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ECON Unit 2 Flashcards | StudBud
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ECON Unit 2
ECON Unit 2
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Questions
15
Answers
1
Which of the following is not a determinant of supply?
competition
complimentary goods
price of inputs
taxes
2
Economic rule stating that the quantity demanded and price move in opposite directions...
law of demand
law of supply
diminishing marginal utility
elasticity
3
If the price of an item rises, quantity demanded usually...
falls
remain unchanged
reflects the presence of new suppliers
rises
4
Amount of satisfaction received from a purchase...
surplus
rationing
utility
equilibrium price
5
If the price of a product is above equilibrium, the result is a...
black market
shortage
demand
surplus
6
Rule stating that consumers can not keep buying the same if their income decreases...
elasticity
real income effect
marginal utility
inelastic demand
7
Process of freely exchanging goods and services between buyers and sellers...
rationing
surplus
market
utility
8
A decrease in demand would cause the demand curve to shift which direction?
left
up
down
right
9
Diminishing marginal utility refers to the fact that...
demand declines as income falls
additional satisfaction declines per unit used
in equilibrium supply equals demand
people have unlimited needs
10
What is an additional amount of satisfaction?
elasticity
marginal utility
substitution effect
real income effect
11
Which of the following is not a determinant of demand?
substitutes
price of inputs
tastes and preferences
change in population
12
The substitution effect can decrease the quantity demanded of a good.
False
True
13
According to the law of demand, when the price of an item goes up, the quantity demanded...
falls
rises
adjusts
stays at the same level
14
According to the law of supply, producers are willing to supply more when the price goes up.
False
True
15
Home Depot and Lowes would be an example of a determinant for which of the following?
demand
supply
