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Chapter 1 and 2 recap Flashcards | StudBud
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Chapter 1 and 2 recap
Chapter 1 and 2 recap
10 terms
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StudBud Administration
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Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Product for which demand rises when income falls, are called...
Complementary goods
Inferior goods
Normal goods
Substitute goods
2
An increase in productivity could cause a parallel shift outwards of this PPC
False
True
3
Which of the following is not a non-price determinant of demand?
Income
Seasonal change
Costs of production
Population
4
The following is a normative statement: "we should not increase taxes for the wealthiest, as it discourages effort"
False
True
5
Germany is a true market economy
False
True
6
High oil prices will cause an outwards shift of the supply curve of gasoline
False
True
7
What term best matches this image?
Scarcity
Opportunity cost
Ceteris Paribus
PPC
8
Increasing competition in a market decreases the market power of firms
False
True
9
When the price of Coca-Cola increases, the ... curve of Pepsi shifts ...
Demand, inwards (left)
Demand, outwards (right)
Supply, outwards (right)
Supply, inwards (left)
10
What are the opportunity costs of playing one extra hour?
4 hours (of working)
One hour (of working)
1/2 hour (of working)
2 hours (of working)
