When charting comparative advantage, what goes in the boxes?
The opportunity cost of producing an item of said good; for example if a country can produce 15 eggs and 3 books, then the opportunity cost of producing an egg is 1/5. The opportunity cost of producing a book is 5 eggs.
the price level in new year was less than the price level in the base year
the production of goods and services valued at current prices
the production of goods and services valued at constant prices
If prices in the economy rise, what happens to purchase power?
CPI does not include quality increases causing the market basket to be overstated
new product prices often decrease after initial introduction, then the CPI is adjusted infrequently and overestimates costs to the consumers
How does the hierarchy of corporations work?
What percentage of revenue in the US is made by corporations?
If exports are greater than imports what is it called?
If imports are greater than exports what is it called?
trade deficit
What brings rise to comparative advantage?
What is counted toward GDP?
Percentage of consumption that durable goods make up?
percentage of consumption that nondurable goods make up?
percentage of consumption that services make up?
What causes a change in business inventories?
wages, interest rent and profit
household expenditures have 3 categories:
investment has 3 categories:
How much of the economy is underground?
leisure, pollution, crime and the distribution of income
Where does the majority of federal revenue come from?
quantity of new year x base price
Most personal money is spent on:
What takes up 50% of the government money but is not included in GDP?
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