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Microeconomic vocab quiz Flashcards | StudBud
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Microeconomic vocab quiz
Microeconomic vocab quiz
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#Economics #IB quiz
Flashcards
15 cards
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Questions
15
Answers
1
which of the following are associated with free market economics?
central planning bureaus
none of the above
private property ownership
limited economic choice
2
what is demonstrated by a PPC?
all of the above
choice
opportunity cost
scarcity
3
what impact will IMPROVEMENTS in technology have on the market?
a shift to the left in supply
an increase in demand
a shift to the right in supply
a shift to the left in demand
4
suppose a decrease in the price of X results in more of good Y sold. they are:
complementary goods
inferior goods
substitute goods
unrelated
5
ceteris paribus most closely means:
absence of equillibrium
all other things remaining equal
perfect equilibrium price
consistent rationality
6
A PPC will be a straight line when:
none of the above
opportunity cost is constant
there are unlimited resources
there is perfect elasticity
7
To say that price is a rationing mechanism mean:
only those willing to pay will buy
demand is limetless
resources are scarce
supplies always dwindle
8
The equilibrium price is also known as:
consumer surplus price
the market clearing price
the average total cost
The median price
9
suppose there is an increase in input prices, we would expect:
a shift to the right in supply
a shift to the left in demand
a shortage to emerge
a shift to the left in supply
10
what would happen to the demand curve for peanut butter if the price of jelly skyrocketed?
it would achieve equllibrium
it would shift to the left
it would shift to the right
it wouldn't do a damn thing.
11
labor, resources, entrepreneurship and capital are examples of what?
scarcity
ceteris paribus
microeconomics
factors of production
12
which of the following is a normative economic statement?
changing tastes influence demand
technology influences supply
complimentary goods influence demand
Price ceilings are needed to benefit the consumer
13
when we move up and down on a demand curve
non-price determinants are assumed constant
price is constant
supply must be constant
all quantity determinants are constant
14
who determines price in the free market?
Producers
Producers and consumers
Consumers
Mark Zuckerburg
15
which of the following is not a central question in economics?
where to produce it
what to produce
how to produce it
for whom to produce
