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Annotation 150903008

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

The sensitivity of quantity demanded to change in income is termed income elasticity.

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Flashcard 150903012

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

The sensitivity of [...] to change in income is termed income elasticity.

Answer

quantity demanded (or "demand" seems to be right term as it is an input other than price)

status	not learned	measured difficulty	37% [default]	last interval [days]
repetition number in this series	0	memorised on		scheduled repetition
scheduled repetition interval		last repetition or drill

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The sensitivity of quantity demanded to change in income is termed income elasticity.

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Flashcard 150903018

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

The sensitivity of quantity demanded to change in income is termed [...].

Answer

income elasticity

status	not learned	measured difficulty	37% [default]	last interval [days]
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scheduled repetition interval		last repetition or drill

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The sensitivity of quantity demanded to change in income is termed income elasticity.

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Annotation 150903024

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

For most goods, the sign of income elasticity is positive-an increase in income leads to an increase in quantity demanded. Goods for which this is the case are termed normal goods.

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Flashcard 150903028

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

For most goods, the sign of income elasticity is [...]-an increase in income leads to an increase in quantity demanded. Goods for which this is the case are termed normal goods.

Answer

positive

status	not learned	measured difficulty	37% [default]	last interval [days]
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For most goods, the sign of income elasticity is positive-an increase in income leads to an increase in quantity demanded. Goods for which this is the case are termed normal goods.

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Flashcard 150903034

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

For most goods, the sign of income elasticity is positive-an increase in income leads to an increase in quantity demanded. Goods for which this is the case are termed [...] goods.

Answer

normal

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For most goods, the sign of income elasticity is positive-an increase in income leads to an increase in quantity demanded. Goods for which this is the case are termed normal goods.

Original toplevel document (pdf)

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Flashcard 150903040

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

For most goods, the sign of income elasticity is positive-an increase in income leads to [...] in demand. Goods for which this is the case are termed normal goods.

Answer

an increase

status	not learned	measured difficulty	37% [default]	last interval [days]
repetition number in this series	0	memorised on		scheduled repetition
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Parent (intermediate) annotation

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For most goods, the sign of income elasticity is positive-an increase in income leads to an increase in quantity demanded. Goods for which this is the case are termed normal goods.

Original toplevel document (pdf)

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Annotation 150903046

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

it may be the case that an increase in income leads to a decrease in quantity demanded. We term goods for which this is true inferior goods.

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Flashcard 150903050

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

it may be the case that an increase in income leads to a decrease in quantity demanded. We term goods for which this is true [...] goods.

Answer

inferior

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it may be the case that an increase in income leads to a decrease in quantity demanded. We term goods for which this is true inferior goods.

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Flashcard 150903056

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

it may be the case that an increase in income leads to [...] in quantity demanded. We term goods for which this is true inferior goods.

Answer

a decrease

status	not learned	measured difficulty	37% [default]	last interval [days]
repetition number in this series	0	memorised on		scheduled repetition
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it may be the case that an increase in income leads to a decrease in quantity demanded. We term goods for which this is true inferior goods.

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Flashcard 150903065

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

it may be the case that [...] in income leads to a decrease in quantity demanded. We term goods for which this is true inferior goods.

Answer

an increase

status	not learned	measured difficulty	37% [default]	last interval [days]
repetition number in this series	0	memorised on		scheduled repetition
scheduled repetition interval		last repetition or drill

Parent (intermediate) annotation

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it may be the case that an increase in income leads to a decrease in quantity demanded. We term goods for which this is true inferior goods.

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Annotation 150903071

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

A specific good may be an inferior good for some ranges of income and a normal good for other ranges of income. For a really poor person or population (think undeveloped country), an increase in income may lead to greater consumption of noodles or rice. Now, if incomes rise a bit (think college student or developing country), more meat or seafood may become part of their diet. Over this range of incomes, noodles can be an inferior good and ground meat a normal good.

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Flashcard 150903075

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

Answer

noodles can be an inferior good and ground meat a normal good

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in income may lead to greater consumption of noodles or rice. Now, if incomes rise a bit (think college student or developing country), more meat or seafood may become part of their diet. Over this range of incomes, <span>noodles can be an inferior good and ground meat a normal good. <span><body><html>

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Annotation 150903084

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

The ratio of the percentage change in the quantity demanded of a good to the percentage change in the price of a related good is termed the cross price elasticity of demand.

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Flashcard 150903088

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

The [...] is termed the cross price elasticity of demand.

Answer

ratio of the percentage change in the quantity demanded of a good to the percentage change in the price of a related good (sensitivity)

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Parent (intermediate) annotation

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The ratio of the percentage change in the quantity demanded of a good to the percentage change in the price of a related good is termed the cross price elasticity of demand.

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Flashcard 150903094

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

The ratio of the percentage change in the quantity demanded of a good to the percentage change in the price of a related good is termed the [...].

Answer

cross price elasticity of demand

status	not learned	measured difficulty	37% [default]	last interval [days]
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Parent (intermediate) annotation

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The ratio of the percentage change in the quantity demanded of a good to the percentage change in the price of a related good is termed the cross price elasticity of demand.

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Annotation 150903100

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

When an increase in the price of a related good increases demand for a good, we say that the two goods are substitutes.

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Flashcard 150903104

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

When an increase in the price of a related good increases demand for a good, we say that the two goods are [...].

Answer

substitutes

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When an increase in the price of a related good increases demand for a good, we say that the two goods are substitutes.

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Annotation 150903110

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

elasticity of demand is positive (price of one up, quantity demanded for the other up), we say those goods are substitutes

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Flashcard 150903114

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

when elasticity of demand is positive ([describe how price of one good and quantity demanded of other good behave]), we say those goods are substitutes.

Answer

price of one up, quantity demanded for the other up

status	not learned	measured difficulty	37% [default]	last interval [days]
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elasticity of demand is positive (price of one up, quantity demanded for the other up), we say those goods are substitutes

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Annotation 150903126

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Imposition of an effective maximum price (price ceiling) by the government results in excess demand,

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Flashcard 150903130

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

Imposition of an effective maximum price (price ceiling) by the government results in [...] demand

Answer

excess

status	not learned	measured difficulty	37% [default]	last interval [days]
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Parent (intermediate) annotation

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Imposition of an effective maximum price (price ceiling) by the government results in excess demand,

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Annotation 150903136

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

imposition of an effective minimum price (price floor) results in excess supply

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Flashcard 150903140

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

imposition of an effective minimum price (price floor) results in excess [...]

Answer

supply

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imposition of an effective minimum price (price floor) results in excess supply

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Annotation 150903146

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Imposition of an effective quota reduces supply.

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Flashcard 150903150

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

Imposition of an effective quota [...] supply

Answer

reduces

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Parent (intermediate) annotation

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Imposition of an effective quota reduces supply.

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Annotation 150903156

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Payment of a subsidy to producers increases supply.

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Flashcard 150903160

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

Payment of a subsidy to producers [...] supply

Answer

increases

status	not learned	measured difficulty	37% [default]	last interval [days]
repetition number in this series	0	memorised on		scheduled repetition
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Parent (intermediate) annotation

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Payment of a subsidy to producers increases supply.

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Annotation 150903166

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Imposition of a tax on suppliers reduces supply.

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Flashcard 150903170

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

Imposition of a tax on suppliers [...] supply

Answer

reduces

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Imposition of a tax on suppliers reduces supply.

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Annotation 150903176

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Imposition of a tax on consumers reduces demand.

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Flashcard 150903180

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

Imposition of a tax on consumers [...] demand

Answer

reduces demand

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Imposition of a tax on consumers reduces demand.

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Annotation 150903186

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Three elasticities related to a demand function are of interest, they all have % change in quantity demanded in numerator.

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Flashcard 150903193

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

Three elasticities related to a demand function are of interest, they all have [...] in numerator.

Answer

% change in quantity demanded

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Three elasticities related to a demand function are of interest, they all have % change in quantity demanded in nominator.

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Annotation 150903199

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

own price elasticity = %change in quantity demanded / %change in own price

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Flashcard 150903209

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

[...] = %change in quantity demanded / %change in own price

Answer

own price elasticity

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own price elasticity = %change in quantity demanded / %change in own price

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Flashcard 150903215

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

own price elasticity = %change in quantity demanded / [...]

Answer

%change in own price

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own price elasticity = %change in quantity demanded / %change in own price

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Annotation 150903221

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

cross price elasticity = %change in quantity demanded / %change in price of related good

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Flashcard 150903231

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

[...] = %change in quantity demanded / %change in price of related good

Answer

cross price elasticity

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cross price elasticity = %change in quantity demanded / %change in price of related good

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Flashcard 150903237

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

cross price elasticity = %change in quantity demanded / [...]

Answer

%change in price of related good

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cross price elasticity = %change in quantity demanded / %change in price of related good

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Annotation 150903243

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

income elasticity = %change in quantity demanded / %change in income

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Flashcard 150903250

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

[...] = %change in quantity demanded / %change in income

Answer

income elasticity

status	not learned	measured difficulty	37% [default]	last interval [days]
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Parent (intermediate) annotation

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income elasticity = %change in quantity demanded / %change in income

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Flashcard 150903262

Tags

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser

Question

income elasticity = [...] / %change in income

Answer

%change in quantity demanded

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scheduled repetition interval		last repetition or drill

Parent (intermediate) annotation

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on 11-Aug-2015 (Tue)

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