What happens to Price and Quantity when demand increase

Price Increases; Quantity Increases

Opportunity Cost is equal to

the cost of not choosing any other possibility

a decrease in prices leads to

an increase in quantity demanded

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BBI101 - Basics of Economics

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Use this to study for an introduction to economics.

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Questions 15

Answers

1
Which of the following is an inferior product/good?
TTC
Gasoline
Steak
Electricity
2
Which of the following is an elastic product?
Natural Gas
Bubble Tea
Gasoline
Water
3
The Economic Problem is
inflation is out of control
none of the above
wants < resources
wants > resources
4
What happens to Price and Quantity when demand increase
Price Increases; Quantity Increases
Price decreases; quantity decreases
Price decreases; quantity increases
Price Increases; Quantity decreases
5
Opportunity Cost is equal to
the cost of not choosing any other possibility
all of the above
the total cost of an economic test - the time taken to complete this choice
the total cost of an economic choice
6
The best policy is for governments to tax inelastsic goods that are not necessities
True
False
7
What happens when a government sets a price floor?
Quantity supplied > quantity demanded
there are both winners and losers with this policy
there is a surplus
all of the above
8
How long do goods remain inelastic?
none of the above
short-term
long-term
unrelated to time
9
a decrease in prices leads to
an increase in demand and an increase in quantity demanded
all of the above
an increase in demand
an increase in quantity demanded
10
Which of the following is NOT a determinant of supply
Changes in population
Related Outputs
# of producers
the Effects of weather
11
What happens to the quantity demanded of hotdogs when the price of hotdog buns falls?
none of the above
decreases
stays the same
increases
12
Which is NOT a determinant of demand
price
subsitute goods
complementary goods
income
13
What happens to equlibrium quantity when supply and demand decrease?
impossible to tell
increases
decreases
stays the same
14
How do businesses eliminated shortages
increase demand
increase prices
decrease supply
lower prices
15
Agricultural quotas benefit consumers
False
True

BBI101 - Basics of Economics Flashcards | StudBud