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
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
List two forms that technological advancement can take and give an example of each form
Technological advancement can be seen as progress within
society. For example, people living better is progress. Another way
you can see technological advancement is through the use of
advanced devices.
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
What is a period of economic growth as measured by a rise in real GDP called
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.
Why is the monetary policy administered by the federal reserve the principal method of softening the effects of the business cycle
Because there are more political complications with determining
and implementing fiscal policy.
What is the annual income earned by US owned firms and US citizens referred to as
What do economists use to determine if an economy is healthy or if it is in a recession or depression
Which theory says that inflation occurs when the demand for goods exceeds the existing supply
What is GDP expressed in constant or unchanging prices called
How can monetary policy makers help smooth out fluctuations of the business cycle
They can utilize and hone the practice of good timing.
What is the amount of unemployed individual in this country if in a certain country the labor force is 30 million and the unemployed rate is 5 percent
Julia invested 3000 at an annual interest rate of 5 percent from last year to this year there has been a 4 percent inflation rate after a year the purchasing power of her investment
Which of these is an example of depreciation
A worker’s truck breaks down more often after 80,000 miles of driving.
