Why does an increase in gas prices lead to less consumer spending on other items?

The demand for gas is largely inelastic.

At the equilibrium price, the

number supplied equals the number demanded.

Most successful investors invest

consistent contributions over a long period of time.

Why might an introduction of new technology cause a brief shift of the supply curve to the left

There may be a period of adjustment to the technology.

Which of the following would give an investor an overall picture of the value of the market?

the Dow Jones Industrial Average

For which product is demand likely to be the most elastic?

a product with many adequate substitutes

studbud

Econ Final Review II

15 termsStudBud Administration264 plays

Econ final review II

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
The production level where total cost equals total revenue is
a surplus.
the break-even point.
the profit.
a shortage.
2
Why does an increase in gas prices lead to less consumer spending on other items?
The price of gas is largely inelastic.
The demand for gas is largely inelastic.
The demand for gas is largely elastic.
The price for gas is largely elastic.
3
Which of the following is not a type of tax?
subsidy
proportional
progressive
regressive
4
In discussing taxes, which is the opposite of regressive?
proportional
progressive
value-added
flat
5
At the equilibrium price, the
prices are all the same.
price stops changing.
number supplied equals the number demanded.
quantity of sellers is the same as the quantity of buyers.
6
Taxes paid when purchases on specific goods are made. The taxes are often included in the price
excise taxes
sales taxes
income taxes
tariffs
7
Period of months or years during which securities prices fall and the stock market is down.
bear market
bull market
bank run
chicken market
8
Most successful investors invest
small amounts of money once in a while.
large amounts of money once in a while.
consistent contributions over a long period of time.
consistent contributions for a few months.
9
Which term best describes rent control?
price ceiling
nonrecourse
subsidy
price floor
10
The Law of Supply states that more will be offered for sale at ___ prices than ___ prices
higher; lower
all of the above
lower; higher
the lowest; the highest
11
According to economists, what is the most efficient way to allocate resources?
government action
rationing
distorted incentives
competitive markets
12
Why might an introduction of new technology cause a brief shift of the supply curve to the left
There may be a period of adjustment to the technology.
The technology may increase production more rapidly.
The technology may reduce production costs.
There may be an increase in output despite the same input.
13
Which of the following would give an investor an overall picture of the value of the market?
the Efficient Market Hypothesis
the spot market
the options market
the Dow Jones Industrial Average
14
The purpose of a sin tax is to discourage the purchase and use of
All of the above
goods considered physically harmful.
goods considered morally harmful.
a product or service seen as harmful by society.
15
For which product is demand likely to be the most elastic?
complement goods
a product with no substitutes
a product with many adequate substitutes
a product with inadequate substitutes

Econ Final Review II Flashcards | StudBud