Economics Quiz
Short Answer (one sentence) – Choose 8, 4 from each section (5 points each)
Framework
What is the Gini Coefficient?
The Gini coefficient is the statistical measure of income or wealth distribution in a nation that was developed by Italian statistician Garrado Gini.
What is Social Capital?
Social Capital is the value of a network amongst connected people that have some level of trust and has an economic benefit.
What is Surplus?
Surplus is when there is an excess of a good or an offer service; when the supply of a good is greater than the demand for it, then there is a surplus of the supplied good.
What is a Predatory State?
A predatory state is an economic state that seeks to maximize the profits of the wealthy and the government at the cost of the middle and lower-class.
US/UK
What is Fordism and in what economic system was it dominant? …show more content…
What is peonage and how does it fit into the U.S. economic system?
Peonage is debtor servitude or debtor slavery, where individual works until their debt are paid off. After chattel slavery ended, there was a significant shift to peonage to support the U.S. southern economy Post-Civil War.
What is Neoliberal Capitalism?
Neoliberal Capitalism is the ideology of giving control of economic factors in the private sector; often associated with supply-side economics and self-regulation, sometimes referred to as Reaganomics in the U.S.
What is moral hazard in the context of economic policy?
Moral hazard is the willingness to engage in riskier activity when insured, knowing that the negative consequence of individuals is safeguarded.
Long Answer (one paragraph) - Choose 3, at least one from each section (20 points each)
Introduction
What are the problems with GDP as a measure of economic
Framework
What is the Gini Coefficient?
The Gini coefficient is the statistical measure of income or wealth distribution in a nation that was developed by Italian statistician Garrado Gini.
What is Social Capital?
Social Capital is the value of a network amongst connected people that have some level of trust and has an economic benefit.
What is Surplus?
Surplus is when there is an excess of a good or an offer service; when the supply of a good is greater than the demand for it, then there is a surplus of the supplied good.
What is a Predatory State?
A predatory state is an economic state that seeks to maximize the profits of the wealthy and the government at the cost of the middle and lower-class.
US/UK
What is Fordism and in what economic system was it dominant? …show more content…
What is peonage and how does it fit into the U.S. economic system?
Peonage is debtor servitude or debtor slavery, where individual works until their debt are paid off. After chattel slavery ended, there was a significant shift to peonage to support the U.S. southern economy Post-Civil War.
What is Neoliberal Capitalism?
Neoliberal Capitalism is the ideology of giving control of economic factors in the private sector; often associated with supply-side economics and self-regulation, sometimes referred to as Reaganomics in the U.S.
What is moral hazard in the context of economic policy?
Moral hazard is the willingness to engage in riskier activity when insured, knowing that the negative consequence of individuals is safeguarded.
Long Answer (one paragraph) - Choose 3, at least one from each section (20 points each)
Introduction
What are the problems with GDP as a measure of economic