4044846
Pregunta 1
Pregunta
Economics is the study of how individuals and societies allocate their limited resources in attempts to satisfy their unlimited wants.
Respuesta
- True
- False
Pregunta 2
Pregunta
Utility is the economic term for the satisfaction obtained from consumption of a good (or service).
Respuesta
- True
- False
Pregunta 3
Pregunta
The 3 basic resources in economic are:
Respuesta
-
Natural resources (e.g. land)
-
Labor
-
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).
Pregunta 4
Pregunta
Cost is proportional to constraints.
Respuesta
- True
- False
Pregunta 5
Pregunta
Law of diminishing marginal utility: the satisfaction received by obtaining one more unit of a good declines as one consumes more of it.
Respuesta
- True
- False
Pregunta 6
Pregunta
___________ is determined by marginal utility – the satisfaction obtained from receiving one more of a good (or service).
Respuesta
-
Value
-
Cost
-
Supply
-
Free market
Pregunta 7
Pregunta
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.)
Respuesta
-
demand
-
supply
-
diminishing marginal utility
Pregunta 8
Pregunta
Change in ________________ moves along the demand curve.
Respuesta
-
quantity demanded
-
demand
Pregunta 9
Pregunta
Change in __________ is when the entire curve shifts.
Respuesta
-
demand
-
quantity demanded
Pregunta 10
Pregunta
Factors that change demand: (check all that applies)
Respuesta
-
Prices of related goods (substitutes or complements)
-
Money income of the consumer (Superior goods or inferior goods)
-
Number of consumers in the market
-
Attitudes, tastes, and preferences of the consumer
-
Consumer expectations with respect to future prices and incomes
Pregunta 11
Pregunta
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.
Respuesta
- True
- False
Pregunta 12
Pregunta
Change in _______________ moves along the supply curve.
Respuesta
-
quantity supplied
-
supply
Pregunta 13
Pregunta
Change in ___________ is when the entire curve shifts.
Respuesta
-
supply
-
quantity supplied
Pregunta 14
Pregunta
Factors that change supply include? (check all that applies)
Respuesta
-
Techniques of production, including technology
-
Number of sellers in the market (more sellers = more supply)
-
Resource costs (material and wages) (cost increase, seller makes less, less incentive to produce)
-
Sellers’ expectations
-
Prices for related goods
Pregunta 15
Pregunta
The __________________ is that price where the demand curve and supply curve intersect.
Respuesta
-
market equilibrium price
-
price system
Pregunta 16
Pregunta
The _________ system – the interaction of supply and demand – determines how economic resources are allocated.
Respuesta
-
price
-
supply
-
market equilibrium
Pregunta 17
Pregunta
Elasticity measure the responsiveness of consumer demands to a change in price.
Respuesta
- True
- False
Pregunta 18
Pregunta
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
Respuesta
-
Elastic demand
-
Inelastic demand
-
Unitary demand
Pregunta 19
Pregunta
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.
Respuesta
-
Unitary demand
-
Inelastic demand
-
Elastic demand
Pregunta 20
Pregunta
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
Respuesta
-
Inelastic demand
-
Elastic demand
-
Unitary demand
Pregunta 21
Pregunta
Determinants of elasticity of demand:
-Availability of substitutes
-Price relative to income
-Number of alternatives
Respuesta
- True
- False
¿Quieres crear tus propios Tests gratis con GoConqr? Más información.