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Supply and Demand For Whizz Kids Flashcards | StudBud
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Supply and Demand For Whizz Kids
Supply and Demand For Whizz Kids
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Questions
21
Answers
1
All the business that opened up recently, whether online or physically, are the result of ____________.
Technology
Entrepreneurship
Perfect competition
Scarcity
2
Point
B
is
allocatively efficient
for a society with
younger
population.
True
False
3
Spending and income are the same number.
True
False
4
Assuming rational people are motivated by incentives if educator salary falls by 30% & Economics salary rises by 10% __
some students will shift major from education to Economics
some styudents will stop majoring in both Economics and education
students will do a double major in Economics and Education
some students will shift major from Economics to education
5
Opportunity cost is one of the effects of making choices.
True
False
6
Which of these reasons might explain why an economy would be operating inside its production possibilities curve (PPC)?
A surge of immigrants flood the country
Underemployment of labor due to discrimination against a certain race
Technological innovations have increased productivity of labor and capital
None of the answers is correct
7
All capital resources are renewable.
True
False
8
Taxes levied on consumers increase the cost of goods to consumers, thereby reducing demand.
True
False
9
Natural resources are all of the following EXCEPT ___________.
None of the answers is correct
limited
non-renewable
unlimited
10
If the government increased subsidies by 5%. What effect will fall upon consumers’ demand?
Increase demand
No shift
Movement along the curve
Decrease demand
11
What is the Opportunity cost of moving the production of comic books from C to A?
60 newspapers
30 newspapers
100 newspapers
90 books
12
Point X is
productively efficient
. Point Y is
allocatively efficient.
True
False
13
Coke and Pepsi are examples of ________________
Duopoly
Monopolistic competition
Monopoly
Oligopoly
14
Businesses that have online applications, bar codes, and other gadgets use which of the following factors of production?
Capital resources
Human resources
Technology
Labor
15
Resources are limited all across the world, not only in developing countries.
True
False
16
Just like natural and capital resources, technology is also considered a factor of production.
True
False
17
If this country wishes to move from its current production point (labeled "Current") and have 10 more tons of food, ____
None of the answers is correct
it can producer 5 fewer tons of clothing
it can produce 5 more tons of clothing
it can produce 10 more tons of clothing
18
A
service
is __________________________________.
something we desire
something we need
a physical item that is bought for a price
an intangible item, action or activity that is sold and bought for a price
19
If the price of a substitute to good X increases, then ________.
the demand for good X will decrease
the market price for good X will decrease
the demand for good X will not change
the demand for good X will increase
20
Egypt is experiencing a
fall
in its unemployment rate. How would this be represented on its PPC diagram?
Movement along the PPC
No change
A shift of the PPC to the right (outward)
A shift of the PPC to the left (inward)
21
Which of the following shifts the PPC outward?
None of the answers is correct
Increase in resource cost
Increase in unemployment
Increase in raw material availability
