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The Economy, Unit 5 Video 1, Property and Power: The Key Questions
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Is the income the lender receives from loaning money?
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Interest expense or revenue is often expressed as a dollar amount, while the interest rate used to calculate interest is typically expressed as an annual percentage rate (APR). Interest is the amount of money a lender or financial institution receives for lending out money.
Which of the following refers to the amount of money borrowed?
What Is Principal? Principal is most commonly used to refer to the original sum of money borrowed in a loan or put into an investment.
Which of the following refers to the price paid for using money?
Interest is the monetary charge for borrowing money—generally expressed as a percentage, such as an annual percentage rate (APR).
Is an item of value promised to a lender if a loan is not repaid?
Collateral. An asset that secures a loan or other debt that a lender can take if you don’t repay the money you borrow. For example, if you get a home loan, the bank’s collateral is typically your house.
Which is the process of the borrower giving up any valuable property in order to pay off lenders?
Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. The foreclosure process varies by state, but in general, lenders try to work with borrowers to get them caught up on payments and avoid foreclosure.
How much will demand decline if the price rises from $2 to $4 per box?
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How much will demand decline if the price rises from $2 to $4 per box? It will decline from 9,000 to 5,000 boxes per week.
What is most likely to happen if the price of a product goes up?
Economists call this the Law of Demand. If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases. This is the Law of Demand.
Why do prices increase when demand for a product is high spending quizlet?
Why do prices increase when demand for a product is high? Companies know they can make more money by selling fewer products at higher prices. Companies know that people will be willing to spend more to get an in-demand product. Companies take advantage of the demand to make people spend more money on excess products.
Which of the following will occur if consumers expect the price of a good to fall in the coming months?
the quantity demanded will rise today. The law of demand states that price and quantity demanded are related negatively to each other. That is, a reduction in price will increase the quantity demanded as consumers experience a rise in their purchasing power with a fall in price.
How do you changing prices affect supply and demand quizlet?
How do changing prices affect supply and demand? As price increases, both supply and demand increase. As price decreases, both supply and demand decrease.
What was California’s GDP in 2010 in millions?
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| Characteristic | Real GDP in billion U.S. dollars |
|---|---|
| 2013 | 2,179.23 |
| 2012 | 2,113.1 |
| 2011 | 2,063.83 |
| 2010 | 2,036.02 |
How much will demand decline if the price rises from $2 to $4 per box?
How much will demand decline if the price rises from $2 to $4 per box? It will decline from 9,000 to 5,000 boxes per week.
Who believed the best way to reverse an economic downturn was to increase government spending?
Since the late 1930s, conventional wisdom has held that President Franklin D. Roosevelt‘s “New Deal” helped bring about the end of the Great Depression. The series of social and government spending programs did get millions of Americans back to work on hundreds of public projects across the country.
Which philosopher is most associated with the market economy?
Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. Smith is most famous for his 1776 book, “The Wealth of Nations.”
Which of the following is not factored into the computation for GDP?
Here is a list of items that are not included in the GDP: Sales of goods that were produced outside our domestic borders. Sales of used goods. Illegal sales of goods and services (which we call the black market)
Why would an economist use real GDP?
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Why do economists use real GDP rather than nominal GDP to evaluate economic well-being? Economists use real GDP rather than nominal GDP to gauge economic well-being because real GDP is not affected by changes in prices, so it reflects only changes in the amounts being produced.
Why do economists prefer real GDP?
Economists use real GDP rather than nominal GDP to gauge economic well-being because real GDP is not affected by changes in prices, so it reflects only changes in the amounts being produced. You cannot determine if a rise in nominal GDP has been caused by increased production or higher prices.
Why do economists use real GDP instead of nominal GDP to measure growth?
Real GDP is often favored over nominal GDP as it accounts for the effects of inflation. Thus, if nominal GDP grew at 4% in a given year, but the inflation rate was 5%, it actually shrunk by 1% in real (constant-dollar) terms.
What is real GDP used for?
Real GDP provides a more precise picture of a nation’s rate of economic growth. The GDP deflator is utilized to adjust the data for inflation, allowing you to understand how much economic output has grown (or contracted) independent of price changes.
Why do economists prefer real GDP per capita over real GDP?
Real GDP (gross domestic product) is a measure of all the goods and services produced in a nation adjusted for inflation or deflation, expressed in dollars. Economists prefer real GDP over other calculations because it adjusts for price changes, presenting a more accurate picture of production growth.
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