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Unit # 5 Economics Flashcards | StudBud
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Unit # 5 Economics
Unit # 5 Economics
37 terms
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40 plays
elasticity supply demand
Flashcards
37 cards
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Questions
37
Answers
1
Demand for chips increases as price for pretzels increases. The demand shift determinant is?
A Substitute
Unit of Margin
Consumer Tastes
A Compliment
2
Which of these is the best example of diminishing marginal utility?
Bicycles become less useful as they get old and rusty.
A shortage of bike paths makes bicycles less useful.
Someone who has one bicycle will have less use for another.
People with cars have less use for bicycles than vice versa.
3
What is this graph displaying?
Shift in Demand
Change in Quantity Demanded
Change in Quantity Supplied
Shift in Supply
4
The degree to which the quantity demanded responds to changes in price is called
revenue.
schedule.
utility.
elasticity.
5
If the price of Bieber tickets increases 10% and the quantity demand increases 10% they are
unit elastic
inelastic
unelastic
elastic
6
A graph that shows the quantity demanded at every feasible price in the market
Demand Curve
Market Graph
Demand Schedule
Supply Curve
7
What are the 2 variables of both Demand and Supply (think of the graphs)
Quantity & Money
Price & Rarity
Quantity & Price
Desire & Money
8
Which thing will quickly become available in larger quantities as a result of a price increase
medical doctors
airline service
midsize cars
babysitters
9
What effect is when the price of a good rises & consumers tend to buy other goods instead?
Diminishing Marginal Utility Effect
Substitution Effect
Ceteris Paribus
Income Effect
10
What would happen to the demand for clothes in a store when blizzards keep customers at home?
The demand curve shifts to the right.
The demand curve becomes steeper.
The demand curve becomes flatter.
The demand curve shifts to the left.
11
A consumer will buy more units of tacos if the value of the tacos...
Marginal utility is greater than price
Total utility is greater than price
Marginal utility is less than price
Total utility is less than price
12
In a general sense water is __________, in a specific sense it is ___________.
inelastic; elastic
inelastic; unit elastic
unit elastic; elastic
elastic;inelastic
13
The price of fruit juice goes up. How will this affect the market for pop?
Supply Increase and Price Decrease
Demand Decrease and Price Decrease
Supply decrease and Price increase
Demand Increase and Price Increase
14
Supply depends on the willingness and ability of
advertisers to promote.
consumers to purchase.
donors to contribute.
producers to produce.
15
The 3 fundamental economic questionsare what to produce, __ to produce, and for whom to produce
Why
How
Where
When
16
Coca-Cola goes out of business. How will this affect the market for soda?
Supply decrease and price increase
Demand Decrease and price decrease
Demand increase and price increase
Supply Increase and Price decrease
17
The amount that the quanitity demanded of a product changes in response to a change in price is
Demand margin
Demand schedule
Demand revenue
Elasticity of demand
18
The desire, willingness, and ability to buy a product at certain prices
Demand
Money
Supply
Purchase Power
19
When a small change in price causes a large change in quantity an item is
unit elastic
inelastic
unelastic
elastic
20
Quantity demanded moves along the demand curve in response to changes in
income.
price.
preference.
expectations.
21
If the price of Kanye tickets rose 20% and the quantity demanded decreased by 10% they are
inelastic
unelastic
elastic
unit elastic
22
Churros are found to stop cancerous cells. What is the result in the market? P=Price Q=Quanity
P↓Q↑
P↓Q↓
P↑Q↑
P↑Q↓
23
A sharp rise in the price of burgers may lead to an increase in demand for
relish.
buns.
coleslaw.
chicken.
24
The price of jelly goes up. How will this affect the market for peanut butter?
Supply decrease and price increase
Demand Increase and Price Increase
Supply increase and price decrease
Demand Decrease and Price decrease
25
Something like beachfront property or the Mona Lisa would have
perfectly inelastic supply
perfectly elastic supply
unit elastic demand
perfectly elastic demand
26
If the cost of wheat increases, what happens to the wheat bread in the market?
Supply shifts left
No Change
Supply shifts right
Quantity supplied increases
27
If price and total revenue change in the same direction, demand for the good is
inelastic
elastic
unit elastic
unelastic
28
TheLevi's company opens an addt'l plant in the Ukraine How will thisaffect the market for jeans
Supply increase and price decrease
Demand decrease and price decrease
Demand increase and Price Increase
Supply decrease and price increase
29
Which of these economic goals is most important in a traditional economy
Economic Freedom
Economic Growth
Economic Stability
Economic Equity
30
What is this chart an example of?
Supply Schedule
Supply Curve
Schock's Orange Juice Stand
Demand Schedule
31
According to the law of supply, what happens as price increases?
The quantity supplied decreases.
The supply curve shifts to the left.
The supply curve shifts to the right.
The quantity supplied increases.
32
Additional satisfaction/ usefulness you get with each additional purchase.
Marginal Utility
Marginal Revenue
Marginal Returns
Marginal Cost
33
What is this graph displaying?
Change in Quantity Demanded
Change in Quantity Supplied
Shift in Demand
Shift in Supply
34
The law of demand states that as quantity demanded decreases
production increases.
quality decreases.
price increases.
wages decrease.
35
Which of these would most likely increase the supply of soccer balls?
a decrease in the price of raw materials
a transportation strike
a government excise tax
an increase in the supply of tennis balls
36
Which kind of economy is the most common?
Market
Mixed
Command
Traditional
37
The interaction between buyers and sellers through demand and supply forms the…
quantity
supply curve
market
demand curve
