4044846
Questão 1
Questão
Economics is the study of how individuals and societies allocate their limited resources in attempts to satisfy their unlimited wants.
Responda
- True
- False
Questão 2
Questão
Utility is the economic term for the satisfaction obtained from consumption of a good (or service).
Responda
- True
- False
Questão 3
Questão
The 3 basic resources in economic are:
Responda
-
Natural resources (e.g. land)
-
Labor
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Capital (i.e. money, physical resources)
-
There's really only 2 basic resources; Natural resources (e.g. land) and Capital (i.e. money, physical resources).
Questão 4
Questão
Cost is proportional to constraints.
Responda
- True
- False
Questão 5
Questão
Law of diminishing marginal utility: the satisfaction received by obtaining one more unit of a good declines as one consumes more of it.
Responda
- True
- False
Questão 6
Questão
___________ is determined by marginal utility – the satisfaction obtained from receiving one more of a good (or service).
Responda
-
Value
-
Cost
-
Supply
-
Free market
Questão 7
Questão
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.)
Responda
-
demand
-
supply
-
diminishing marginal utility
Questão 8
Questão
Change in ________________ moves along the demand curve.
Responda
-
quantity demanded
-
demand
Questão 9
Questão
Change in __________ is when the entire curve shifts.
Responda
-
demand
-
quantity demanded
Questão 10
Questão
Factors that change demand: (check all that applies)
Responda
-
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
Questão 11
Questão
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.
Responda
- True
- False
Questão 12
Questão
Change in _______________ moves along the supply curve.
Responda
-
quantity supplied
-
supply
Questão 13
Questão
Change in ___________ is when the entire curve shifts.
Responda
-
supply
-
quantity supplied
Questão 14
Questão
Factors that change supply include? (check all that applies)
Responda
-
Techniques of production, including technology
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Number of sellers in the market (more sellers = more supply)
-
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
Questão 15
Questão
The __________________ is that price where the demand curve and supply curve intersect.
Responda
-
market equilibrium price
-
price system
Questão 16
Questão
The _________ system – the interaction of supply and demand – determines how economic resources are allocated.
Responda
-
price
-
supply
-
market equilibrium
Questão 17
Questão
Elasticity measure the responsiveness of consumer demands to a change in price.
Responda
- True
- False
Questão 18
Questão
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
Responda
-
Elastic demand
-
Inelastic demand
-
Unitary demand
Questão 19
Questão
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.
Responda
-
Unitary demand
-
Inelastic demand
-
Elastic demand
Questão 20
Questão
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
Responda
-
Inelastic demand
-
Elastic demand
-
Unitary demand
Questão 21
Questão
Determinants of elasticity of demand:
-Availability of substitutes
-Price relative to income
-Number of alternatives
Responda
- True
- False
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