What is your favorite excel function?
*Excel questions are tough to ask without the program* =countifs might very well be the most powerful function in excel. Although it is a rudimentary function, the =countifs formula can be manipulated in a variety of ways, and ensure success of financial, statistical, and calculus Excel projects.
What characteristics define a product as elastic or inelastic?
Elasticity of demand directly correlates with supply, and is calculated based on how much the quantity demanded changes relative to changes in prices. If a good is inelastic, it's demand does not change much with changes in price. Inelastic goods include products that are necessities and other hard to replace items, such as gasoline. However, the demand of elastic goods changes greatly with price. For instance, if the price of an inferior good such as Kroger Brand Cheerios increased, demand would in turn decrease dramatically, deeming the good as elastic.
What components make-up a nation's GDP, or Gross Domestic Product?
A nation's GDP consists of it's combined Consumption, Government, and Investment spending, plus the Net Exports of the country. Consumption relates to household spending and accounts for the majority of the GDP. Government spending is relative to all inflows and outflows of the central government. Investment spending comes from financial gains or losses on financial assets such as stocks or bonds, and is not related to real assets, like consumption. Finally, Net Exports consist of all Exports, minus all Imports, of a country. If imports are greater than exports, the country will be operating at a trade deficit. GDP = C + G + I + Nx