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Economics Test 2 Review Flashcards | StudBud
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Economics Test 2 Review
Economics Test 2 Review
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Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What does the last I in TIN PIG stand for
International events or natural disaster
Input cost (factors of production)
2
What does the G in TIN PIG stand for
Gross domestic product
Government policy
3
What does the N stand for in PEN TIP
Number of suppliers
Number of supply
Number of dogs
Number of consumers
4
What does the T stand for in PEN TIP
Tastes and supply
Tastes and preferences
Tastes and clothes
Tastes and sushi
5
PEN TIP
Supply
Demand
6
What is a surplus
When there is too much supply; below the equilibrium price
When there is to much supply; more supply than demand
When there isn’t enough supply; above the equilibrium price
When there isn’t enough supply; more demand than supply
7
At $2.50, what is the demand by consumers for apples
5
15
40
10
8
What does the N in TIN PIG stand for
Number of producers
Number of suppliers
Number of money
Number of people
9
At $2.50, is there a shortage or surplus of apples? How many?
Shortage of 40
Surplus of 40
Shortage of 20
Surplus of 20
10
What is the revenue at the equilibrium price?
$40.50
$50.00
$80.00
$22.50
11
What is the equilibrium price (market clearing price) of apples?
$0.50
$1.50
$1.00
$2.50
12
What does the P in TIN PIG stand for
Producer reality’s
Potholes
Party’s
Producer expectations
13
TIN PIG
Demand
Supply
14
At $.50, is there a shortage or surplus of apples? How many?
Shortage of 10
Shortage of 20
Surplus of 20
Surplus of 20
15
At $.50, how many apples will be supplied by producers?
10
0
5
25
16
As price decreases what happens to demand?
Decrease
Increase
17
What is the revenue when apples are priced at $2.00
$5.00
$40.00
$10.00
$20.00
18
If the price of a product increases what happens to supply?
Increases
Decreases
19
What is the revenue when apples are priced at $0.50
$2.50
$15.00
$10.50
$20.00
20
If the price of a product increases what happens to demand
Increases
Decreases
21
As the price decreases, what happens to supply?
Increases
Decreases
22
What is a shortage
When there is to much supply; more supply than demand
When there isn’t enough supply; above the equilibrium price
When there is too much supply; below the equilibrium price
When there isn’t enough supply; more demand than supply
23
What does the T in TIN PIG stand for
Technology
Tastes and preferences
24
At $2.50, how many apples will be supplied by producers?
25
40
15
17
25
At $.50, what is the demand by consumers for apples?
0
15
25
10
26
What does the last P stand for in PEN TIP
Price of substitute goods
Price of complimentary goods
27
What does the first P stand for in PEN TIP
Price of substitute goods
Price of complimentary goods
Producer expectations
28
What does the I stand for in PEN TIP
Investment
Interest
Income
29
What does the E stand for in PEN TIP
Expectations of summer
Expectations of price change
Expectations of a change in supply
30
What does the first I in TIN PIG stand for
Input cost (factors of production)
International events
Interest
