What is effective demand?

When you want something and you can afford it.

When you want something but you can't afford it.

When you want something but it's frowned upon to have it.

Prices that don't vary directly with output.

Cost that vary directly with output.

Prices that are rigged in order to create an advantage.

Absolute advantage is when?

One country can produce more of a product than another using the same resources.

One country has a time advantage over another in terms of war.

the country isn't producing at prime levels

The country is producing everything efficiently

The country is at allocative efficiency

Test

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1An elasticity greater than 1 is?
1. AInelastic
2. BElastic
3. CPerfectly inelastic
2What line is used to construct the LRAC?
1. ASRAC
2. BDemand
3. CSupply
3What is effective demand?
1. AWhen you want something but you can't afford it.
2. BWhen you want something and you can afford it.
3. CWhen you want something but it's frowned upon to have it.
4What would be the strongest substitute good for pepsi?
1. APolly-o cheese
2. BWater
3. CCoca-Cola
5If the demand for milk increases, the supply of leather will decrease.
1. AVerdadero
2. BFalso
6Fixed costs are?
1. ACost that vary directly with output.
2. BPrices that are rigged in order to create an advantage.
3. CPrices that don't vary directly with output.
7Absolute advantage is when?
1. AOne country can produce more of a product than another using the same resources.
2. BOne country has a time advantage over another in terms of war.
8The better the brand name, the better chances it has to survive in a perfect competition scenario.
1. AVerdadero
2. BFalso
9Utils are the measurement of dollars spent in goods.
1. AVerdadero
2. BFalso
10What is happening when a point is inside the PDF line.
1. AThe country is producing everything efficiently
2. BThe country is at allocative efficiency
3. Cthe country isn't producing at prime levels