What is a factor that can affect supply?

Number of suppliers, Cost of production

What are the three questions all societies must answer?

What to produce, How to produce, and for Whom to produce

What does a surplus tell you?

There is a good chance to see a sale., The price is too high.

What does marginal analysis say about making a good or providing a service?

Make the good until marginal cost is equal to revenue

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Ch. 16: Introduction to Economics

12 termsStudBud Administration12 plays

Quiz over Economic Basics #economics #supply #demand #price

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Questions 12

Answers

1
If the price goes up.....
The equilibrium price stays the same.
The demand goes down
The supply goes down
The demand goes up.
2
What is an expense that does not change no matter how much a business produces?
Opportunity cost
Revenue
Variable cost
Fixed cost
3
What is a factor that can affect supply?
Equilibrium price stays the same
Number of suppliers
Cost of production
Change in consumer income
4
What is the next best use of time or money when choosing to do one thing or another?
Trade-off
Economics
Scarcity
Opportunity cost
5
What is the study of how people make decisions with limited resources?
Scarcity
Opportunity cost
Goods
Economics
6
What are the three questions all societies must answer?
What to produce, Where to produce, and Why to produce
What to produce, How to produce, and for Whom to produce
Where to produce, How to produce, and for whom to produce
Where to make it, why to buy it, and how to sell it
7
Give an example of a variable cost.
Food
Rent
Insurance
Labor
8
What does a surplus tell you?
There is a good chance to see a sale.
The company will make more of it.
The price is too high.
The price is too low.
9
Which of the following are part of the definition of demand?
Not willing to buy
Able to buy
Willing to sell
Willing to buy
10
What does marginal analysis say about making a good or providing a service?
Make the good as long as marginal revenue is less than cost
Make the good until marginal cost is equal to revenue
Make the good until marginal revenue is less than cost
You should always make the good as long as you can
11
Which of the following is a resource?
Capital
Service
Natural
Labor
12
Which economic system are decisions made based upon price?
Socialism
Traditional
Market
Command

Ch. 16: Introduction to Economics Flashcards | StudBud