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☆☆☆☆☆Cards in this guide (12)
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
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
If economists calculate the GDP for 2009 using current prices of year 2009 what are they estimating
nominal GDP
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