent
519 What was the result of over 750 race riots across the nation?
228 people killed, and 13,000 iniured
465 By how much did real GDP fall during the Great Depression?
25%
205 what is the marginal cost?
Marginal Cost = Change in total costs / Change in quantity produced
507 Which influential social activists was present at the signing of the 1964 Civil Rights Act?
Martin Luther King, Jr.
521 What was the impact of the race riots on black family median incomes and median value of black-owned homes between 1960 and 1970 according to Collins and Margo?
Median black family income fell by 9 percent and home values fell between 14 and 20 percent.
527 What five areas did Johnson's administration focus on to achieve the Great Society?
Medicare and Medicaid programs, employment programs, food stamps, housing assistance, and transforming American schools Ill - J J3, paragraph titles
375 In the discussion of paperweights
Mercedes makes it clear that she differs from the rest of them. What does she have at home that differentiates her? ;a desk (and desk accessories)
080 How does the number of buyers influence the demand curve?
More buyers mean more demand.
247 What are the social effects of price discrimination?
More consumer surplus is transferred to the producers, and a decrease in deadweight loss.
091 How might the number of sellers affect the supply curve?
More suppliers will increase quantity supplied, shifting the supply curve to the right, and vice versa.
367 What is the title of the collection of short stories in which "The Lesson" appeared? ;Gorilla
My Love
426 In an open economy, net capital outflows (NCO) are equal to what?
Net exports (NX)
063 What are examples of highly organized markets?
New York Stock Exchange NYSE or the Chicago Mercantile Exchange CME
051 Does Pareto efficiency provide a basis for choosing between efficient outcomes?
No
334 If a 3-year old car is sold this year, is it included in the GDP?
No, only goods produced within the time period are counted.
551 Of the following — A Book of Common Prayer
Northern Lights, In the Lake of the Woods, and If I Die in a Combat Zone, Box Me Up and Ship Me Home — which was NOT written by Tim O'Brien? ;A Book of Common Prayer (which is by Joan Didion)
048 Tell whether the following is Pareto efficient: In a ten-person economy where $ 100 worth of goods and services are produced, each citizen receives $9.
Not Pareto efficient
109 If Steve values a good at $25, and the market price is $35, what is Steve's consumer surplus?
Nothing, Steve does not purchase the good.
501 When was Kennedy assassinated?
November 1963
584 What was the Gulf of Tonkin incident that occurred in 1964?
On August 2, a U.S. warship exchanged fire with torpedo boats from North Vietnam, and a similar incident reportedly occurred on August 4.
535 What is the definition of a means-tested program?
Only those with income levels below a certain threshold are eligible for it.
500 What changes to the tax rates did Kennedy propose in his 1963 State of the Union Address?
Over the next three years, the top marginal tax rate would be reduced from 91 to 65 percent, and the bottom rate from 20 to 14 percent, while simultaneously eliminating certain tax breaks from the tax code.
118 An outcome that maximizes total surplus satisfies the criterion of what?
Pareto efficiency
047 Tell whether the following is Pareto efficient: In a ten-person economy where $ 100 worth of goods and services are produced, each citizen receives $11 and one citizen receives $1.
Pareto efficient
049 Tell whether the following is Pareto efficient: In a ten-person economy where $ 100 worth of goods and services are produced, one citizen receives $ 100.
Pareto efficient
529 How was Medicare originally set up?
Part A included hospital insurance and was financed with payroll deductions, and Part B was an optional medical insurance program available to those who pay a monthly premium.
445 Of the following — Johnny Cash; Peter
Paul, & Mary; Pearl Jam; Neil Diamond; and the Grateful Dead — which did NOT record a Bob Dylan song? ;Neil Diamond
069 Among the playwrights Ionesco
Pinter, Albee, and O'Neill, which one is not an absurdist or postmodernist? ;(Eugene) O'Neill
070 Among the authors Rhys
Pirandello, Barth, and DU Maurier, which one did not write an explicitly metafictional/metatheatrical text? ;(Daphne) DuMaurier
113 At one point in Act One
Polonius enters to say that ambassadors have arrived from what country? ;Norway
128 At the beginning of Act Two
Polonius has the news of an arrival for Hamlet. Who is arriving? ;The players
458 Define federal funds rate.
the rate charged by banks when they lend reserves to other banks
379 Define labor force participation rate.
the ration of those in the labor force to the working-age population
180 What is the graphical representation of the revenue gained by the government?
the rectangle created to the left of the deadweight loss
181 The distribution of the burden of a tax depends on what?
the relative elasticities of supply and demand
114 Define what a marginal seller is.
the seller who would leave the market if the price were any lower
478 What is the basic reason shocks to the economy translate into recessions and expansions?
the short-run inflexibility of prices
050 In Six Characters in Search of an Author
the six characters are rehearsing a play. Who wrote the play within a play? ;Pirandello/ the author of Six Characters
391 Define human capital.
the skills and experience gained through education, training, and on-the-job experience
178 What is the graphical representation of deadweight loss?
the small triangle created by the new equilibrium quantity line, and the supply and demand curves
449 In each verse
the speaker in "A Hard Rain" characterizes his/her son as "my son" — what phrase goes in the blank? ;"blue-eyed"
519 At the school
the students do after-lunch ballet exercises to the music of what group? ;the Beatles
006 Define economics.
the study of how individuals make choices about how to allocate resources to satisfy a want, and interactions between individuals
063 Freud described the psyche as containing the ego
the superego, and the what? ;Id
254 What can cause the internal downfall of oligopolies?
the temptation of one firm to increase production
435 Define crowding out.
the tendency of government deficits to reduce private investment
263 Define creative destruction.
the term coined by economist Joseph Schumpeter meaning the pushing out of older markets by newer, younger markets
469 Define aggregate demand.
the total desired spending on final goods and services by everyone in the economy
371 The percentage of the labor force that is unable to find a job is what?
the unemployment rate
101 What information does price convey to suppliers?
the value that consumers place on that good
105 The height of the market demand curve at each point represents what?
the willingness to pay of the marginal buyer
112 What does the height of the supply curve at each quantity supplied represent?
the willingness to supply of the marginal seller
004 What is the driving force behind the actions of the butcher, brewer, and baker?
their self interests
238 The Player says
thematically, "In our experience, most things end in" -- what? ;death
253 What happens if a cartel is successful in restricting output?
then marginal revenue will be greater than marginal cost of production for each firm in the industry
194 When the Tragedians appear in Act Three
they are in what kind of costumes? ;the costumes from The Murder of Gonzago/king, queen, poisoner, "Spies"
183 As supply and demand become less elastic, what happens to the change in quantity and deadweight loss?
they become smaller.
257 What do Rosencrantz and Guildenstern have in Act Three that
they hope "explains everything"? ;A letter
014 The cost of what you choose is what you have to give up
this is called the _____ of your choice. ;opportunity cost
530 Who is covered by Medicare?
those age 65 and older, and a small number of younger people with certain health conditions
079 When trying to figure out why the coins have always landed the same way
three of the possible reasons Guildenstern comes up with are: he's willing it; time has stopped; it's mere chance. What is his fourth possible reason the coins have always come up the same way? ;God/ divine intervention
121 A competitive market would achieve the same results as a market planner through what mechanisms?
through the self-interested actions of its participants responding to changes in the market price
467 Of the following sounds —lullabies
thunder, the roar of waves, whispering — which one does NOT occur in "A Hard Rain"? ;Lullabies
017 What is an implicit cost of college?
time
363 What is the Greek term for a rhetorical appeal to the setting
time or place in which a speech occurs? ;kairos
330 Why are intermediate goods excluded from GDP?
to account for the extent of vertical integration in the economy, and to avoid double counting
