The quantity supplied of a good or service is the amount that

producers plan to sell in a given time period and price.

When a market is in equilibrium,

there is no shortage nor surplus at the equilibrium price.

Markets are best defined as

where buyers and sellers get together to buy and sell.

If the price of chicken falls, then in the market for beef,

the demand curve for beef shifts rightward.

Which of the following shifts the demand curve for hot dogs leftward?

an increase in the price of a hot dog bun

When the government chooses to spend the tax that it collects on homeland security, its choice

involves a tradeoff of other goods and services.

Individual economic decisions are coordinated by

markets through adjustments in prices.

Economics is best defined as the study of how people, business, governments and societies

make choices to deal with scarcity.

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Microeconomics FP2024

24 termsStudBud Administration105 plays

Demand and supply

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

1
Factors of production include all of the following EXCEPT
money
a wheat field that is not irrigated.
machines made in past years.
entrepreneurship.
2
The quantity supplied of a good or service is the amount that
people are willing to buy in a given time period and price.
producers wish they could sell at a higher price.
producers plan to sell in a given time period and price.
is bought during a given time period at a given price.
3
When the demand increases, the price ___.
are uncertain
increase too
decrease
remain the same
4
Scarcity guarantees that
most demands will be satisfied.
wants will exceed demands.
demands will be equal to wants.
demands will exceed wants.
5
There is shortage in the market when the QD is ___ than the QS and the price ___.
bigger / increases
smaller / decreases
smaller / increases
bigger / decreases
6
What's your Microeconomics professor's name?
María
Gabriela
Rocío
Mónica
7
When a market is in equilibrium,
everyone has all they want of the commodity in question.
there is no shortage nor surplus at the equilibrium price.
the supply curve has the same slope as the demand curve.
the number of buyers is equal to the number of sellers.
8
Which of the following is NOT one of the factors that influences the supply of a product?
number of suppliers
income
expected future prices
technology
9
Markets are best defined as
places where people inspect goods and services carefully.
analysis of how people form their tastes and preferences.
where buyers and sellers get together to buy and sell.
physical places where people get together to buy and sell.
10
If the price of chicken falls, then in the market for beef,
the demand curve for beef shifts leftward.
the demand curve for beef shifts rightward.
there is a movement downward along the beef demand curve.
there is a movement upward along the beef demand curve.
11
CPI stands for
Cost price index
Consumer production index
Consumer price index
Cost product index
12
The relative price of a good is
the money price of a good.
an opportunity cost.
an opportunity price.
an indexed price.
13
Which of the following shifts the demand curve for hot dogs leftward?
an increase in the price of a hot dog
an increase in the price of a hamburger
an increase in the price of a hot dog bun
a decrease in the price of a hot dog bun
14
Inferior goods are those for which demand increases as
the price of a substitute rises.
income decreases.
the price of a substitute falls.
income increases.
15
The quantity demanded can be simply defined as what consumers can afford to buy.
True
False
16
When the government chooses to spend the tax that it collects on homeland security, its choice
involves a tradeoff of other goods and services.
illustrates that scarcity does not always exist.
involves no tradeoff because the defense is necessary.
primarily affects who gets the goods and services produced.
17
There is surplus in the market when the QD is ___ than the QS and the price___.
smaller / increases
bigger / decreases
bigger / increases
smaller / decreases
18
When the supply decreases, the price of equilibrium ___.
does not change
decreases
remains the same
increases
19
The law of demand states that the quantity of a good demanded varies
inversely with its price.
directly with its price.
inversely with the price of substitute goods.
directly with income.
20
Which of the following decreases the supply of restaurant meals?
Consumers' incomes increase and meals are a normal good.
Consumers' incomes decrease and meals are a normal good.
Waiters get a pay raise.
The price of movies, a complement to restaurant meals, falls
21
The analysis of the behavior of individual decision-making units is the definition of
microeconomics.
macroeconomics.
normative economics.
positive economics.
22
Because we face scarcity, every choice involves
the question "what."
money
giving up something for nothing.
an opportunity cost.
23
Individual economic decisions are coordinated by
markets through adjustments in sales levels.
markets through adjustments in prices.
government through adjustments in income taxes.
government through adjustments in sales taxes.
24
Economics is best defined as the study of how people, business, governments and societies
attain wealth.
use their infinite resources.
choose abundance over scarcity.
make choices to deal with scarcity.

Microeconomics FP2024 Flashcards | StudBud