Economics 2.34 Practice Quiz #28496
Questions and Answers
What is the financial gain made in transactions?
If a person makes a necklace that only costs $2.00 to make, and then sells the
Economics Market Coordination Notes Micro Econ - 65999
The process in which individuals perform tasks, such as producing certain quantities of
goods, on the basis of changes in market forces, such as supply, demand, and price.
Economics Price Elasticity Notes Micro Econ - 65998
Price elasticity of demand
Percentage change in quantity demanded due to 1% change in price
=(P/Q) * (1/slope)
Declines down demand curve
Price elasticity > 1
Increases when substitutes, more exp
Econ Notes Chapter 9 67643 - Microeconics
- When quantity demand is equal to quantity supplied.
- The price at the intersection of the market supply and demand curves.
The point at which the market supply and the mar
Econ Notes Chapter 9 57643
prices that adjust on a nearly daily basis
prices that adjust slowly
Prices that do not always adjust rapidly to maintain equality between quantity supplied
and quantity demanded.
Economics 9.34 Notes
Does the Economy "Self-Correct"?
New Classical View of Self-Correction
Monetarist and rational expectation economists believe that the economy has
automatic, internal mechanisms for self-correction.
Figure 19a-b demonstrates th
Economics 6.34 Notes
Introduction to fiscal policy
One major function of the government is to stabilize the economy (prevent
unemployment or inflation).
Stabilization can be achieved in part by manipulating the public budget-government
Economics 7.34 Notes
Two definitions of economics growth were given in Chapter 8.
The increase in real GDP, which occurs over a period of time.
The increase in real GDP per capita, which occurs over time.This definition is
Economics 8.34 Notes
Introduction: Disagreements about Macro Theory and Policy
This chapter contrasts the classical and Keynesian macroeconomic theories.
Contemporary disagreements on three inter-related questions are considered.
What causes instab
Economics 4.34 Notes
the market value of all final goods and services produced within a nation in a given time
the gross domestic product stated in terms of the current value of goods and services
nominal GDP adjuste
Economics 3.34 Practice Quiz #28496
Questions and Answers
What is a market structure in which many companies sell products that are
similar but not identical?
Economics 5.34 Notes
The income level below which income is insufficient to support a family or houselhould
Percentage of people who live in households with income below the official poverty threshold.