Cards in this guide (21)
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
What is a market demand schedule
a table that lists the quantity of a good a person will buy at
each different price
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 supply1) 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
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
What effect does a rise in the cost of machinery or raw materials have on the cost of a good
The good becomes more expensive to produce.
What is an exception to the general idea that markets lead to an efficient allocation of resources
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
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
What is GDP expressed in constant or unchanging prices called
When was Advantage Rent a Car created
Advantage Rent a Car was created in 1963.
What recipients do the government subsidies are in place to protect the population rather to benefit the economy
tobacco growers in the United States
Which of these is an example of depreciation
A worker’s truck breaks down more often after 80,000 miles of driving.