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Art - Music - Economics > economics 376-450 > Flashcards

economics 376-450 Flashcards

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1
Q

true or false- a change in consumer incomes changes demand for a good

A

TRUE

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2
Q

the demand curve is the graphic representation of the demand…..

A

schedule

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3
Q

the price of the product A increases by 10% as a result the quantity demanded of a product B increases by 5%. what is the coefficient of cross-price elasticity between these two products?

A

0.5

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4
Q

if demand is unit-elastic then the price elasticity of demand is equal to

A

one

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5
Q

true or false a change in the number of consumers changes demand for a good

A

TRUE

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6
Q

ticket prices go up at lakers games and overall ticket revenue decreases at the staples center this meeands that demand in this price range is

A

elastic

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7
Q

goods and services that are purchased together are called

A

complements

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8
Q

true or false a change in consumer tastes and preferances changed demand

A

TRUE

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9
Q

elasticity of demand is generally highly (objective/negative)

A

subjective

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10
Q

substitutes have a (positive/negative) cross price elastiticity

A

positive

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11
Q

the price of a producte changes 10% as a result the quanitity demand changes by 25% what is the price elasticity of demand?

A

2.5

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12
Q

if demand is inelastic, what does this mean for the price elasticity of demand

A

the price elasticity of demand is less than one

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13
Q

goods and services that satisfy the same want are called

A

subsititutes

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14
Q

what is marginal costs

A

the cost of the next unit of production

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15
Q

what is the term of the restriction that income places on quanitity demanded

A

the budget constraint

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16
Q

elasticity is the relationship between the change in and the change in quantity demand or supplied

A

price

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17
Q

what is the measure of the responsiveness f demand to consumer income

A

income elasticity of demand

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18
Q

in a graph of supply and demand, what does the horizontal axis represent

A

quanitity

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19
Q

What does price elasticity of demand tell us?

A

Price elasticity of demand tells us how much quantity demanded will be affected by a change in price.

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20
Q

If the price of one good rises, what happens to the demand for its complementary good?

A

Demand for a complement will increase.

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21
Q

Pens and pencils are substitutes. The price of pens decreases? what happens to the equilibrium price of pencils?

A

decreases, because demand for pencils decreases

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22
Q

Demand decreases and supply increases. What happens to equilibrium quantity?

A

the change is indeterminate.

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23
Q

Demand decreases and supply decreases. What happens to equilibrium quantity?

A

decreases

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24
Q

Demand decreases and supply decreases. What happens to equilibrium price?

A

The change is indeterminate.

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25
Q

Supply decreases. What happens to equilibrium quantity?

A

increases

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26
Q

Supply increases. What happens to equilibrium price?

A

decreases

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27
Q

Name some factors that can change supply.

A

changes in technology, change in the number of suppliers, change in the cost of inputs, and change in expectations of future price changes

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28
Q

Technology for producing remote controls improves. The supply of remote controls (increases/decreases/stays the same).

A

increases

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29
Q

Investment represents about __% of GDP in the United States.

A

15

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30
Q

How much was U.S. per capita GDP in 1998?

A

$31,487

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31
Q

Randy decides to leave his job in New York and travel to Morocco, then back to California, where he is looking for a new job. What kind of unemployment is this?

A

frictional

32
Q

Define the labor force.

A

Every civilian age 16 or older who has a job or is seeking one. Military personnel and convicts do not count

33
Q

What is the Labor Force Participation rate?

A

The percentage of the civilian population i the labor force out of everyone who could be in the labor force.

34
Q

What government agency keeps track of unemployment data?

A

the Bureau of Labor Statistics

35
Q

The Employment Act of 1946 most targeted what kind of unemployment?

A

cyclical unemployment

36
Q

When did the Employment Act of 1946 expire?

A

2000

37
Q

About what percentage of workers earning the federal minimum wage are 20 or older?

A

75%

38
Q

How many times more likely is someone who has not gone to college to earn the minimum wage than someone who has graduated from college?

A

twice as likely

39
Q

What government agency measures the Consumer Price Index?

A

the Bureau of Labor Statistics

40
Q

What was the average inflation rate in 2004?

A

2.68%

41
Q

True or false: full employment is 0% unemployment.

A

False– for instance, there is always a certain degree of frictional unemployment.

42
Q

What is bullion?

A

precious metal

43
Q

What are three common types of unemployment?

A

frictional, structural, and cyclical

44
Q

How are the fundamental economic questions answered in a traditional economic system?

A

with tradition and history

45
Q

At what percent unemployment is an economy said to be at “full employment”?

A

4%

46
Q

What is a “discouraged worker”?

A

someone who has given up looking for work

47
Q

For an individual to be considered unemployed, does he have to be trying to find a job?

A

yes

48
Q

Who wrote The Communist Manifesto?

A

Karl Marx

49
Q

What is structural unemployment?

A

unemployment that occurs when the economy (usually due to technology) changes in such a way as to decrease demand for certain skills

50
Q

What is cyclical unemployment?

A

unemployment associated with fluctuations in the business cycle

51
Q

What is the labor force?

A

all civilians 16 and over who have a job or are seeking one and capable of holding one–thus, for instance, not mentally disabled are part of the labor force

52
Q

What is underemployment?

A

Being employed at a lower level than education and training suggest would be optimal – for instance, an engineer working to sell ice cream because of a decline in the availability of engineering jobs

53
Q

Advertising to give your product name recognition and a unique reputation is known as _______.

A

branding

54
Q

investment is sometimes called___ formation

A

capital

55
Q

education and training are examples of investments in ___ capital

A

human

56
Q

workers are what type of capital

A

human capital

57
Q

what term refers to a wage rate based on worker output

A

productivity adjusted wage

58
Q

give an example of investment in human capital

A

training, education, hiring new labor, increasing wages and health benefits technology that helps workers improve effiency

59
Q

net investments is the value of the total investment minus

A

depreciation

60
Q

true or false, the largest and most steady increase in real wages occurred after the industrial revolution

A

TRUE

61
Q

beginning with he peak, list the four major phrases of the business cycle

A

peak, precession, trough, expansion

62
Q

why does aggregate demand increase if more income is distributed to lower income families and less income to higher income families

A

lower income families spend a great percentage of their incomes on consumption

63
Q

did the median income of households in 1999 increase in every racial group

A

yes

64
Q

new orders odor capital goods are ____ economic indicator

A

leading

65
Q

government spendings represents about __% of GDP in the US

A

20

66
Q

what is an intermediate good

A

a good that is made rom a resource for use in the production of a final good

67
Q

in which range is the aggregate supply curve nearly vertical

A

classical

68
Q

in which range is the shape of the aggregate supply curve similar to that of the supply curve of a single good

A

intermediate

69
Q

list three fundamental economic questions

A
  1. What to produce (and in what quantity)?2. How to produce?3. Who will receive the benefits of production?
70
Q

what is a transfer payment from the government

A

a transfer of funds in which an individual might gain wealth, but nothing has been produced

71
Q

labor cost per unit of output is a (leading/concurrent/lagging) economic indicator

A

lagging

72
Q

what is the measure of the output of a nation’s permanent residents, regardless of where they produce

A

gross national product

73
Q

what is real gross domestic product

A

nominal GDP, adjusted for inflation

74
Q

which racial group made the lowest median household income in the us in 1999

A

blacks

75
Q

barbara eckler and amy brown and american citizens who live and own a smoothie bar in mexico city. is their income part of US gap? how about gnp?

A

no, yes

Art - Music - Economics (34 decks)

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