BA 99.1/99.2
Assets = Liabilities + __________
Owner's equity
Equilibrium is the state in which market ________ and ________ balance each other
Supply and demand
Is "budget deficit" a stock or flow variable?
Flow
An ____________ is a cost or benefit of an economic activity experienced by an unrelated third party.
Externality
Who is the current dean of the UPSE?
Dr. Maria Joy V. Abrenica
The ___________ refers to a financial statement that reports a company's assets, liabilities, and shareholder equity at a specific point in time.
Balance Sheet
Are luxury goods income elastic or inelastic?
Income Elastic
______________ is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
Gross Domestic Product (GDP)
Find the determinant of
[15 37
7 25]
375 - 259 = 116
Who is the current UPSE Director for Research?
Prof. Renato E. Reside, Jr.
If I had only one statement and wanted to review the overall health of a company, which statement would I use?
Cash flow statement
___________ is the rate of increase in prices over a given period of time
Inflation
__________________ is a measure of the average change in prices over time in a fixed market basket of goods and services.
Consumer Price Index (CPI)
What do coefficients in a linear regression tell you?
In regression with multiple independent variables, the coefficient tells you how much the dependent variable is expected to increase when that independent variable increases by one, holding all the other independent variables constant.
When was the UP School of Economics established?
1965
Give one basic principle of accounting
1. Economic Entity Principle
2. Monetary Unit Principle
3. Time Period Principle
4. Cost Principle
5. Full Disclosure Principle
6. Going Concern Principle
7. Matching Principle
8. Revenue Recognition Principle
9. Materiality Principle
10. Conservatism Principle
The _______________ is a curve that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture.
Production Possibility Frontier (PPF)
What is the difference between nominal and real GDP?
Real GDP is nominal GDP adjusted for inflation.
What do financial markets do?
Financial markets perform the essential economic function of channeling funds from households, firms, and governments that have saved surplus funds by spending less than their income to those that have a shortage of funds because they wish to spend more than their income.
What is the Econ Back fondly called? (Hint: is derived from a cafe name)
Starback
_____________ is an accounting method where revenue or expenses are recorded when a transaction occurs versus when payment is received or made.
Accrual basis/accrual accounting
What happens to price when supply and demand both increase (not necessarily proportionately)?
The effect on price cannot be determined
What are the components of expenditure or GDP?
1. Consumption
2. Investment
3. Government Spending
4. Net Exports
What Econ theory from Econ 141 states that comparative advantage depends on the relative abundance of the factors of production and the relative intensity with which these factors are used to produce different goods?
Heckscher-Ohlin Theory
A square with a curved ray of light in the lower left portion.