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Microeconomics Flashcards | StudBud
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Microeconomics
Microeconomics
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Flashcards
24 cards
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Questions
24
Answers
1
When input cost increases, the supply curve:
Increases
Stays the same
Decreases
Commits Seppuku
2
When too many goods were made and not enough consumers will buy them at the current price, there is a supply:
Bonus
Surplus
Shortage
Yolo
3
Which fits the law of demand?
Price increases, quantity demanded decreases
Price decreases, quantity demanded shifts right
Price increases, quantity demanded increases
Price decreases, quantity demanded shifts left
4
When Amazon kills off it's competitors, what SHOULD happen to their supply curve?
Gain moral standing
Increase
Decrease
Stay the same
5
Substitutes: A competitor's good has its price increased, causing demand for your good to:
Increase
Decrease
Die
Stay the same
6
Consumer Income: Compared to Burger King, Outback Steakhouse is a:
Normal good
Inferior good
Communist good
Superior good
7
An increase in the EP helps the:
Producer
Communist
Bernie Sanders
Consumer
8
A decrease in the EP helps the:
Chairman Mao
Child stuck in an Indonesian sweatshop
Producer
Consumer
9
Which shift does EA manipulate when they cut down on production costs and time to release garbage games?
Price of Inputs
Technological Advancement
Substitute production items
Expected Future Prices
10
The supply curve slopes:
Left top to top bottom
Bottom right to top right
Top left to bottom right
Bottom left to top right
11
Expected Future Prices: Moving into spring from winter, demand for snow shovels is likely to:
But what about trench shovels?
Increase
Stay the same
Decrease
12
Demand depends on these 2 things for purchasing goods:
ability and stability
willingness and agility
willingness and availability
willingness and ability
13
When not enough goods were made to match the amount of demand at the current price, there is a supply:
Trump
Shortage
12
Surplus
14
Market equilibrium means:
Supply X Demand
Supply > Demand
Supply = Demand
Supply < Demand
15
Demographics: A huge population increase will cause which shift in the demand curve for all products?
Right
Down
Left
Triangle
16
Demand increase means a shift to the:
Swerve
Down
Right
Left
17
Which fits the law of supply?
Price decreases, quantity supplied shift left
Price decreases, quantity supplied increases
Price increases, quantity supplied increases
Price increases, quantity supplied shifts right
18
The demand curve slopes
Top left to bottom right
Top right to bottom left
Bottom left to bottom right
Top left to top left
19
Supply decrease means a shift:
Down
3 lefts
Right
Left
20
The popularity of cable news programs is dying, causing their demand to:
Decrease
Increase
Migrate
Stay the same
21
Compared to literally any other restaurant, Chick-Fil-A is a:
Over priced garbage
Inferior good
diabetic good
Normal good
22
A company switched from mac to PC, saving 5% in production cost. This would shift supply:
Right
Left
N/A
No where
23
Improvements in technology usually shift the supply curve:
Both
Left
Right
Up
24
Consumer Income: A decrease in a population's income can cause demand for normal goods to:
Die
Stay the same
Increase
Decrease