Which of the following statements best describes price flexibility in the economy?

focusNode

Nội dung chính Show

What best describes price flexibility in the economy?
Which of the following is the best example of economic investment?
Which of the following best defines economic growth?
Which of the following statements best describes how firms respond to demand shocks under conditions of inflexible prices?

Didn't know it?
click below

Knew it?
click below

Which of the following statements best describes price flexibility in the economy?

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

Question	Answer
Real GDP measures	value of final goods and services produced within the borders of a country, corrected for price
The figure above depicts a situation where: (graph)	prices are sticky, but output is flexible.
Savings are generated whenever:	current income exceeds current spending.
Refer to the figure above. Assuming this market is representative of the economy as a whole, a positive demand shock will: (graph)	raise the price level, but leave output unchanged.
The two topics of primary concern in macroeconomics are:	short-run fluctuations in output and employment, and long-run economic growth.
The figure above depicts a situation where: (graph)	prices are flexible, but output is constant.
The term "recession" describes a situation where:	output and living standards decline.
Shocks occur:	when expectations are unmet.
Which of the following statements best describes price flexibility in the economy?	Prices tend to be sticky in the short run, but become more flexible over time.
Macroeconomics is mostly focused on:	the economy as a whole.
National income accountants can avoid multiple counting by:	only counting final goods.
National income measures:	the total of all sources of private income plus government revenue from taxes on production and imports.
GDP excludes:	the market value of unpaid work in the home.
Which of the following activities is excluded from GDP, causing GDP to understate a nation's well-being?	the child-care services provided by stay-at-home parents
A large underground economy results in an:	understated GDP.
Economy A: gross investment equals depreciation Economy B: depreciation exceeds gross investment Economy C: gross investment exceeds depreciation Refer to the above information. Positive net investment is occurring in:	economy C only.
Which of the following best defines disposable income?	income received by households less personal taxes
National income measures:	the total of all sources of private income plus government revenue from taxes on production and imports.
Real GDP refers to:	GDP data that have been adjusted for changes in the price level.
Economy A: gross investment equals depreciation Economy B: depreciation exceeds gross investment Economy C: gross investment exceeds depreciation Other things equal, the above information suggests that the production capacity in economy:	C is growing more rapidly than economy B.
GDP includes:	final, but not intermediate, goods.
Real GDP refers to:	GDP data that have been adjusted for changes in the price level.
As defined in national income accounting, investment includes:	business expenditures on machinery and equipment.
Net exports are:	exports less imports.
A nation's gross domestic product (GDP):	can be found by summing C + Ig + G + Xn.
Economic growth is best defined as an increase in:	either real GDP or real GDP per capita.
At an annual growth rate of 7 percent, real GDP will double in about:	10 years.
Labor productivity is measured by:	real output per worker hour.
Free trade:	encourages growth by promoting the rapid spread of new inventions and innovations.
Human capital refers to:	the skills and knowledge that enable a worker to be productive.
Curve AB is a:	production possibilities curve.
Growth is advantageous to a nation because it:	lessens the burden of scarcity.
A competitive market system:	encourages growth by allowing producers to make profitable investment decisions based on market signals.
Countries that have experienced modern economic growth have also tended to:	move toward more democratic forms of government.
Under what circumstances do rates of economic growth understate the growth of economic well-being?	Economic growth has occurred because of increased length of the workweek
Network effects are:	increases in the value of a product to each user, including existing users, as the total number of users rises.
Cost-push inflation:	reduces real output.
Real income is found by:	dividing nominal income by the price index (in hundredths).
Given the annual rate of inflation, the "rule of 70" allows one to:	calculate the number of years required for the price level to double.
The type of unemployment associated with recessions is called:	cyclical unemployment.
Demand-pull inflation:	occurs when total spending exceeds the economy's ability to provide output at the existing price level.
The phase of the business cycle in which real GDP declines is called:	a recession.
Recurring upswings and downswings in an economy's real GDP over time are called:	business cycles.
Which of the following constitute the types of unemployment occurring at the natural rate of unemployment?	structural and frictional unemployment.
The phase of the business cycle in which real GDP is at a minimum is called:	the trough.
Inflation means that:	prices in the aggregate are rising, although some particular prices may be falling.
The natural rate of unemployment is:	that rate of unemployment occurring when the economy is at its potential output.
The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are:	capital goods and durable consumer goods.

What best describes price flexibility in the economy?

ECON Test #2.

Which of the following is the best example of economic investment?

Therefore, the best example of investments defined by economists is: (i) A restaurant owner buys a freezer to store ingredients for the restaurant meals as the freezer is a capital good for a restaurant owner.

Which of the following best defines economic growth?

“Economic growth is an increase in the production of economic goods and services, compared from one period of time to another” is the definition at Investopedia.

Which of the following statements best describes how firms respond to demand shocks under conditions of inflexible prices?

Which of the following statements best describes how firms respond to demand shocks under conditions of inflexible prices? Firms respond to shorter-term demand shocks by adjusting inventories; more persistent changes in demand result in changes in production levels.

Which of the following statements best describes price flexibility in the economy?

What best describes price flexibility in the economy?

Which of the following is the best example of economic investment?

Which of the following best defines economic growth?

Which of the following statements best describes how firms respond to demand shocks under conditions of inflexible prices?

Bài Viết Liên Quan

Quảng Cáo

Có thể bạn quan tâm

Toplist được quan tâm

Quảng cáo

Xem Nhiều

Quảng cáo

Chúng tôi

Điều khoản

Trợ giúp

Mạng xã hội