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Economics

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Heber Nader

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โˆ™ 2021-11-08 19:35:10
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Cards in this guide (30)
What are the Differences between scale of economies and economies of scale

Scale of economies = the size of the economies - i.e how big the economies/savings are.

Economies of scale = those economies that come as a result of the organization being big (as opposed to the same costs of in organization which is smaller)

What is equilibrium

Equilibrium is

* a stable situation in which forces cancel one another

* chemical equilibrium: a chemical reaction and its reverse proceed at equal rates

* balance: equality of distribution

* a sensory system located in structures of the inner ear that registers the orientation of the head

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 is the effect of import restrictions on prices

Import restrictions may increase or decrease the prices of commodities. Import restriction implies the unavailability of best supply or product in the market, resulting in second best product to mount sales. This can acquire higher prices under restricted supplies.

On the other hand, restricted supplies will promote domestic producers to enter the market. Hence resulting in the more domestic competition, leading to reduced prices.

Considering the technological aspect, import restriction will cause in lag in technology. Hence using out dated technology may actually increase the prices.

Gradpoint: they cause prices to rise

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 happens when the supply of a nonperishable good is greater than the consumer wants to buy

Either the price drops until the consumers are prepared to buy more, or supplier are left holding surplus stocks until replacement purchases clear these inventories.

No manufactured good is truly non-perishable, and so will eventually require replacement.

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 happens to supply when input costs go up

it decreases bc consumers find a substitute product

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

How does elasticity affect a company's pricing policy

If demand is elastic at the current price, the company knows that an increase in price would reduce total revenues.

What prompts efficient resource allocation in a well-functioning market system

A number of things will prompt efficient resource allocation in a well-functioning market system. The quantity and the price of the commodities are the main aspects.

The physical capital used by a woodworker to make furniture would include

saws and drills

Which is not a result of regulation or government intervention in a market

lowering the costs of production of a good (novanet)

What is an unitary elastic supply

A unitary-elastic supply indicates a good with a supply-price elasticity of one, which means that a 1% change in price increases supply by 1%.

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 happens to the supply curve when supply and demand both increase

There is two types of increase for supply.

1) Movement along the demand curve (upwards or downwards) which is subjected to the shifting of the demand curve

2) Shift of the supply curve.

For the first case, the supply curve does not shift but there is increased production to meet the new market demand. Supply will increase as there is a upward movement along the supply curve, and until the new market equilibrium is achieved.

For the second case, Supply shifts right and hence the upward movement along the demand curve.

What is the quickest way to resolve problems from a supply shock

raise prices

Is demand needed in equilibrium

Yes. Equilibrium is created at the intersection of the Demand curve and Supply Curve. Equilibrium can be shifted if the Demand curve increases or decreases, and the same happens when the Supply curve increases or decreases. Without demand, you would just have a Supply curve.

What does it mean when a market is in equilibrium

it means that the market is stable

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.

All are causes of structural unemployment except

falling of the stock market

If a consumer is waiting to buy a sweater he or she found at a department store until after the holiday season which factor is most likely influencing the decision to wait

If a consumer is waiting to buy a sweater he or she found at a department store until after the holiday season, which factor is most likely influencing the decision to wait?

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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