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Supply & Demand Review (Ch 4/5) Flashcards | StudBud
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Supply & Demand Review (Ch 4/5)
Supply & Demand Review (Ch 4/5)
30 terms
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StudBud Administration
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review info ch 4 & 5
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What is E-Commerce?
A cost that is always present in business.
The total fixed cost that a business incurs with inputs.
Electronic business conducted via the internet.
Cost that changes when the rate of operation/output changes.
2
The supply curve is
downward sloping
straight
upward sloping
horizontal
3
Farm subsidies are
important to farmers in America.
offered by both parties to gain favor.
paid for by the American taxpayers.
all of these.
4
Broad category of fixed costs that includes interest, rent, taxes, and salaries.
overhead
total cost
long run
short run
5
Going into a store and finding out that 2 of the 4 items you are going to buy are on sale is
income effect
substitution effect
changes in supply
changes in demand
6
What is variable cost?
Cost that changes when the rate of operation/output changes.
Electronic business conducted via the internet.
A cost that is always present in business.
The total fixed cost that a business incurs with inputs.
7
A product used in place of another product is called _________.
substitute
income effect
inelastic
compliment
8
Changes in consumer income can cause a change in _______.
products
demand
stocks
market equilibrium
9
What is a demand schedule?
A graphic organizer that illustrates both goods & services.
A graph of quantities of goods or services demanded.
None of the above.
A list of quantities of goods or services demanded.
10
The branch of economics that deals with the study of firms, people, brands, and producers is
finance and banking
short run economics
microeconomics
macroeconomics
11
Stage where too many workers decrease total production.
negative returns
diminishing returns
long run
fixed cost
12
What are the 4 measures of cost?
overhead, marginal cost, e-commerce, fixed cost
fixed cost, overhead, variable cost, total cost
none of these
total revenue, marginal revenue, overhead, break even point
13
Why is the demand curve downward sloping?
Consumers always want more product and there is scarcity.
Suppliers will supply less over time.
Diminishing marginal utility over time.
All three of these.
14
How are taxes viewed by producers?
payment
cost
supply
profit
15
Which
is NOT
a part of demand?
need
desire
ability
willingness
16
A change in the cost of inputs can cause a change in?
quantity supplied
subsidies
supply
elasticity
17
Insulin is an example of an _______ product.
demand elastic
elastic
time sensitive
inelastic
18
Fixed cost is
the cost a business incurs even if the plant is idle.
when a consumer has more or less money to spend.
a period of change in the amount of variable input.
a cost that changes when the business rate output changes.
19
Name the product that has a high demand elasticity
Halloween costumes
red meat and poultry
Egg Nog
ice cream
20
Ford motors building a factory that will open in 1 year and have 200 jobs is an example of
long run.
equilibrium.
negative returns.
short run.
21
Which of these is NOT a technological advance that has cut production costs in the last decade?
land-line phone system
drones used for deliveries
robotics
3-D printing
22
What word describes the relationship that buyers buy more cheap and producers produce more exp?
variable
conversely
inversely
marginal
23
What is Elasticity?
Ability to influence or postpone a purchase.
General measure of responsiveness to dependent variables.
Relates changes in quantity demanded to changes in price.
Change in price causing proportional change in demand.
24
Which of these WOULD NOT BE considered compliments?
Kool Aid and sugar
margarine on toast
shaving cream and shaving lotion
game system controllers
25
Demand is the ___________ to buy a product.
willingness
need
want
ability
26
Which of the following is a reason that a company might change a product?
consumer taste
seasonal taste
consumer income
all 3 of these
27
If you raise the price of your product, your total revenues
will go up instead of down.
will drop to a lower level and not rise again.
will go down instead of up.
will rise to the next level and not come down.
28
What does a subsidy do?
allows new producers to enter the market
lowers the cost of production
all of these
encourages current producers to remain in the market
29
Which of the following
is NOT
a stage of production?
diminishing returns
increasing returns
negative returns
marginal returns
30
Expanding 30 positions in your factory and hiring workers to fill these jobs is an example of
negative returns.
equilibrium.
long run.
short run.
