The Costs of Production
Price x Quantity is the formula for this term.
What is Total Revenue?
When producers sell nearly identical products, that's indicative of this kind of market.
What is Competitive?
Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000, of whom 1,800 work 6 hours a day to make 270,000 final goods.
This country has lower productivity and lower real GDP per person than the other country.
What is Country A?
Long-term bonds are riskier than short-term bonds, and so this type of bond will have a higher interest rate than the other.
What is a Long-term bond?
Calculating percentage change in the consumer price index can give us this measurement.
What is Inflation?
A firm's Opportunity Costs of production are equal to these two categorical costs.
What are Implicit and Explicit costs?
When firms are said to be price takers, it implies that if a firm raises its price, buyers will respond like this.
What is go elsewhere?
The best measure of economic prosperity is this economic statistic.
What is the level of Real GDP?
Northwest Wholesale Foods sells common stock. The company is using this type of financing.
What is Equity financing?
If the price level increased from 120 to 144, then this was the inflation rate (%).
What is 20 percent?
Accounting profit is greater than economic profit when this category of costs is positive.
What are Implicit costs?
Suppose that in a competitive market the equilibrium price is $2.50. This is marginal revenue for the last unit sold by the typical firm in this market.
What is exactly $2.50?
For a restaurant: the chefs' knowledge about preparing food is this type of capital while the equipment in the kitchen is this type of capital.
What are Human and Physical capital?
Other things being constant, when a firm sells new shares of stock, the supply of the stock does this while the price does this.
What are Increases and Decreases respectively?
When the market for money is drawn with the value of money on the vertical axis and the quantity of money on the horizontal axis, the price level increases if money demand shifts this direction and decreases if money supply shifts this direction.
What is left and left?
Suppose that a firm uses only two inputs: hourly workers (labor) and a building (capital). In the short run, the firm most likely considers labor to be this type of input while capital is this type of input.
What are Variable and Fixed?
For a certain firm, the 100th unit of output that the firm produces has a marginal revenue of $11 and a marginal cost of $10. It follows that the production of the 100th unit of output increases the firm's profit by this dollar amount.
What is $1.00?
If saving rises in some period in an economy where net exports are zero, then consumption will do this while investment will do this.
What are Fall and Rise?
For an open economy, the equation Y = C + I + G + NX is an identity. If we define national saving, S, as the total income in the economy that is left after paying for consumption and government purchases, then for an open economy, it is true that S equals this (variable(s)).
What is S = I + NX?
According to the assumptions of the quantity theory of money, if the money supply increases by 5 percent, then nominal GDP would rise by this percent; real GDP would be effected like this.
What is 5% and Unchanged respectively?
Cassidy is opening her own court-reporting business. She financed the business by withdrawing money from her personal savings account. When she closed the account, the bank representative mentioned that she would have earned $300 in interest next year. If Cassidy hadn't opened her own business, she would have earned a salary of $25,000. In her first year, Cassidy's revenues were $30,000, and she spent $1,000 on materials and supplies.
This is her economic profit.
What is $3,700?
The table represents a demand curve faced by a firm in a competitive market.
Quantity Demanded (Units) Total Revenue (Dollars)
12 132
13 143
14 154
15 165
16 176
For this firm, the marginal revenue of the 13th unit is this dollar amount.
What is $11.00.
Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million.
The year before, real GDP was 500.0 billion and the population was 2.0 million.
This was the growth rate (%) of real GDP per person during the year.
What is 2 percent?
For a closed economy, GDP is $11 trillion, consumption is $7 trillion, taxes are $2.5 trillion and the government runs a surplus of $1 trillion. These are the dollar amounts for private saving and national saving?
What are $1.5 trillion and $2.5 trillion respectively?
Georgia puts money into an account. One year later she sees that she has 6 percent more dollars and that her money will buy 4 percent more goods. The nominal interest rate was this percent, and the inflation rate was this percent.
What are 6 and 2 percent respectively?