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Unit 04 ECON Final Exam Review Flashcards | StudBud
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Unit 04 ECON Final Exam Review
Unit 04 ECON Final Exam Review
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1
If a supply curve shifts left, it could be from:
better technology.
people wanting more of a product.
an increase in the costs to make a product.
2
If a good continues to sell for more money each day, sellers (producers) will:
increase quantity supplied.
increase supply.
3
People want more cars after a tax break is given if spent on a new vehicle. What happens?
more will be sold at a higher price
more will be sold at a lower price
4
An increase in the preference or taste of a product causes:
the supply curve to shift to the right.
the demand curve to shift to the left.
the demand curve to shift to the right.
the supply curve to shift to the left.
5
Governments can influence supply through:
interest groups (free advertising).
subsidies (free money).
6
In monopolistic competition, ____ company/ ies sell _____ products.
one; identical (like Microsoft Windows)
many; similar (like jeans)
7
With a price floor on apples, there will be a:
shortage of apples.
surplus of apples.
8
When buyers and sellers are both happy, a market has reached:
supply and demand
a price ceiling.
a price floor.
equilibrium.
9
Monopolies make prices generally ____ than the market price.
lower
higher
the same
10
If sellers expect the price of a good to greatly increase, they will
sell them quickly.
store those goods.
11
A market in equilibrium suddenly has an increase in supply. What happens?
a price increase from too much supply
a price drop from too much supply
12
The price and quantity of most goods and services are determined by:
quality and perception.
supply and demand.
13
The law of demand states that the lower the price of a good:
the more people will want it.
the less people will want it.
14
Government payments to help a specific market or industry are:
marginal.
buyouts.
subsidies.
copouts.
15
When marginal cost is equal to marginal revenue, most companies are:
less productive and profitable.
most productive & profitable.
