4044846
Frage 1
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Economics is the study of how individuals and societies allocate their limited resources in attempts to satisfy their unlimited wants.
Antworten
- True
- False
Frage 2
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Utility is the economic term for the satisfaction obtained from consumption of a good (or service).
Antworten
- True
- False
Frage 3
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The 3 basic resources in economic are:
Antworten
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Natural resources (e.g. land)
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Labor
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Capital (i.e. money, physical resources)
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There's really only 2 basic resources; Natural resources (e.g. land) and Capital (i.e. money, physical resources).
Frage 4
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Cost is proportional to constraints.
Antworten
- True
- False
Frage 5
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Law of diminishing marginal utility: the satisfaction received by obtaining one more unit of a good declines as one consumes more of it.
Antworten
- True
- False
Frage 6
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___________ is determined by marginal utility – the satisfaction obtained from receiving one more of a good (or service).
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Value
-
Cost
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Supply
-
Free market
Frage 7
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Law of ___________: the quantity demanded of a commodity is inversely proportional to its price. (i.e. the higher the price, the less of it one wants.)
Antworten
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demand
-
supply
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diminishing marginal utility
Frage 8
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Change in ________________ moves along the demand curve.
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quantity demanded
-
demand
Frage 9
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Change in __________ is when the entire curve shifts.
Antworten
-
demand
-
quantity demanded
Frage 10
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Factors that change demand: (check all that applies)
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Prices of related goods (substitutes or complements)
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Money income of the consumer (Superior goods or inferior goods)
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Number of consumers in the market
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Attitudes, tastes, and preferences of the consumer
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Consumer expectations with respect to future prices and incomes
Frage 11
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Law of supply: as the price that individuals are willing to pay for a product increases, the more of the product that will be supplied.
Antworten
- True
- False
Frage 12
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Change in _______________ moves along the supply curve.
Antworten
-
quantity supplied
-
supply
Frage 13
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Change in ___________ is when the entire curve shifts.
Antworten
-
supply
-
quantity supplied
Frage 14
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Factors that change supply include? (check all that applies)
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Techniques of production, including technology
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Number of sellers in the market (more sellers = more supply)
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Resource costs (material and wages) (cost increase, seller makes less, less incentive to produce)
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Sellers’ expectations
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Prices for related goods
Frage 15
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The __________________ is that price where the demand curve and supply curve intersect.
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market equilibrium price
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price system
Frage 16
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The _________ system – the interaction of supply and demand – determines how economic resources are allocated.
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price
-
supply
-
market equilibrium
Frage 17
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Elasticity measure the responsiveness of consumer demands to a change in price.
Antworten
- True
- False
Frage 18
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What type of elasticity of demand is this?
Demand is _______ if an increase in price causes the quantity demanded to decrease enough to result in a decrease of total revenue.
￪P,￬R
Antworten
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Elastic demand
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Inelastic demand
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Unitary demand
Frage 19
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What type of elasticity of demand is this?
Demand is _________ if total revenue is unchanged regardless of changes in price.
Not present in the real world.
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Unitary demand
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Inelastic demand
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Elastic demand
Frage 20
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What type of elasticity of demand is this?
Demand is ________ if an increase in price does not result in a sufficient decrease in quantity demanded to prevent a decrease in revenue.
￪P,￪R
Antworten
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Inelastic demand
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Elastic demand
-
Unitary demand
Frage 21
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Determinants of elasticity of demand:
-Availability of substitutes
-Price relative to income
-Number of alternatives
Antworten
- True
- False
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