Econ Unit 2 Review

A price ceiling almost always results in a/an

What does this curve show?

What effect would this have on the equilibrium price of chicken?

What determinant caused the shift in the previous question?

Which of the following would be considered substitutes?

What determinant caused the shift in the previous question?

A $5000, there would be a

A good that people buy more of as their incomes increase is known as a

What is the price paid by the consumers after the tax?

In 2000, digital cameras were expensive to make.  Machines changed this by 2005. This led to

Pepsi and Coke have a cross price elasticity of 1.2. What type of goods are they?

Which of the following is NOT a determinant of demand?

A change in the quantity demanded for one good because of a change in the price of another is

What determinant caused the shift in the previous question?

Aliens abduct all of the chickens on earth.  How would that effect the market for chicken?

At $3, there is a

Bremen passes a law that you cannot charge more than $30 for mowing a lawn.  This is a _____.

How much of a tax was put on trailers?

The price of trucks goes from $10,000 to $20,000.  This would cause a/an

A government imposed minimum price for a good is known as a

Demand that is not very sensitive to a change in price is considered

A change in the price of iPads from $750 to $500 would likely result in

Which of the following would have the MOST elastic demand?

With a price floor at P2, Producer Surplus is

What is the equilibrium quantity?

A good that is very sensitive to a change in price is known as

The desire to own something and the ability to pay for it is known as

Which of the following is NOT a determinant of supply?

What impact would raising the minimum wage have on the market for labor?

What is the equilibrium price?

Which of these goods would have an inelastic demand?

What determinant caused the shift in the previous question?

Which could NOT have caused the shift from D1 to D2 in the market for eggs?

If consumers expect the price of gas to go up tomorrow, how would that effect gas today?

What determinant caused the shift in the previous question?

The amount of goods available is known as the

Does the burden of this tax fall more on the producer or on the consumer?

Which of the following factors determines a good's elasticity?

The economic law that as prices rise, sellers are willing to offer more of a good or service.

With a price floor at P2, Deadweight Loss is

A price floor will generally lead to a

Ramen Noodles and Bus Passes are examples of

What impact would a drop in the price of peanut butter have on the market for jelly?

The Indiana State Police recently raided several meth labs in the area.  This would cause

If the government were to pass a law that gas could not be sold for more than $4, that is a

If two goods have a cross price elasticity of -1.2, what is the relationship between the goods?

If Pepsi decides to increase prices in order to increase their revenue, they are assuming that

The idea that as the price increases, consumers buy less of a good is known as the

What determinant caused the shift in the previous question?

Which of the following is NOT a way that price ceilings cause inefficiency?

If the government puts a tax on pop, how would this increase the market for pop?

What effect would a zombie apocalypse have on the market for cheeseburgers?

The responsiveness of demand to a change in price is known as

Which of the following goods would have INELASTIC demand?

What would cause an increase in the quantity supplied of pizza?

Which of the following would be considered complements?

At the market equilibrium, Producer Surplus is

How would the abduction of chickens impact the market for ground beef?

A situation where quantity supplied exceeds quantity demanded is known as a

At any price BELOW the equilibrium, there would be a