In Figure 1.1, points A and B are

Possible to produce with current resources.

price increases, quantity increases

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Econ Finals (PPC/Circular Flow/Supply and Demand)

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Questions 20

Answers

1
If supply increases
price increases, quantity increases
price decreases, quantity decreases
price decreases, quantity increases
price increases, quantity decreases
2
The percent of depositors' balances banks must have on hand as cash
reserve amount
hedge fund
reserve ratio
idk, cash me outsside howbow dah...
3
A price floor of $20 would
All answers are correct
would be ineffective
would not cause a shortage or surplus
would be effective
4
Which point represents underutilization?
E
D
A
C
5
Moving from A to D, what is the opportunity cost for spittoons?
34
45
80
65
6
If supply decreases
price decreases, quantity decreases
price decreases, quantity increases
price increases, quantity increases
price increases, quantity decreases
7
To move to a point like C, this economy should
Increase profits
Create inflation
Reduce Spending
Increase resources
8
The idea that an alternative that must be forgone in order to pursue a certain action
Subsidary
Opportunity Cost
Factors of production
Law of diminishing returns
9
Which of the following would cause the demand curve to shift?
All answers are correct
Change in income
Change in price of substitutes
Consumer taste
10
Which of the following would cause the supply curve to shift?
Technology
Market size
Consumer taste
Change in income
11
If Demand decreases
price decreases, quantity increases
price increases, quantity decreases
price decreases, quantity decreases
price increases, quantity increases
12
In Figure 1.1, points A and B are
The minimum level of consumption
Impossible to produce with current resources.
Possible to produce with current resources.
Inefficient uses of resources.
13
If Demand increases
price decreases, quantity decreases
price increases, quantity decreases
price increases, quantity increases
price decreases, quantity increases
14
Moving from B to C, what is the opportunity cost for bassoons?
15
50
14
35
15
Moving from C to B, what is the opportunity cost for bassoons?
50
35
15
14
16
Where do firms purchase their factors of production?
Resource Market
Product Market
Farmers Market
All of the answers are correct
17
Which of the following can be assessed by the following graph?
Constant opportunity costs
Both
increasing opportunity costs
Neither
18
A ceiling price of $15 would cause
a surplus of 800
a shortage of 400
a surplus of 400
a shortage of 800
19
Which U.S. dept. is in charge of printing bills, Federal Reserve Notes, and minting of coins
Department of Agriculture
Department of Treasury
FSA
IRS
20
A price floor of $30 would
a surplus of 400
a surplus of 100
a shortage of 100
a shortage of 400

Econ Finals (PPC/Circular Flow/Supply and Demand) Flashcards | StudBud

Econ Finals (PPC/Circular Flow/Supply and Demand)

20 termsStudBud Administration76 plays

Imported from external platform

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
If supply increases
price increases, quantity increases
price decreases, quantity decreases
price decreases, quantity increases
price increases, quantity decreases
2
The percent of depositors' balances banks must have on hand as cash
reserve amount
hedge fund
reserve ratio
idk, cash me outsside howbow dah...
3
A price floor of $20 would
All answers are correct
would be ineffective
would not cause a shortage or surplus
would be effective
4
Which point represents underutilization?
E
D
A
C
5
Moving from A to D, what is the opportunity cost for spittoons?
34
45
80
65
6
If supply decreases
price decreases, quantity decreases
price decreases, quantity increases
price increases, quantity increases
price increases, quantity decreases
7
To move to a point like C, this economy should
Increase profits
Create inflation
Reduce Spending
Increase resources
8
The idea that an alternative that must be forgone in order to pursue a certain action
Subsidary
Opportunity Cost
Factors of production
Law of diminishing returns
9
Which of the following would cause the demand curve to shift?
All answers are correct
Change in income
Change in price of substitutes
Consumer taste
10
Which of the following would cause the supply curve to shift?
Technology
Market size
Consumer taste
Change in income
11
If Demand decreases
price decreases, quantity increases
price increases, quantity decreases
price decreases, quantity decreases
price increases, quantity increases
12
In Figure 1.1, points A and B are
The minimum level of consumption
Impossible to produce with current resources.
Possible to produce with current resources.
Inefficient uses of resources.
13
If Demand increases
price decreases, quantity decreases
price increases, quantity decreases
price increases, quantity increases
price decreases, quantity increases
14
Moving from B to C, what is the opportunity cost for bassoons?
15
50
14
35
15
Moving from C to B, what is the opportunity cost for bassoons?
50
35
15
14
16
Where do firms purchase their factors of production?
Resource Market
Product Market
Farmers Market
All of the answers are correct
17
Which of the following can be assessed by the following graph?
Constant opportunity costs
Both
increasing opportunity costs
Neither
18
A ceiling price of $15 would cause
a surplus of 800
a shortage of 400
a surplus of 400
a shortage of 800
19
Which U.S. dept. is in charge of printing bills, Federal Reserve Notes, and minting of coins
Department of Agriculture
Department of Treasury
FSA
IRS
20
A price floor of $30 would
a surplus of 400
a surplus of 100
a shortage of 100
a shortage of 400