Negative GDP gap
A large negative GDP gap implies: A) an excess of imports over exports. B) a low rate of unemployment. C) a high rate of unemployment. D) a sharply rising price level.
Fiscal deficit: When the total government expenses are more than total government receipts exclusive of borrowing it is termed as fiscal deficit. Fiscal deficit = Total Government Expenditure – Tot
Barriers to entry which may protect monopolistic firms through losing market power across time do not comprise: (i) legal or regulatory barriers. (ii) artificial barriers. (iii) collusive barriers. (iv) strategic barriers. (v) natural
Fiscal deficit: When TE (RE + CE) > TR (RR + CR) of the government, excluding borrowing. It is termed as fiscal deficit.
The value of land is attributable to the ways exactly sites decrease transportation and other transaction costs are termed as: (1) location rents. (2) transportation rents. (3) short term quasi rents. (4) parcel posts. (5) transaction
The price elasticity of demand at a specified price and quantity is demonstrated by the ratio of the relative as: (w) change within quantity demanded over a specified proportional price change. (x) reciprocal of the price elasticity o
Economists can’t conceive of any resource or product for that the: (1) price elasticity of demand is zero and the demand curve is vertical. (2) price elasticity of supply is zero and the supply curve is vertical. (3) income elasticity of demand
Maximizing the net social benefits from a specified stock of resources does NOT need that: (i) price equals marginal cost for all goods. (ii) marginal social benefit equals marginal social cost [MSB = MSC]. (iii) no one can be made better off unless s
Why economic problems occur? Answer: This is due to unlimited or infinite wants and inadequate resources.
Optimal Sample Size: The optimal or suitable size of sample in a survey or poll is the function of four discrete factors: 1. Size of the population: The size of the
An increase in the income of Consumer X leads to fall in demand for that good by that consumer. Name the good X termed? Answer: Inferior good
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