SOLUTION TO THE ANDREAN ECONOMICS ASSOCIATION- FY CHAPTER – QUIZ 3 – 2017

1	Changes made to fiscal policy would involve changes in d.    Taxation and government spending
2	Decreasing government spending while increasing the tax rate would be the best policy for combating b.    Inflation
3	What will most likely result if the deprive of apples decreases? a.        The quantity of apples demanded will increase
4	Robin wants to buy an Xbox. According to the laws of economics Robin will buy the Xbox if b.    The marginal benefit is greater than the marginal cost
5	The best advantage of using money rather than a barter system is its use as a b.    Medium of exchange
6	If you wanted to understand the relationship between households, businesses and resources, you would study a.        The circular flow model
7	Zack wants to buy a new drum set for his band. He visits two music stores over the weekend to compare prices. For Zack, money is functioning as a.       A unit of account
8	The most significant difference between gross domestic product and gross national product would be c.    Net income from foreign assets
9	How would advancements in technology affect the labour demand curve? c.    It would shift to the right
10	If Michelle’s annual incomes has increased and it is observed that her demand for fish has increased, then fish must be considered b.    A normal good
11	Suppose it is necessary for tin to be used in the production of guitar strings. If the price of tin decreases and all other variables are constant, what will most likely happen? d.    The supply of guitar strings will increase
12	If the U.S. government lowered taxes to aid the recovery from a recession, that is an example of c.    Discretionary fiscal policy
13	Changes made in monetary policy would involve changes in a.        Interest rates
14	All of the following influence a nation’s rate of growth EXCEPT d.    An increase in the rate of inflation
15	The unemployment rate is currently at 9% is a b.    Normative statement
16	The unemployment rate is too high is a        a.   Normative statement
17	The water-diamond paradox is also known as b. The paradox of value
18	One of factor of production has a backward bending supply curve. Which one of the following?        b. Labour
19	Economics distinguishes between needs and wants. a.       True
20	A centrally planned economy is a command economy. a.       True

Top scorers: 17/20 : Anam Merchant, Sherlyn Pereira,
                       16/20 : Avril Lewis, Emilia Fernandes, Fatima Khan, Gaurav Malik, Navin Mittal,                                            Vaishnavi Kedia,
                       15/20 : Alisha Ahmed, Jaqueline Simon, Racheal DSouza, Sera Gonsalves, Shonil                                            Furtado, Wilma D'Souza.

CONGRATULATIONS TO ALL PARTICIPANTS AND TOP SCORERS

       
             

Nobel Prize in Economics 2017

The Nobel Prize for Economics was awarded today to Richard H Thaler for his “contribution to behavioural economics”.



Thaler is professor at the University of Chicago. (Born 1945 in East Orange)
Professor Thaler has been awarded the Nobel Prize for his work on integrating economics with psychology.

The statement, issued by the The Royal Swedish Academy of Sciences said that the Sveriges Riksbank Prize in Economic Sciences, in memory of Alfred Nobel 2017, said that the prize has been "awarded to Richard H Thaler for having incorporated psychologically realistic assumptions into analyses of economic decision-making."

"By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes," the Nobel jury said in a statement.

His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy."

The 72-year-old takes home a nine million kronor (944,000 euros, USD 1.1 million) prize sum.

Nobel Prizes - 16

Laureates in Economic Sciences and their Fields

Economic Sociology (1)

The Prize in Economic Sciences 1992

Gary S. Becker
"for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behavior"

Nobel Prizes - 15

Laureates in Economic Sciences and their Fields

Economic Psychology (2)

The Prize in Economic Sciences 2002

Daniel Kahneman
"for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty"

The Prize in Economic Sciences 2002

Vernon L. Smith
"for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms"

Nobel Prizes - 14

Laureates in Economic Sciences and their Fields

Economic History (3)

The Prize in Economic Sciences 1971

Simon Kuznets
"for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development"

The Prize in Economic Sciences 1993

Robert W. Fogel
"for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"
together with

Douglass C. North
"for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change"

Nobel Prizes - 12

Laureates in Economic Sciences and their Fields

Economic Governance (2)

The Prize in Economic Sciences 2009

Elinor Ostrom

"for her analysis of economic governance, especially the commons"

The Prize in Economic Sciences 2009

Oliver E. Williamson

"for his analysis of economic governance, especially the boundaries of the firm"

Nobel Prizes - 11

Laureates in Economic Sciences and their Fields

econometrics

1. The Prize in Economic Sciences 1969

Ragnar Frisch

together with 

Jan Tinbergen

"for having developed and applied dynamic models for the analysis of economic processes"

2. The Prize in Economic Sciences 1989

Trygve Haavelmo

"for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures"

3. The Prize in Economic Sciences 2000

James J. Heckman

"for his development of theory and methods for analyzing selective samples"

4. The Prize in Economic Sciences 2000

Daniel L. McFadden

"for his development of theory and methods for analyzing discrete choice"

5. The Prize in Economic Sciences 2003

Robert F. Engle III

"for methods of analyzing economic time series with time-varying volatility (ARCH)"

6. The Prize in Economic Sciences 2003

Clive W.J. Granger

"for methods of analyzing economic time series with common trends (cointegration)"

7. The Prize in Economic Sciences 2013

Eugene F. Fama together with

Lars Peter Hansen
and

Robert J. Shiller
"for their empirical analysis of asset prices."

Nobel Prizes - 10

Laureates in Economic Sciences and their Fields

development economics (2) -

The Prize in Economic Sciences 1979

Theodore W. Schultz

together with 

Sir Arthur Lewis

"for their pioneering research into economic development research with particular consideration of the problems of developing countries"

Nobel Prizes - 9

Laureates in Economic Sciences and their Fields

The most common research field for Laureates in Economic Sciences is macroeconomics. It is the field for 9 Laureates.

applied game theory (1) - The Prize in Economic Sciences 2012

Alvin E. Roth - "for the theory of stable allocations and the practice of market design"

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kpmcrossword1-2017

Scores: Maximum possible score:41

FYBA /FYBCom
38	Lynette, Neha
33	Nobel, Althea, Neil
32	Warren, Sushil, Delisa
31	Emilia, Riza
30	Zinal, Amreen, Abhirami, Shivani, Stephan
29	Joel, Pratima, Himanshu, Harsh, Samson
28	Anstel, Adrien
26	Elton, Jude,
25	Joe, Darren,
23	Arnold, Derrisa,
20	Navin, Amrita, Michelle
18	Cimrel, Chong, tanvi, Maheshwari
15	Atharva, Abhishek
9	Giffson
TYBA
39	Fatema, Marc
31	Ibrat, Sanjana
19	MarieLou

CONGRATULATIONS EVERYONE !