Most successful investors invest

consistent contributions over a long period of time.

Why does an increase in gas prices lead to less consumer spending on other items?

The demand for gas is largely inelastic.

Which of the following would give an investor an overall picture of the value of the market?

the Dow Jones Industrial Average

For which product is demand likely to be the most elastic?

a product with many adequate substitutes

At the equilibrium price, the

number supplied equals the number demanded.

Why might an introduction of new technology cause a brief shift of the supply curve to the left

There may be a period of adjustment to the technology.

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Econ Final Review II

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Econ final review II

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Questions 15

Answers

1
Most successful investors invest
small amounts of money once in a while.
consistent contributions over a long period of time.
consistent contributions for a few months.
large amounts of money once in a while.
2
The production level where total cost equals total revenue is
a shortage.
the profit.
the break-even point.
a surplus.
3
Why does an increase in gas prices lead to less consumer spending on other items?
The demand for gas is largely elastic.
The price of gas is largely inelastic.
The demand for gas is largely inelastic.
The price for gas is largely elastic.
4
Which term best describes rent control?
price ceiling
price floor
nonrecourse
subsidy
5
Taxes paid when purchases on specific goods are made. The taxes are often included in the price
tariffs
sales taxes
income taxes
excise taxes
6
Which of the following would give an investor an overall picture of the value of the market?
the Dow Jones Industrial Average
the Efficient Market Hypothesis
the options market
the spot market
7
For which product is demand likely to be the most elastic?
complement goods
a product with many adequate substitutes
a product with no substitutes
a product with inadequate substitutes
8
In discussing taxes, which is the opposite of regressive?
progressive
value-added
flat
proportional
9
Period of months or years during which securities prices fall and the stock market is down.
bear market
bank run
chicken market
bull market
10
At the equilibrium price, the
prices are all the same.
quantity of sellers is the same as the quantity of buyers.
number supplied equals the number demanded.
price stops changing.
11
According to economists, what is the most efficient way to allocate resources?
competitive markets
distorted incentives
government action
rationing
12
The purpose of a sin tax is to discourage the purchase and use of
goods considered morally harmful.
a product or service seen as harmful by society.
goods considered physically harmful.
All of the above
13
Which of the following is not a type of tax?
proportional
progressive
regressive
subsidy
14
Why might an introduction of new technology cause a brief shift of the supply curve to the left
The technology may reduce production costs.
The technology may increase production more rapidly.
There may be a period of adjustment to the technology.
There may be an increase in output despite the same input.
15
The Law of Supply states that more will be offered for sale at ___ prices than ___ prices
all of the above
the lowest; the highest
lower; higher
higher; lower

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