ECON

Question 1

Price damaded

Answer 1

Q=Price of product -X*Price of product Y (Consumer Income)

Question 2

Elastic Cowafishent

Answer 2

Grater than 1: Elastic
Less than 1: not Elastic

Question 3

income elasticity of demand

Answer 3

% Change in Quantity Demand / % Change in Income

Equation:

Question 4

oligopoly

Answer 4

Production is contruled by few ferms in the market

• They control the Prices

-High entrants level

Question 5

GDP - Income faction

Answer 5

TOTAL NATIONAL INCOME + SALES TAX + DEPREATION + Net foran factor Income

Question 6

GDP - Expediter function

Answer 6

= Consumer expressed + Investments + exports+ Gov Spending - Imports

Question 7

Nominal GDP

Answer 7

GDP after ADJ for Inflation

Question 8

Real GDP

Answer 8

Arived at looking at the raw values

Question 9

GDP Deflater (Formula

Answer 9

Nominal GDP / Real GDP * 100

Question 10

Estimated GDP Groth

Answer 10

1. Capital
2. Laber
3. Tech

Question 11

Laber Productivity

Answer 11

Real GDP / Aggregate man hours

Question 12

BUS Cycle

Question 13

Monetary Canzean Approach

Answer 13

In a resection a government must put cash into the economy to stimulate the economy

Question 14

Monetary Placey

Question 15

Pliscal policy

Question 16

Quantity theory of Money

Question 17

Fisher Relationship