Microeconomics
The point where the supply curve and demand curve intersect is called _________
Market equilibrium
Suppose that a university decides to spend $1 million to upgrade personal computers and scientific equipment for faculty rather than spend $1 million to expand parking for students. This example illustrates:
What is 25% of 40% of 120?
12
"The home economy is isolated from foreign trade". This refers to
A close economy
The money paid in addition to what is owed on a loan is called ________
Interest / Interest rate
The economic term used to describe the state of those who fall below a specific threshold of income to cover basic standard of living is:
Poverty
The regulatory mechanism of the market system is:
Competition
2x - y = 1
3x = y= 9
Find the values for x and y.
X=2, y=3
Several firms are each large enough to affect prices but do not have an uncontested monopoly
Oligopoly
The point where total revenue curve cuts total cost curve is called
Break even point
A negative income elasticity of demand coefficient indicates that
The product is an inferior good.
In the circular flow of income, investments and savings are, respectively:
Injections and leakages
Given; y= -X2 - 4x + 12
What is the slope value?
-2
____ is the ability of a firm/industry, under free and fair market conditions, to design, produce, and market goods and services that are better and/or cheaper than those of other firms/industries.
Competitiveness
Only bank that can create base money. Lender of last resort to the banking system
Central Bank
For any given price, a firm in a competitive market will maximize profit by selecting the level of output at which price intersects the
Marginal cost curve
The alternative combinations of two goods that a consumer can purchase with a specific money income is shown by:
Demand = 2200 - 200P
Supply = 800 + 500P
(P = Price)
Calculate the equilibrium price.
When a company sells its products to foreign consumers at lower prices than to domestic consumers.
Dumping
Interest rate uncorrected for inflation
Nominal Interest Rate
If Suraj enjoys his first pancake of the morning much more than his fifth pancake of the morning, he is exhibiting
Diminishing marginal utility
A reserve requirement of 20 percent means a bank must have $1,000 of reserves if its checkable deposits are:
5000
3x4 - 2x3 + x2 + x
Find the 2nd order derivative.
36x2 - 12x + 2
The absence of trade. Self-sufficiency.
Autarky
Rate of return that the buyer gets on their money when they buy a bond at its market price
Yield