econ 351 vocab Flashcards
(8 cards)
1
Q
A scale on a graph in which each increment is a constant multiple of the previous increments
A
Ratio scale
2
Q
A variable that is used in a model but whose value is determined outside of that model
A
Exogenous variable
3
Q
Simultaneous equilibrium in all interlinked markets
A
General equilibrium
4
Q
A price index calculated as the ratio of nominal to real GDP
A
GDP deflator
5
Q
The efficiency with which inputs are transformed into output
A
Total factor productivity
6
Q
A variable that is determined within a model
A
Endogenous Variable
7
Q
The value of production in a given location and time period, measured in base-year prices
A
Real GDP
8
Q
The increase in output due to a one unit increase in capital
A
Marginal product of capital
