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Econ Unit 2 Test Flashcards | StudBud
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Econ Unit 2 Test
Econ Unit 2 Test
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30 cards
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Questions
30
Answers
1
Change In Expectations
Demand Shift
Supply Shift
2
Positive Externality
Noise From A Concert
Traffic
The Person Sitting Next To You Showering
Air Pollution
3
Number of Consumers
Demand Shift
Supply Shift
4
Non-Excludable & Non-Rivalrous
Club Good
Public Good
Common Pool Good
Private Good
5
Opportunity Cost
What we Respond Well Too
Study Of Scarce Resources
Next Best Option
Trading One Thing For Another
6
Number of Suppliers
Supply Shift
Demand Shift
7
Price Ceilings Create Surplus
False
True
8
Consumer Tases & Preferences
Demand Shift
Supply Shift
9
Government Policies
Supply Shifter
Demand Shifter
10
This Graph Is:
Price Maker
Price Taker
11
Cost Of Resources
Demand Shifter
Supply Shifter
12
What Does A Straight PPF Tells Us What
Production Is Inefficient
The Two Goods Are Similar
The Two Goods Are Different
Resources Are Being Used Efficiently
13
Inferior Goods
More Desired Lower Price
Less Desired Higher Price
Less Desired Lower Prices
High Desired Higher Price
14
Surplus
Where Price Meets Quantity
Where Supply Meets Demand
Not Enough Supply
Too Much Supplied
15
Law of Demand
Price Up Supply Up
Price Up Demand Up
Price Up Supply Down
Price Up Demand Down
16
Non-Excludable & Rivalrous
Private Good
Club Good
Common Pool Good
Public Good
17
Monopolistic
1 Firm In Market
Same Price Same Product
Well Informed Customers
Heavy Use of Ads
18
Who Makes The Choices In A Market Economy?
The Government
The Tribe
The People
The Government and The People
19
Price Floors Are Set Below The Equilibrium
True
False
20
Natural Monopoly
Only Gas Station In Town
Paton
Post Office
Electric Company
21
Price of Related Goods
Demand Shift
Supply Shift
22
Productivity
Demand Shift
Supply Shift
23
Who Makes The Choices In A Command Economy?
The Government
The People
The Tribe
The Government & The People
24
Oligopoly
Well Informed Consumers
Nearly Impossible To Enter
Same Price Same Product
3-4 Firms
25
Technical Monopoly
The Electric Company
Patens
Post Office
Only Gas Station Around
26
Law of Supply
Price Down Supply Down
Price Down Demand Up
Price Down Demand Down
Price Up Supply Down
27
Shortage
Too Much Supplied
Not Enough Supplied
Where Price Meets Quantity
Where Supply Meets Demand
28
Expectation of Future Prices
Demand Shift
Supply Shift
29
Consumer Income
Supply Shift
Demand Shift
30
When Incomes Raise People:
Trade Superior Goods For Inferior Goods
Spend Less
Trade Inferior Goods For Superior Goods
Keep The Same Spending Habits
