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11/17/2021 Econ Club Review Flashcards | StudBud
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11/17/2021 Econ Club Review
11/17/2021 Econ Club Review
20 terms
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Meeting 1 Intro Quiz
Flashcards
20 cards
F
Practice quiz
P
Host live
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Questions
20
Answers
1
Which of the following is an external cost?
A good is gifted to someone living in a different country
Resources are diverted to a better selling product
Production cost is less than margin benefits of consumption
The production cost isn't borne by the producer or consumer
2
Which of the following will increase the market demand for Sprite?
Increase in income (assuming Sprite is an inferior good)
Increase in price of Fanta
Decrease in price of Sprite
Decrease in price of Fanta
3
What are the factors of production?
money, GDP, interest rates
supply, demand, elasticity
land, labor, capital, entrepreneurship
government, labor, capital
4
How do you feel about the Review?
I Fully Understand The Content
I Should Probably Study
What is Economics?
I Understand Most Of The Content
5
If price is $25, there will be...
Shortage of 300
Surplus of 400
Shortage of 400
Suplus of 300
6
If supply decreases and demand increases, what can be said about equilibrium price and quantity
The equilibrium quantity will decrease
The equilibrium price will decrease
The equilibrium quantity will increase
The equilibrium price will increase
7
Which Country has the Comparative Advantage in Apples picked?
Country B
Country A
8
When price of a good increases, market demand decreases
False
True
9
Define an inferior good
If the price of a substitute rises, demand will fall
The price falls with the supply
Demand increases when consumer's income increases
Demand decreases when consumer's income increases
10
“All Things Equal” in Latin
Ceteris Paribus
Caveat Emptor
Bona Fide
Pluribus Enum
11
Which Country has the Absolute Advantage in Apples picked?
Country A
Country B
12
The producer with the lowest opportunity cost should produce that good
False
True
13
All of the following will increase the supply of electric cars
except
technological advancement in the production of electric car batteries.
an increase in the number of manufacturers of electric cars.
an increase in the price of gasoline
lower price of lithium, which is used in the electric car batteries
14
Which Country has the Comparative Advantage in Oranges picked?
Country B
Country A
15
If market price is $10, how will the Market acheive equilibrium?
Price increase, lowering Qd and increasing Qs
Price decrease, increasing Qd and lowering Qs
Price increase, increasing Qd and lowering Qs
Price decrease, lowering Qd and increasing Qs
16
If pizza is a normal good for Nikhil, which of the follwing is true?
Nikhil will buy more pizza when he gets a salary bonus
Nikhil will buy more pizza when he gets fired from his job
Nikhil will buy less pizza when he gets fired from his job
Nikhil will buy less pizza when he gets a salary bonus
17
Which Country has the Absolute Advantage in Oranges picked?
Country B
Country A
18
Which of the following would shift the supply curve for energy drinks to the left?
an increase in consumer income (assume energy drinks are normal goods)
a decrease in the expected future price of energy drinks
a decrease in the price of an input used to produce energy drinks
a decrease in the number of firms that produce energy drinks
19
What is a possible explanation for a increase in avocado price and decrease in quantity
Farm worker salaries fall
Guacamole demand increased
A disease is killing avocado trees
There is an increase in tomato, a substitute, demand
20
From the list of items, rank them from most inelastic to most elastic
Medicines, Supreme Shirt, Water, IPhone
Water, Medicine, IPhone, Supreme Shirt
Medicines, Water, IPhone, Supreme Shirt
Water, Medicine, Supreme Shirt, IPhone
