Exam (elaborations)
ECO 2013 HAMMOCK FSU FINAL PART 1 (1)
ECO 2013 HAMMOCK FSU FINAL PART 1 (1)
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ECO 2013 HAMMOCK FSU FINAL PART 1Price - ANS-doesn't shift the curve
The Law of Demand - ANS-as prices rise, quantity demanded falls
Law of Supply - ANS-as prices rise, quantity supplied falls
When the price of flour rises - ANS-the quantity of bread falls (EXAMPLE)
Why do price ceilings/ floor happen? - ANS-Lobbying of interest groups
Deadweight Loss (DWL) - ANS-producer and consumer surplus falls
SHORTAGE - ANS-A situation in which quantity demanded is greater than quantity supplied
SURPLUS - ANS-A situation in which quantity supplied is greater than quantity demanded
Final Good - ANS-a good sold to final users/ or reached its final consumer
Gray market production - ANS-doesn't get calculated in GDP
Inflation - ANS-super markets hire staff to update product costs = menu costs (EXAMPLE)
Trade Deficit - ANS-situation in which a country imports more than it exports/ capital inflow >
capital outflow
export subtracted by import equals - ANS-outflow subtracted by capital investment
no use of money equals - ANS-store of account (made up)
Store of Account - ANS-a business relationship between a bank, department store, stockbroker,
etc., and a depositor, customer, or client permitting the latter certain banking or credit services.
Fiat/ Commodity of Money - ANS-silver or gold hold value
The most liquid type of investment is: - ANS-a money market account (savings account)
Most liquid equals - ANS-more money in circulation
Why is GDP bad? - ANS-product quality and new goods
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