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Section 2 Economics Flashcards | StudBud
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Section 2 Economics
Section 2 Economics
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ACADEC Section 2 Economics
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Who are individuals that take on risk of new products?
chief operating officer
auditor
entrepreneurs
public patent office
2
Which of the following is not an example of high rivalry and low excludability?
city streets
environment
websites
fish in the ocean
3
What is the ultimate goal of a firm?
increase marginal costs
increase fixed revenue
increase variable costs
increase total revenue
4
According to the law of supply, if a price increases then...
demand decreases
quantity increases
demand increases
quantity decreases
5
Which of the following does not cause a shift in the demand curve?
tastes
technology
prices of related goods
income
6
Which of the following is not observed in the price elasticity of supply?
necessities
ease of entry and exit
scarce resources
time horizon
7
What is measurement o price response?
total revenue
market definition
elasticity
marginal cost
8
Which of the following is not a barrier to entry into a market?
price descrimination
ownership of key resource
natural monopolies
government created monopolies
9
What is the difference between a higher market price and lower opportunity cost?
market equilibrium
excess of assets
consumer surplus
producer surplus
10
Where does collective decision making begin?
rent-seeking groups
institutions
government
organizations
