Unlimited wants relative to limited means

Why is alcohol taxed?

To reduce consumption and earn tax revenue

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Level 1 economics

45 termsStudBud Administration537 plays

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Questions 45

Answers

1
Is a transfer payment government spending?
yes
don't know
no
the dole
2
What is a substitute for Coke?
Pizza
Water
Pepsi
Pams cola
3
As your income increases you..
buy luxuries
neither
save more
both
4
What does ceteris paribus mean?
Change factors
Keep factors constant
Same the other way around
Vice versa
5
What word shouldn't be used much?
Bling
Money
Kaching
All
6
in a market what is the bottom curve labelled
quantity supplied
quantity marketed
quantity demanded
quantity
7
what is income not spent?
consumption
none of them
investment
savings
8
The Governor of the RBNZ is?
Bill English
Dr Bollard
Dr Dre
Dr Wheeler
9
what is a subsidy?
a demand shifter
a charge on a product
a payment from Govt to firms
vice versa
10
primary sector producers--
are often factories
pay the most
are labour intensive
extract raw materials
11
what is a bottleneck
production slows
a cocktail
more workers
speeding up
12
how many sectors are there in circ flow?
3
9
7
5
13
Sales taxes..
Neither
Cost the government money
Both
Increase firms' revenue
14
90 at 9 is on?
kiwibank
interest.co.nz
govt.govt.nz
bankrates.com
15
what shifts supply left?
increase in demand
increase in price
cost increases
decrease in costs
16
which one is not an inferior good
inferiority complex
luncheon
Pams fizz
Salvation army shop stuff
17
What aren't compliments?
car & petrol
car & bike
horse & cart
Fish & chips
18
What will cause an increase in demand?
Law of supply
A lower price
More income
The market
19
who uses vice versa?
both
neither
law of demand
law of supply
20
Ceteris paribus is..
Gallic
Pigeon
Latin
Greek
21
X =
Import payments
Export receipts
Imports
Exports
22
Who didn't study economics?
Jessie J
Mick Jagger
Tiger Woods
Donald Trump
23
Needs..
Sustain life
cost a lot
are over rated
Are wants
24
which sector transforms things
tertiary
secondary
none
primary
25
What happens at equilibrium?
there is a surplus
QD>QS
the market clears
buyers bid up the price
26
What is scarcity?
limited means
time, money, skill
Unlimited wants relative to limited means
not many of something
27
PMax is also a
floor price
ceiling price
black market
28
Economics doesn't measure
Quantity
Price
Consumption
Black market
29
When doesn't Consumer spending= Firms' revenue
both
with a sales tax
with a subsidy
neither
30
Where do Tr, it, & G flow to or from?
Trade sector
Banks
Overseas
Government
31
What is another name for excess supply?
Quota
Market
Surplus
Shortage
32
What words aren't used in market reaction?
Market clears
neither & nor
QD=S
disequilibrium
33
Where is Pc?
at the old curve
At equilibrium
Near Pp
34
What cause a movement along supply or demand curves?
equilibrium
quantity
price
other factors
35
Subsidies..
increase firms' revenue
lower price
neither
both
36
Resources are...
Both
Neither
Labour
Machines
37
what does demand need
a curve
a price equilibrium
willing but not able
willing and able
38
Firms ..
hate tax
are a rip off
hate workers
undertake investment spending
39
Why is alcohol taxed?
Because it's imported
To reduce consumption and earn tax revenue
To reduce price
Because it's exported
40
How do markets react to a surplus?
there might be a surplus
market forces raise price
Some producers drop price
there won't be a excess supply
41
PxQ=
all of them
firm's revenue
consumer spending
Value of sales
42
PxQ=
Consumers' price
Equilibrium
P1xQ1
Firms' revenue
43
So if Bill English isn't the Governor that makes him...
Minister of Finance
Our MP
Opposition leader
Minister of Money
44
Consumer spending is...
P - Q
P x Q
P x P1
P + Q
45
What is X?
Excess
Export receipts
Exports

Level 1 economics Flashcards | StudBud

Level 1 economics

45 termsStudBud Administration537 plays

Imported from external platform

Flashcards45 cardsFPractice quizPHost liveL

Questions 45

Answers

1
Is a transfer payment government spending?
yes
don't know
no
the dole
2
What is a substitute for Coke?
Pizza
Water
Pepsi
Pams cola
3
As your income increases you..
buy luxuries
neither
save more
both
4
What does ceteris paribus mean?
Change factors
Keep factors constant
Same the other way around
Vice versa
5
What word shouldn't be used much?
Bling
Money
Kaching
All
6
in a market what is the bottom curve labelled
quantity supplied
quantity marketed
quantity demanded
quantity
7
what is income not spent?
consumption
none of them
investment
savings
8
The Governor of the RBNZ is?
Bill English
Dr Bollard
Dr Dre
Dr Wheeler
9
what is a subsidy?
a demand shifter
a charge on a product
a payment from Govt to firms
vice versa
10
primary sector producers--
are often factories
pay the most
are labour intensive
extract raw materials
11
what is a bottleneck
production slows
a cocktail
more workers
speeding up
12
how many sectors are there in circ flow?
3
9
7
5
13
Sales taxes..
Neither
Cost the government money
Both
Increase firms' revenue
14
90 at 9 is on?
kiwibank
interest.co.nz
govt.govt.nz
bankrates.com
15
what shifts supply left?
increase in demand
increase in price
cost increases
decrease in costs
16
which one is not an inferior good
inferiority complex
luncheon
Pams fizz
Salvation army shop stuff
17
What aren't compliments?
car & petrol
car & bike
horse & cart
Fish & chips
18
What will cause an increase in demand?
Law of supply
A lower price
More income
The market
19
who uses vice versa?
both
neither
law of demand
law of supply
20
Ceteris paribus is..
Gallic
Pigeon
Latin
Greek
21
X =
Import payments
Export receipts
Imports
Exports
22
Who didn't study economics?
Jessie J
Mick Jagger
Tiger Woods
Donald Trump
23
Needs..
Sustain life
cost a lot
are over rated
Are wants
24
which sector transforms things
tertiary
secondary
none
primary
25
What happens at equilibrium?
there is a surplus
QD>QS
the market clears
buyers bid up the price
26
What is scarcity?
limited means
time, money, skill
Unlimited wants relative to limited means
not many of something
27
PMax is also a
floor price
ceiling price
black market
28
Economics doesn't measure
Quantity
Price
Consumption
Black market
29
When doesn't Consumer spending= Firms' revenue
both
with a sales tax
with a subsidy
neither
30
Where do Tr, it, & G flow to or from?
Trade sector
Banks
Overseas
Government
31
What is another name for excess supply?
Quota
Market
Surplus
Shortage
32
What words aren't used in market reaction?
Market clears
neither & nor
QD=S
disequilibrium
33
Where is Pc?
at the old curve
At equilibrium
Near Pp
34
What cause a movement along supply or demand curves?
equilibrium
quantity
price
other factors
35
Subsidies..
increase firms' revenue
lower price
neither
both
36
Resources are...
Both
Neither
Labour
Machines
37
what does demand need
a curve
a price equilibrium
willing but not able
willing and able
38
Firms ..
hate tax
are a rip off
hate workers
undertake investment spending
39
Why is alcohol taxed?
Because it's imported
To reduce consumption and earn tax revenue
To reduce price
Because it's exported
40
How do markets react to a surplus?
there might be a surplus
market forces raise price
Some producers drop price
there won't be a excess supply
41
PxQ=
all of them
firm's revenue
consumer spending
Value of sales
42
PxQ=
Consumers' price
Equilibrium
P1xQ1
Firms' revenue
43
So if Bill English isn't the Governor that makes him...
Minister of Finance
Our MP
Opposition leader
Minister of Money
44
Consumer spending is...
P - Q
P x Q
P x P1
P + Q
45
What is X?
Excess
Export receipts
Exports