Micro Econ Review

Question 1

If the price of pizza rises what will happen to demand? Will it...

Accepted Answer

fall

Question 2

Consider the iphone market. Samsung phones, Motorola phones, and Basic Phones would be ______

Accepted Answer

Substitute Goods

Question 3

Price of a phone is expected to drop in a month. In the short term demand will _____

Accepted Answer

Decrease

Question 4

Centralized control of resources by a government

Accepted Answer

Command Economy

Question 5

Economics is the study of...

Accepted Answer

how society uses limited resources for unlimited needs/wants

Question 6

In the photo what would cause a shift in demand to the right from D1 to Dh?

Accepted Answer

consumer income rises

Question 7

What is the equilibrium quantity demanded in the photo?

Accepted Answer

4

Question 8

When consumers demand a smaller quantity than what suppliers are willing to provide the market.

Accepted Answer

Surplus

Question 9

As individuals consume more of a product within a period, each additional unit will yield ____

Accepted Answer

less satisfaction

Question 10

If Demand shifts from D1 to Dh what will happen to price?

Accepted Answer

goes up

Question 11

Quantity demanded has increased and represents a movement along the curve. What is the cause?

Accepted Answer

the price of this good has decreased

Question 12

What kind of economy is the US?

Accepted Answer

Mixed

Question 13

Something that you would like to have is called a...

Accepted Answer

Want

Question 14

'opportunity cost' has to deal with...

Accepted Answer

making a good decision involves understanding the tradeoffs

Questions 14