A decrease in the price of eggs will result in a(n):

downward movement along the supply curve of eggs.

Which of the following will result in an increased price of milk?

a shift to the right of the demand curve for milk

What gov. agency would regulate chemicals that could causing factory employees to become ill?

Occupational Safety and Health Administration

What is the purpose of a licensing agreement?

protects an owner from unauthorized copying of name/products

What is the purpose of the Security and Exchange Commission?

to regulate the sale of stocks and bonds

When a market is in equilibrium, one will find that the:

quantity demanded is equal to quantity supplied.

If the price of mozzarella cheese-used in pizza-declines due to new technolgoy, there would be:

an increase in the supply of pizza.

A shift of a demand curve to the right, all other things unchanged, will:

increase equilibrium price and quantity.

The demand for meals at a local Applebee's will fall if:

the Olive Garden offers a 10% coupon in the local newspaper.

In the market for corn tortilla chips, what would definitely cause a price increase?

A fungus that kills much of the corn crop in Nebraska.

When a market is in equilibrium,

people are as well off as they can be

An announcement that smoking will harm your ability to think clearly will most likely result in

a decrease in the demand for cigarettes.

The demand curve for DVDs has shifted to the right. What could have caused it?

an increase in the incomes of buyers

If everyone refuses to buy cake becuase they think the price is too high, is there demand for cake?

Yes, they will buy it at a lower price

A decrease in supply means:

a shift to the left of the entire supply curve.

Raclette is melted cheese over potatoes. If the price of this cheese decreased, we would expect

an increase in demand for new potatoes.

A decrease in the price of eggs will result in a(n):

greater quantity of eggs demanded.

The law of demand states that, other things equal:

as the price increases, the quantity demanded will decrease.

If price of milk increases, then one would expect ice cream, holding all other things constant:

the supply curve for ice cream to shift left.

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Economics Unit Review S&M1

32 termsStudBud Administration242 plays

A #review quiz on #economics for the sales & Marketing class

Flashcards32 cardsFPractice quizPHost liveL

Questions 32

Answers

1
At a price $5, Jackie demands 4 gadgets. At $4, still 4. Jackie’s demand curve for gadgets is:
inelastic
non-existant.
upward sloping.
elastic
2
U.S. central bank
SEC
FTC
USDA
FED
3
A decrease in the price of eggs will result in a(n):
increase in the supply of eggs.
decrease in the demand for eggs.
downward movement along the supply curve of eggs.
increase in the demand for eggs.
4
Markets that are characterized by many buyers and many sellers are referred to as:
foreign
inefficient.
monopolies
competitive.
5
The major trade benefit of contract manufacturing is
proprietary information
lower wages
lower taxes
partnership
6
Which of the following will result in an increased price of milk?
a shift to the right of the supply curve for milk
an increase in the number of milk suppliers
an increase in the production technology of milk suppliers.
a shift to the right of the demand curve for milk
7
What gov. agency would regulate chemicals that could causing factory employees to become ill?
Security Exchange Commission
Environmental Protection Agency
Federal Trade Commission
Occupational Safety and Health Administration
8
What is the purpose of a licensing agreement?
protects corporations from fraud
allows businesses to operate in areas zoned as residential
protects an owner from unauthorized copying of name/products
allows doctors to treat patients
9
Which agency was established to protect consumers from unfair or deceptive business practices?
Federal Trade Commission
Environmental Protection Agency
Occupational Safety and Health Administration
Food and Drug Agency
10
What is the purpose of the Security and Exchange Commission?
to control the monetary supply
to provide loans to prevent businesses from failing
to regulate the sale of stocks and bonds
to monitor retail sales
11
When a market is in equilibrium, one will find that the:
quantity demanded is equal to zero.
quantity demanded is greater than quantity supplied.
market price is equal to zero.
quantity demanded is equal to quantity supplied.
12
If the price of mozzarella cheese-used in pizza-declines due to new technolgoy, there would be:
an increase in the supply of pizza.
a decrease in the quantity of pizza supplied.
a decrease in the supply of pizza.
no change in the supply of pizza.
13
A shift of a demand curve to the right, all other things unchanged, will:
decrease equilibrium price and quantity.
no change
decrease equilibrium quantity & increase equilibrium price.
increase equilibrium price and quantity.
14
The demand for meals at a local Applebee's will fall if:
the Olive Garden offers a 10% coupon in the local newspaper.
the price of gasoline falls in the local area.
the price of a meal at Applebee's rises.
local incomes increase
15
Sales & rebates are examples of what strategy?
roll backs
price competition
competitive edge
low fares
16
In the market for corn tortilla chips, what would definitely cause a price increase?
Household income falls
Technological advancement for producing corn tortilla chips
The price of salsa triples.
A fungus that kills much of the corn crop in Nebraska.
17
When a market is in equilibrium,
Gov. has set the price and quantity correctly
Gov. intervention will improve things
a person could do better if they did something different
people are as well off as they can be
18
What is the term for the struggle between companies for customers?
competition
surplus
profit
promotion
19
Law used to regulate mergers and acquisitions
Robinson-Patman Act
Department of Homeland Security
Clayton Antitrust Act
distribution law
20
An announcement that smoking will harm your ability to think clearly will most likely result in
an increase in the quantity of cigarettes supplied.
a decrease in the demand for cigarettes.
an increase in the demand for cigarettes
an increase in the quantity of cigarettes demanded.
21
In a command economy, who decides how products are produced?
consumers
labor
government
businesses
22
The demand curve for DVDs has shifted to the right. What could have caused it?
an increase in the incomes of buyers
an increase in the price of DVDs
a decrease in the price of DVDs
an increase in the price of DVD players.
23
Which economy would best describe the U.S.economy?
command economy
mixed economy
market economy
traditional economy
24
If everyone refuses to buy cake becuase they think the price is too high, is there demand for cake?
Yes, some rich person will buy it
Yes, they will buy it at a lower price
No, cake is dumb.
No, if people aren't buying it, there is no demand
25
Law that prohibits price discrimination
Robinson-Patman Act
Department of Homeland Security
Clayton Antitrust Act
Federal Reserve System
26
In economic terms, land, labor, and capital refers to
scarcity
free enterprise system
infrastructure
resources
27
A decrease in supply means:
a shift to the left of the entire supply curve.
a shift to the left of the entire demand curve.
less will be demanded at every price.
more will be supplied at every price.
28
Raclette is melted cheese over potatoes. If the price of this cheese decreased, we would expect
no change
an increase in demand for new potatoes.
an increase in demand both for the cheese and potatoes.
an increase in demand for the cheese.
29
In '89, the US placed a ban on Chilean grapes due to poisoning. What is another term for this?
quota
protective tariff
time draft
embargo
30
A decrease in the price of eggs will result in a(n):
increase in the demand for eggs.
greater quantity of eggs supplied.
increase in the supply of eggs.
greater quantity of eggs demanded.
31
The law of demand states that, other things equal:
as the price increases, the quantity demanded will decrease.
as the price decreases, the demand curve will shift right.
as the price decreases, the demand curve will shift left.
as the price increases, the quantity demanded will increase.
32
If price of milk increases, then one would expect ice cream, holding all other things constant:
the demand curve for ice cream to shift to the left.
no change in the supply curve for ice cream.
the supply curve for ice cream to shift right.
the supply curve for ice cream to shift left.

Economics Unit Review S&M1 Flashcards | StudBud