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Basics of Economics 2 Flashcards | StudBud

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Basics of Economics 2

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Questions 13

Answers

1
The law of demand states
As prices increase, demand falls
As prices increase, supply falls
As prices increase, demand increases
As prices increase, supply increases
2
How many credits is this internal worth?
3
6
5
4
3
The study of economics involves
exploring how people deal with always having more than enough
How people choose from limited resources to meet unlimited wants & needs.
studying how to go on a spending sprees
people dealing with surplus
4
Equilibrium in economics is...
A point of equality in our society
A point of balance between price and quantity
When food and people are balanced in a society
When money and people are balanced in a society
5
Which is not a factor that causes a shift of the demand curve?
Price of substitutes
Tastes and Preferences
Cost of production
Income
6
A minimum price protects
Consumers
Producers
7
Define direct taxes.
taxes on incomes (PAYE)
the only type of money collected by the government
taxon the profit of limited companies
taxes on expenditure
8
A maximum price results in.....
Surplus
Equilibrium
Shortage
Happiness
9
Change in quantity demanded is a...
curve shifts to left
equilibrium
movement along curve
curve shifts right
10
Define ceteris paribus
Everything else changes with price
Nothing else remains equal
everything must change
Everything else remains equal
11
A price ceiling is a
maximum price in the market and benefits producers
minimum price in the market and benefits consumers
maximum price in the market and benefits consumers
minimum price in the market and benefits producers
12
Which of the following is NOT a factor affecting the supply curve?
Cost of production
Prices of related goods
Changes in Income
New technology
13
Consumers pay a higher price when a subsidy is implemented.
False
True