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HGE Unit 4 Review Flashcards | StudBud
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HGE Unit 4 Review
HGE Unit 4 Review
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Market Interactions
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
Which of the following is
NOT
a
Demand Shift Factor
?
Prices of Related Goods
Consumer Tastes & Advertising
Government Actions
Income
2
When a price is accidentally set too low, it will result in a...
...maybe an Amazon card?
Shortage
Surplus
3
On a scale of 1-4, how ready do you feel for the test tomorrow?
(no points awarded!)
4 = I'm ready to go. I think I'll get an A.
3 = I think I could do okay...maybe I'll get a B
2 = I'll probably get a C or a D
1 = NOT READY :( I'm afraid I'm going to Fail it.
4
On this Supply Schedule, what is the
Qs
when the Price is
$3.50
?
25
10
5
30
5
NOT A QUESTION: Be able to recognize the Pros & Cons of the 3 business types...
Corporations...
Sole Proprietorships...
Okay.
Partnerships...
6
What is the
Equilibrium Price
for these curves?
50
Red & Green
Mr. V.'s birthday is coming soon...
400
7
When there's a big, sudden shift in Demand or Supply that impacts everyone, it's called a...
Shock
Spark
Charge
...just kidding about the cash.
8
Apple is part of the _______ market structure.
Monopoly
Perfect Competition
Oligopoly
Monopolistic Competition
9
Which Supply Curve is showing a
decrease
in Supply?
C
B
There is no "C" option...I dunno.
A
10
Which of these is in the "Monopoly" structure?
Coffee Shop
Your Local Public High School
Cattle Rancher
Carbonated Soft Drink Bottler
11
What does the
Law of Demand
say? (2 answers!)
If the Price falls, the Quantity Demanded will rise.
If the Price rises, the Quantity Demanded will fall.
If the Price rises, the Quantity Demanded will rise.
If the Price falls, the Quantity Demanded will fall.
12
Which of the following is
NOT
a
Supply Shift Factor
?
Resource Costs
Technology (for production)
Consumer Expectations
Number of Suppliers
13
Mr. Wattabatta sold 5 of his "Misty Water Bottles" for $3 each. What's his TR?
$5
$3
$15
$35
14
Which of these is
NOT
in "Monopolistic Competition"?
Barber Shops
Mobile Game App Designers
Commuter Train Transport Service
Landscaping & Lawncare Companies
15
Mr. Wattabatta produced 5 "Misty Water Bottles" for $1 each. If his TR was $15, Profit?
$14
$A BILLION
$10
$5
16
On this crazy graph, what is happening with
the Equilibrium Price
?
It stayed the same.
It went up.
It has no idea what is going on.
It went down.
17
What is a "
Demand Schedule
"?
I dunno.
A chart that shows what time of day buyers will buy goods.
A chart that shows the Qd at various Prices.
A graph that illustrates the Law of Supply.
18
What is "
Equilibrium"
?
When the price for two products is the same.
P = P
When there is a shortage or a surplus.
When the perfect price causes Qd to match Qs.
19
Hotels are part of the _______ market structure.
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
20
Many similar goods, few barriers (ie: cheeseburgers, restaurants, clothes) Market Structure?
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
21
What does the
Law of Supply
say? (2 answers!)
If the Price rises, the Quantity Supplied will fall.
If the Price falls, the Quantity Supplied will fall.
If the Price falls, the Quantity Supplied will rise.
If the Price rises, the Quantity Supplied will rise.
22
What is "product differentiation" all about?
When you can't tell products apart.
When a product is identical to another product.
Businesses make their product unique so they can charge more
When you want an Apple phone but you got an Apple fruit.
23
What is Demand doing here?
It is staying the same.
It is shifting right (increasing).
It is shifting left (decreasing).
It is looking at its phone.
24
Market structure w/ most sellers, identical products, no barriers, and no control of price
Monopoly
Perfect Competition
Oligopoly
Monopolistic Competition
25
NOT A QUESTION: Have a calculator (not your phone) & be ready to do some "Costs of Business" problems.
Profit or Loss = TR - TC
AC = TC / Q
TC = AC x Q
TR = P x Q
26
Which Demand Curve is showing what happens when Demand
increases
?
There is no "C" option...I dunno.
C
B
A
27
What has happened to the
Equilibrium Price
in this situation?
In increased because supply shifted left.
In decreased because supply shifted right.
In decreased because demand shifted left.
...but seriously.
28
Elastic or Inelastic: The price rises a little bit, and you buy
much
less than you normally would.
Inelastic
Elastic
I dunno.
29
What is Mr. V.'s favorite breakfast food?
A Bagel
Pancakes
Oatmeal
Scrambled Eggs
30
Which curve represents
Inelastic Demand
?
I dunno.
#1
#2
31
When Supply or Demand change, what will happen to Price?
...or just cash?
It will stay the same!
It will also change!
Nothing will happen to Price!
32
When the price of cows increases, Farmer Pete buys fewer cows.
What Law is he following?
The Law of Equilibrium
The Law of Demand
The Law of Supply
The Law of Scarcity
33
What is happening on this Demand Curve? (take your time)
The price stayed the same, but quantity decreased.
It's a movement along the curve because the price increased.
It's a shift of the whole Demand Curve.
The quantity decreased, so the curve shifted.
34
What is Mr. V.'s middle name?
Thomas
Paco
James
Michael
35
NOT A QUESTION: The next batch of questions are about Market Structures.
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
