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econ 2100 gsu final questions and answers
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econ 2100 gsu final questions and answers
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econ 2100 gsu final questionsand answers
Inflation - answer A rise in the general price level
CPI (Consumer Price Index) - answer most commonly used price index
demand-pull inflation - answer occurs when demand outpaces supply
significantly, associated with low levels of unemployment
cost-push inflation - answer inflation that occurs with a significant rise in
price of a key product in the economy
stagflation - answer inflation associated with high levels of unemployment
hyperinflation - answer rapid inflation
PPF (Production Possibilities Frontier) - answer graphical representation
of oppurtunity cost
Efficiency - answer occurs when production is along the PPF line
absolute advantage - answer occurs with the country that can produce
more of a good than another country
comparative advantage - answer occurs with the country that can produce
a certain good at a lower opportunity cost than another country
economic globalization - answer growing integration and interdependence
of economies
, social globalization - answer the increasing social and cultural
interconnectedness across countries
Foreign Direct Investment (FDI) - answer ownership of at least 10% of a
company located in a foreign country
Foreign Portfolio Investment - answer short term foreign investment in
stocks and bonds (less than 10%)
political globalization - answer the growing interdependence among
national governments (embassies, treaties, etc)
number of international phone calls, international travel, international
population in the country, extent of internet use - answer indicators of
social globalization
membership in international organizations, treaties - answer indicators of
political globalization
CNN effect - answer A theory that seeks to explain the effect that 24-hour
news networks, such as CNN, have on the general political and economic
climate. the attention of viewers is narrowly focused for prolonged periods
of time causing individuals and organizations to react more aggressively
towards the subject matter being examined
income inequality - answer unequal distribution of income across the
various participants in an economy
increased wealth of nations, efficient production due to specialization,
transfer of technology and knowledge, foreign direct investment increases
employment, growing strength of the civil society, reduced possibility of
armed conflicts among nations, increased cultural exposure - answer pros
of globalization
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