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Economics

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Tanya Gaylord

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Cards in this guide (15)
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.

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

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

When was Advantage Rent a Car created

Advantage Rent a Car was created in 1963.

Shoe factory has an elasticity of supply of .5 as the price of shoes rises from 50 to 75. If the factory produced 100000 shoes at a market price of 50 how many will be produced at the new price

125,000

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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