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Economics

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Anya Mayer

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Cards in this guide (19)
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

What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future

Store the goods until the price rises and then try to sell them.

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.

What are the types of supply elasticity
Types of elasticity of supply

1) Perfectly elastic supply

2) Relative elastic supply

3) Unitary elastic supply

4) Relatively in elastic supply

5) Perfectly in elastic supply

What is an example that displays the law of supply

An example of the Law of Supply is:

The price of an object increased, so the quantity supplied of that object also increased.

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.

What will always cause a supply curve to shift to the left

advaces in tec

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

What is an exception to the general idea that markets lead to an efficient allocation of resources

Imperfect Compitition

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

When was Advantage Rent a Car created

Advantage Rent a Car was created in 1963.

What Government intervention to affect the production of a good

regulation

Which of these is an example of depreciation

A worker’s truck breaks down more often after 80,000 miles of driving.

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