Six bakers can bake six cakes in 6 hours how many cakes can twelve bakers bake in twelve hours
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Definition1/14
At that rate, each baker is baking 1 cake per hour. So the 12
bakers then can make 12 cakes.
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Term1/14
Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by
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Definition1/14
25 percent
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Term1/14
Which is not a result of regulation or government intervention in a market
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Definition1/14
lowering the costs of production of a good (novanet)
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Term1/14
Which item would probably have inelastic demand for a student
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Definition1/14
School Buss Pass
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Term1/14
What does new technology generally do to production
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Definition1/14
It lowers cost and increases supply.
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Term1/14
Why would the supply curve of a dog-walking business be considered elastic
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Definition1/14
Because it can hire workers quickly if the price rises.
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Term1/14
What do economists use to determine if an economy is healthy or if it is in a recession or depression
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Definition1/14
GDP
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Term1/14
What is GDP expressed in constant or unchanging prices called
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Definition1/14
real GDP
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Term1/14
What about elasticity of demand is false
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Definition1/14
There could be many things said about elasticity of demand that
are false, but there would be no point in making things up that are
not true. This appears to have been taken from a multiple choice
exam.
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Term1/14
Which of these is an example of depreciation
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Definition1/14
A worker’s truck breaks down more often after 80,000 miles of driving.
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Cards in this guide (14)
What is a market supply schedule
A market supply schedule is a chart that list how much of a good
all suppliers will offer at different prices.
What are the leading economic indicators supposed to predict
business cycles
Does GDP include the money made by selling natural resources like oil and ores
Yes, but the exact way you would count that money depends on the
method of GDP calculation that you use.
Six bakers can bake six cakes in 6 hours how many cakes can twelve bakers bake in twelve hours
At that rate, each baker is baking 1 cake per hour. So the 12
bakers then can make 12 cakes.
Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by
25 percent
Which is not a result of regulation or government intervention in a market
lowering the costs of production of a good (novanet)
Which item would probably have inelastic demand for a student
School Buss Pass
What does new technology generally do to production
It lowers cost and increases supply.
Why would the supply curve of a dog-walking business be considered elastic
Because it can hire workers quickly if the price rises.
What do economists use to determine if an economy is healthy or if it is in a recession or depression
GDP
What is GDP expressed in constant or unchanging prices called
real GDP
What about elasticity of demand is false
There could be many things said about elasticity of demand that
are false, but there would be no point in making things up that are
not true. This appears to have been taken from a multiple choice
exam.
Which of these is an example of depreciation
A worker’s truck breaks down more often after 80,000 miles of driving.