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bus 200 exam 1 || With complete solutions.
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  • Bus 200
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  • Bus 200

profit correct answers revenue - cost inferior good correct answers when your income raises you spend less money on things normal good correct answers when your income raises you spend more money on things capital correct answers physical inputs to the production costs (nonhuman like land ...

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Document information

  • August 13, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • profit

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  • Bus 200
  • Bus 200

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ProPerfomer

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bus 200 exam 1 || With complete solutions.
profit correct answers revenue - cost

inferior good correct answers when your income raises you spend less money on things

normal good correct answers when your income raises you spend more money on things

capital correct answers physical inputs to the production costs (nonhuman like land and
energy)

ceteris paribus correct answers all else equal

labor correct answers work effort

technology correct answers how capital and labor are organized

inflation correct answers rate of increase of price levels

consumer price index correct answers index made up of goods from the average consumer

core consumer price index correct answers excludes food and energy prices

deflation correct answers negative inflation

disinflation correct answers process when inflation goes down

increasing inflation correct answers inflation goes up

producer price index correct answers looks at the prices that producers pay

fiscal policy correct answers policy enacted by the president and the government

budget surplus correct answers taxation is greater than government spending

budget deficit correct answers taxation is less than government spending

trade surplus correct answers exports are greater than imports

trade deficit correct answers exports are less than imports

monetary policy correct answers enacted by the federal reserve. monitor interest rates. when
the economy is booming, the FED increases interest rates. when the economy is in recession,
the FED lowers interest rates

peak correct answers highest point before GDP goes down

trough correct answers bottom GDP point

expansion correct answers rise of GDP

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