Econ. 4.1 to 4.3 Skills Check

Question 1

A ________ is a good often used in tandem with another good.

Accepted Answer

complement

Question 2

An ATL hotel charging $1,000 during the SEC game is an example of “what the traffic will bear.”

Accepted Answer

True

Question 3

If prices are lower, people buy more of a good bc they don’t give up anything to buy it is __?

Accepted Answer

Income effect

Question 4

Buying Aldi Fruit Spins instead of Kellogg's Froot Loops is a complement.

Accepted Answer

False

Question 5

_______ is the amount of money a buyer pays a seller for a good

Accepted Answer

Price

Question 6

__ states that people tend to use less expensive goods for goods whose prices have risen.

Accepted Answer

Substitution effect

Question 7

A(n) _______________ is a good capable of being used in the place of another good

Accepted Answer

substitute

Question 8

__ is worth that is related to the benefits their owners receive from implementing a good

Accepted Answer

Value in use

Question 9

The Law of Demand states that as the price decreases , the quantity demanded decreases.

Accepted Answer

False

Question 10

Which of the following NOT one of the five factors that can shift the Demand Curve?

Accepted Answer

Total utility

Question 11

The Law of Demand state that as the price falls, the quantity demanded rises.

Accepted Answer

True

Question 12

________ is the relationship between a goods' price & the quantity people are willing to buy.

Accepted Answer

demand

Question 13

Buying Jif instead of Peter Pan Peanut Butter is an example of preference on the Demand Curve.

Accepted Answer

True

Question 14

_____ states that when prices rise, consumers don’t buy as much as before

Accepted Answer

Income effect

Question 15

__ is the relationship of a good’s price & the amount producers are willing to make available.

Accepted Answer

supply

Question 16

Value in ________ is what a particular good is worth in trade for some other good.

Accepted Answer

exchange

Question 17

The value of use fluctuates with the needs and wants of the buyer.

Accepted Answer

True

Question 18

__ states says a supply of a good increases, satisfaction from additional units go down

Accepted Answer

Diminishing Marginal Utility

Question 19

The need to buy a helmet to use when riding your new bicycle is an example of ___________.

Accepted Answer

a complement

Question 20

Buying a store brand product, such as Kroger K Cola instead of Pepsi is an example of __.

Accepted Answer

Substitution effect

Question 21

_ is the amt of satisfaction from a 1 unit product increase & is smaller with an extra unit

Accepted Answer

Marginal utility

Question 22

___ is the amount at which goods can be sold in an open platform to many sellers and buyers.

Accepted Answer

Market price

Question 23

Tim not enjoying the 6th cookie he eats much as the 1st one is diminishing marginal utility.

Accepted Answer

True

Econ. 4.1 to 4.3 Skills Check

Questions 23

Econ. 4.1 to 4.3 Skills Check

Questions 23