Econ 311 Final

Card Set Information

Econ 311 Final
2010-12-06 05:05:11

Econ 311 Final
Show Answers:

  1. What city/state controlled the European Spice Trade for much of the 15th century?
  2. what city did the Turks close to European trade when they conquered it in 1452?
  3. With the closing of land routes between East and West, what happened to the market for spices in Europe in the mid fifteenth century?
    Supply decreased
  4. Who was the first European to round Cape Bojador?
    Gil Eannes
  5. Who was the first Euoropean to sail to American (excluding Lief Erickson)?
  6. Who was the first European to sail to India
    da Gama
  7. Who encouraged Henry the Navigator to invade North Africa?
  8. Who was the first European whose crew circumnavigated the globe?
  9. The result on the European Spice Market of the early sixteenth century of Vasco da Gama's successful voyage was an
    increase in supply
  10. What was not a result of the European maritime explorations?
    The Europeans realized the world is round
  11. The major purpose of money is to
    facilitate exchange by reducing transactions costs
  12. the only cause of deflation
    too little money in relation to the quantity of goods and services
  13. All costs are
    opportunity costs
  14. Hamilton favored a
    strong federal government and a central bank
  15. If you lend $100 to a friend who repays $100 after a year of inflation, your are
    sad because you can buy less with the $100 now than you could have with the original $100
  16. example of "hard" money
  17. The Weimar Republic's (Germany after WWI) hyperinflation was caused by
    too much money in circulation
  18. Group that is most hurt by unanticipated deflation?
  19. Who supported soft money?
    William Jennings Bryan
  20. The recent hyperinflation in Zimbabwe was caused by
    too much money in circulation
  21. Which act upset the rum producers of New England?
    Sugar Act of 1764
  22. Which act most upset the colonial professional class?
    Stamp Act of 1765
  23. What most upset colonial land speculators?
    Proclamation of 1763
  24. What increased the transaction costs of exchange?
    Currency Act of 1764
  25. What is the effect of a decrease in the money supply?
  26. Where did most of the colonists live?
    Close to the Atlantic
  27. What repealed immediately followed the repeal of the Stamp Act?
    Declaratory Act of 1766
  28. What established a monopoly for the British East India Company in the colonies?
    Tea Act of 1773
  29. What repealed the charter of the Massachusetts Bay Colony?
    Coercive Acts of 1774
  30. The only cause of inflation is
    to much money in relation to the quantity of goods and services
  31. Example of a transaction cost
    looking on the Internet for a used car
  32. All search costs are
    Transactions costs
  33. All transaction costs are
    opportunity costs
  34. Who drove the Muslims from their last stronghold in Spain
  35. Last stronghold of Muslims in Spain
  36. Who traveled from Europe to the court of the Mongol Emperor in the 13th century?
    Marco Polo
  37. Which is the southernmost cape in Africa?
    Good Hope
  38. In a decision, which of the following is the alternative (option) selected?

    a. choice
    b. decision
    c. alternative
    d. opportunity cost
  39. Which of the following is the best alternative not selected, the opportunity given up in making a decision?

    a. choice
    b. decision
    c. alternative
    d. opportunity cost
  40. Which of the following is a bad point about an alternative?

    a. decision
    b. disadvantage
    c. alternative
    d. cost
  41. In "The King, the Mice, and the Cheese" students learn that alternative have:

    a. advantages
    b. disadvantages
    c. both a and b
    d. neither a nor b
  42. In a decision, where someone is choosing among three alternatives, how many opportunity costs is/are there?

    a. one
    b. two
    c. three
    d. impossible to tell
  43. When Uncle Jed uses his money for the operation for Sarah Jean, the cost of that choice is:

    a. $300
    b. all of the things that he could have done with the money
    c. the barber shop
    d. insufficient information to answer the question
  44. At the time that Helga came back with her dowry and chose to remain unmarried, the opportunity cost of that choice was

    a. Plain Inga
    b. the dowry
    c. the king
    d. handsome Lars
  45. The major economics concept illustrated by "Mr. Tanen's Ties," is:

    a. opportunity cost
    b. problem solving
    c. alternatives
    d. resources
  46. In "gettin' Through Thursday," Andre's Mama comes up with many:

    a. alternatives
    b. costs
    c. resources
    d. goals
  47. Ferdinand the Bull's favority activity was to:

    a. fight other bulls
    b. jump and snort, and carry on
    c. impress the ladies
    d. sit quietly and smell the flowers
  48. What word is used in "Big Squeak and Little Squeak" that is never to be used in your classroom?

    a. fair
    b. free
    c. fine
    d. fun
  49. In "A Day's Work," Abuelo had experience in:

    a. gardening
    b. cooking
    c. carpentry
    d. translating
  50. In "The Rag Coat," Minna was proud of her coat because it:

    a. told stories about her classmates
    b. was made by famous coat makers in San Francisco
    c. was sent to her by her Aunt in New York
    d. fit her perfectly
  51. In "Erandi's Braids," Erandi's mother

    a. sold her braids to the barber
    b. made Erandi sell her braids to the barber
    c. wanted money for a new fishing net
    d. told Erandi she could not go to the fiesta
  52. Which of the following statements, emphasized in class, most clearly states the message of benefit/cost analysis?

    a. There is no such thing as a free lunch
    b. There is no such choice as a free choice
    c. There is no such cheese as a free cheese
    d. There is no such fish as a free fish
  53. Which of the following took disputed land away from the New England Colonies?
    Quebec Act of 1774
  54. Who did a representation (sketch,painting) of the Boston Massacre that omitted Crispus Attucks?
    Paul Revere
  55. Who was the American born Governor of Massachusetts who ordered the captains of the tea ships to unload their cargo?
    Thomas Hutchinson
  56. Who defended Thomas Prescott in a Boston trial?
    John Adams
  57. Who led the Sons of Liberty in Boston and was completely against any compromise with the King or Parliament?
    Sam Adams
  58. Which religious group honored the English King/Queen as head of the English Church?
  59. Which religious group did not believe in popes, bishops, or kings as "head of the church?"
  60. Which religious group recognized the Pope as the head of the English church?
  61. Who was the new military governor of Massachusetts after the Boston Tea Party?
    Thomas Gage
  62. What wars united the British and Americans?
    French and Indian War
  63. On the eve of revolution, approximately what percent of American colonists favored fighting for independence from Great Britain?
  64. At what grade does this Standard apply? Discuss the relationship of students’ “work” in school and their personal human capital

    a. 1
    b. 3
    c. 5
    d. 6
  65. At what grade does this Standard apply? Understand the concept of exchange and the use of money to purchase goods and services

    a. K
    b. 1
    c. 4
    d. 6
  66. At what grade does this Standard apply? Students match simple descriptions of work that people do and the names of related jobs at the school, in the local community, and from historical accounts.

    a. K
    b. 1
    c. 2
    d. 3
  67. At what grade does this Standard apply? Discuss the connections between geography and the development
    of city-states in the region of the Aegean Sea, including patterns of trade and commerce among Greek city-states and within the wider Mediterranean region

    a. 3
    b. 4
    c. 5
    d. 6
  68. At what grade does this Standard apply? Students understand basic economic concepts and their individual roles in the economy and demonstrate basic economic reasoning skills

    a. K
    b. 2
    c. 3
    d. 4
  69. At what grade does this Standard apply? Trace the development of agricultural techniques that permitted
    the production of economic surplus and the emergence of cities as centers of culture and power

    a. 3
    b. 4
    c. 5
    d. 6
  70. At what grade does this Standard apply? Describe the entrepreneurial characteristics of early explorers
    and the technological developments that made sea exploration by latitude and longitude possible.

    a. 2
    b. 3
    c. 5
    d. 6
  71. What is the earliest grade at which students should apply cost/benefit analysis?

    a. K
    b. 2
    c. 4
    d. 6
  72. At what grade does this Standard apply? Explain the aims, obstacles, and accomplishments of the explorers, sponsors, and leaders of key European expeditions and the reasons Europeans chose to explore and colonize the world

    a. 1
    b. 3
    c. 5
    d. 6
  73. At what grade does this Standard apply? Describe the purpose, challenges, and economic incentives associated with westward expansion, including the concept of Manifest Destiny

    a. 5
    b. 6
    c. 7
    d. 8
  74. Which of the following measures the relationship between supply and demand for one product compared to the relationship of supply and demand for all other products?

    a. Absoulute scarcity
    b. defined scarcity
    c. full cost scarcity
    d. relative scarcity
  75. Which of the following is a measure of the relative scarcity of a product?

    a. relative price
    b. absolute price
    c. defined price
    d. full cost price
  76. If only five units of a product exist, it can be said that the product is:

    a. scarce
    b. rare
    c. valuable
    d. in great demand
  77. Which of the following is one of the necessary characteristics of an efficient market?

    a. improvements
    b. innovation
    c. information
    d. cooperation
  78. Sellers competing against sellers drives the price _______ and buyers competing against buyers drives the
    price _________.

    a. up, up
    b. down, down
    c. down, up
    d. up, down
  79. Which of the following can change the relative scarcity of a product?

    a. legislation
    b. corporate greed
    c. personal greed
    d. supply and demand
  80. An increase in supply does what to price and quantity exchanged?

    a. Price goes up, quantity goes down.
    b. Price goes up, quantity goes up.
    c. Price goes down, quantity goes down
    d. Price goes down, quantity goes up.
  81. U.S. housing prices are falling. Which of the following could cause this?

    a. an increase in demand
    b. a decrease in demand
    c. a decrease in supply
    d. either b or c
  82. Which of the following describes the results of the European plague of the 13th century on the European market for workers?

    a. supply decreased, wages fell
    b. Supply decreased, wages rose.
    c. Demand decreased, wages rose
    d. Demand decreased, wages fell.
  83. What was the impact of Vasco da Gama's successful voyage to India on the European spice market of the sixteenth century?

    a. demand increased, prices fell
    b. demand decreased, prices rose
    c. supply decreased, prices rose
    d. supply increased, prices fell
  84. What was the impact on the European beaver pelt market of the nineteenth century when Europeans found a way to produce silk themselves, recognizing that silk and beaver pelts are substitutes?

    a. Supply of beaver pelts increased, prices fell.
    b. Supply of beaver pelts increased, prices rose
    c. Demand for beaver pelts fell, prices fell.
    d. Demand for beaver pelts rose, prices rose.
  85. What happened to the market for placers (pans used to pan for gold) in Sacramento in 1850 when many miners "rushed" to the area to discover gold?

    a. Demand fell, prices fell.
    b. Demand fell, prices rose.
    c. Demand increased, prices fell.
    d. Demand increased, prices rose
  86. What happened to the cotton market in London
    during the American Civil War as a result of the North's successful blockade of Southern Ports?

    a. Supply fell, prices rose.
    b. Supply increased, prices fell.
    c. Demand incresed, prices fell.
    d. Demand decreased, prices fell
  87. What would happen in the market for California fruits and vegetables if Mexican farm workers stopped coming into California?

    a. Demand would increase, prices would fall.
    b. Demand would decrease, prices would rise
    c. Supply would decrease, prices would rise.
    d. Supply would increase, prices would fall.
  88. If people are out of work and have lower incomes, what will happen to the price of most products including the price of oil?

    a. Demand will increase, price will rise
    b. Demand will decrease, price will fall
    c. Supply will increase, price will fall.
    d. Supply will decrease, price will rise.