Exam (elaborations)

Exam (elaborations) principle of macroeconomics Exploring Macroeconomics, ISBN: 9780176877187

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Course
Principle of macroeconomics

Institution
Centennial College Of Applied Arts And Technology ( )

Book
Exploring Macroeconomics

Exam study book Exploring Macroeconomics of Robert L Sexton, Darren Chapman, Colin C. Kovacs, Peter Fortura - ISBN: 9780176877187

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Uploaded on April 1, 2021
Number of pages 13
Written in 2020/2021
Type Exam (elaborations)
Contains Questions & answers

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Exercise Tax

Can be levied on either the buyers or sellers

Tax Incidence

Division of the tax between buyers and sellers

Housing=

Stock Variable

Stock Variable Define

a quantity at a moment in time

Housing Market:

Flow Variable

Process over period of time

Housing Market:

Supply of housing

Measures the total number of homes in a market. That are available for ownership at a particular point
in time. - Housing Stock

Housing Market:

Demand for housing

number of homes in a market that people would like to own at each price in a set of prices at a point in
time, given the constraints they face.

Demand Curve for Housing

A curve showing the demand for housing

, Why a rapid increase in housing prices?

1. Economic Growth

2. Low Interests Rate

3. Government policies => Tax code

4. Financial Innovations

-Adjustable rate mortgage

-Mortgage backed securities

5. Relaxed lending standards

6. Speculation

Reasons for the Great recession?

-Rising unemployment and falling income

-Falling income and falling wealth

-Tightened lending standards

Elasticity

response from one economic variable to another

Elastic Demand

ED>1.0: Cost more than 1.0

Inelastic Demand

ED<1.0 Cost less than 1.0

Unit Elastic Demand

ED=1.0

Perfectly Elastic Demand

Horizontal Demand Curve, approaching infinity

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