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Economics Review #Economics
An example of negative externality.
Which does not cause the demand curve to shift?
Economics Review #Economics
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#Economics
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Questions
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Answers
1
Which does not cause the demand curve to shift?
Market Size
Prices of Related Goods
Consumer Expectations
Competition
2
An example of negative externality.
Pollution
Surplus
Public Good
Diminishing Marginal Utility
3
Supply deals primarily with who?
Consumers
Producers
4
A good that goes along with another good is known as a_________ good.
market good
Complementary Good
Easy Good
Substitute
5
In order for a good to be perfectly inelastic what is the criteria?
varying amounts
unlimited amount
limited amount
below average
6
An increase in purchasing power due to a change in the product's price
Direct resources
Income effect
Substitution effect
Marginal costs
7
What is the likely consequence to this price floor?
Surplus
Equity
Freedom
Shortage
8
This graph represents which of the following?
Elastic Supply
Inelastic Supply
Elastic Demand
Inelastic Demand
9
What is not a consequence of rationing?
Provides equality
Unfair
Black Markets
expensive
10
The usefulness of the product decreases after its use is known:
Law of Demand
Law of Diminishing Marginal Utility
Law of Diminishing Marginal Returns
Law of Supply
11
This graph represents which of the following?
Inelastic Demand
Perfect Inelasticity
Elastic Supply
Market Equilibrium
12
This graph represents which of the following?
Inelastic Demand
Equilibrium
Elastic Demand
Inelastic supply
13
The additional costs of producing one more unit of output
Variable Costs
Marginal Costs
externality
Extra Costs
14
The production of goods that results in effects not directly connected to the product.
Taxes
Public good
Externality
Market Shifts
15
As price goes up, quantity demanded goes down is true for which of the following?
Law of Demand
Law of Supply
Law of Diminishing Marginal Returns
Perfect Inelasticity
16
Rent is an example of what kind of cost?
market failure
Fixed Costs
Marginal Cost
Variable costs
17
Goods that are used by all members of the group are called
public goods
ticket scalping
rationing
taxes
18
Which of the follow are goods that have inelastic supply?
Soap
Pizza
Cars
Space Shuttle
19
In the event of a surplus, where is it located in relation to the equilibrium?
none of these
Above
Below
at equilibrium
20
which is not one of the three phases of production?
Negative marginal returns
Diminishing marginal utility
Decreasing marginal returns
Increasing Marginal Returns
21
What is a consequence of a price ceiling?
Diminishing Marginal Utility
Diminishing Marginal Returns
Surplus
Shortage
22
This graph represents which of the following?
Equilibrium
Surplus of corn
Perfect Inelasticity
Rent Controls/Price Ceiling
23
The amount of money that is left over after producers paid all expenses is known as:
profit
Marginal costs
Fixed cost
Total Revenue
24
The total amount a business receives for selling the product before the expenses are paid
Total Revenue
Marginal Costs
External Costs
Profit
25
Demand deals primarily with who?
Producers
Consumers
26
What is the consequence to a price floor?
Shortage
Rationing
Black markets
Surplus
27
The degree to which price change that effects the qd?
Elasticity
Diminishing marginal utility
Supply
Big Change
28
Which of the is not a government tool
Regulations
Taxes
None of these
Subsides
29
The place where the demand and the supply generally meet:
Price Ceiling
Market Equilibrium
Surplus
Price Floor
30
What is demonstrated in this graph?
Price Ceiling
Price Floor
Perfectly Inelastic Supply
None of these
