Business Economics
Other things constant, a higher price for corn tends to increase _____
The unemployment rate is defined as the ________ divided by the ________.
A flexible exchange rate is one that _______. it works _______.
Making a decision at the margin is possible only in situations where _____.
The rate of unemployment that occurs when the economy is producing its potential gdp _____.
Knowledge that gives a producer an economic advantage over other producers is called a _____.
The supply-side effects of an income tax cut ________ potential gdp and ________ aggregate supply.
The average income of the people of a country in a particular year is _____
Indicate which of the following is a variable cost?
What type of relationship exists between the price and quantity demanded?
means the process of choosing one action from two or more alternatives available.
when we go form particular to general, this method is called as
supply curve of a perfectly competitive firm is
At what point does total utility starts diminishing?
_________ is the total value of all final goods and services produced by the country in certain year
The responsiveness of demand to the change in income is known as
If credit card balances rise in the economy, then m1 will ________ and m2 will ________.
The _____________ firm's demand curve is the same as the market demand for the product.
Which of the following is called Gossen’s first law?
Organizational efficiency does not include
If people decide to purchase more at every price level, __________ (shift right) will result.
Which of the following cost curve is U shaped?
Economics deals with what is and normative economics deals with ---------------------
When a supply of a commodity decreases on a fall in its price, it is called ----------
A firm in perfect competition is a price taker because _______.
Relatively elastic demand is ____.
Any commercial transaction that crosses the borders of two or more nations is known as ________.
establishes the relationship between quantity demanded and one or more independent variables
Firms in perfect competition face a ________.
Advertising, personal selling, coupons, and sweepstakes are forms of _____.
Elasticity of demand tells the -------- of change in demand to the change in price
Members of the european parliament are _______.
Indifference curve approach was given by ___________
is equal to the difference between the price a consumer is willing to pay and the price actually he pays for a commodity.
The cost that a firm pays in money to hire a resource is referred to as ________ cost.
The law of supply states that firms will ----------- of the commodity when prices are high and vice versa.
The current rate of unemployment of 9% is too high. this is a ________ statement.
The law of demand states that there is an ------------- relationship between price and quantity demanded
The term ______ refers to the economic situation in which a few firms dominate an industry.
Generally, ----------------- are the primary measure of the success of any business.
Which of the following is considered production in economics?
When price rises, quantity supplied
_______ is absence of competition.
Japan sells cars to the united states. japan considers the cars as japanese _____.
When demand is elastic, a price increase will cause __________ total revenues.
A ________ demand curve for shampoo would be caused by a change in the price of shampoo.
The amount of the ____________ effect will depend on the type of fiscal policy created.
Marxist economics led to the creation of a communist state in ____________ .
which of the following statements regarding cross elasticity holds good?
As your income rises, _______.