Graph Interpretation
The term for the point where the supply and demand curves intersect, and the quantity supplied equals the quantity demanded
What is equilibrium?
The distinction between AD/AS compared to normal D/S? Why is it important in the context of Keynesian economics + macro
Macro considers the total factor for everything (not just individual products/services like microeconomics, but any intermediates). This therefore fulfills the Keynesian thought that aggregate demand can become a factor big enough that it requires government intervention (The Feds) in the short term amount of time.
A market is comprised of
What is all the buyers and sellers of a specific good or service?
Based on Table A above, what is the CPI for 2024, using 2023 as the base year (M1)
How much is 93.61?
The term for a situation in which an economy’s output (real GDP) increases at a rate that exceeds its potential growth rate, leading to inflationary pressures and possible overheating
What is demand-pull inflation?
What is production possibility frontier(PPF)?
What is the total amount that can possibly be produced within a set amount of time?
What is the profit when total revenue is $438 and total cost is $347?
What is $101?
Which of the following depicts a decrease in demand according to Graph C above (GI2)?
a. F to K
b. X to M
c. G to X
d. X to R
e. F to G
What is B?
When a negative AD shock is applied to an economy
What is a recession?
What is a price control?
What is the effort to set a minimum or maximum price on a good?
What is the marginal cost per item when production goes from 50 to 100 and total cost goes from $358 to $483?
What is $2.50?
This describes Okun's Law
What is a 1% decrease in the cyclical unemployment rate reduces the output gap by 2%?
In a closed economy with a government running a budget deficit, which of the following expressions is CORRECT?
a. I > S
b. S > I
c. S = I
d. S + I = Y
e. Y - G = T
What is C?
What is a fixed cost?
What is a cost not affected by other variables?
Suppose the elasticity of demand equals -0.25 when the consumer buys 8 units of the product for $5 each. The slope of this downward-sloping straight-line demand curve is equal to
What is -2.5?
Graph A shows the Production Possibility Frontiers for the United States and England for producing golf balls (GB) and soccer balls (SB). Based on these graphs, which of the following statements is TRUE?
a. The United States will export golf balls to England as long as the relative price of 1 golf ball is
below 0.33 of a soccer ball.
b. England will export golf balls to the United States as long as the relative price of 1 golf ball is below 0.33 of a soccer ball.
c. The United States will import golf balls from England as long as the relative price of 1 golf ball is below 0.4 of a soccer ball.
d. England will export soccer balls to the United States as long as the relative price of 1 soccer ball is above 0.33 of a golf ball.
e. England will import soccer balls from the United States as long as the relative price of 1 soccer ball is below 3 golf balls.
What is C?
How is real GDP per capita calculated (w.r.t n/the labor force)?
The ratio of GDP/n * n/POP
How does a monopoly occur?
What is when there are barriers of entry to the supply?
How would the elasticity be described with an initial price of 30 and initial quantity demanded of 8 and final price of 20 and quantity demanded of 11?
What is inelastic?