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Econ PMA 2 Review Flashcards | StudBud
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Econ PMA 2 Review
Econ PMA 2 Review
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Review for PMA 2
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Minimum wage is an example of a
equilibrium
stupid law
price ceiling
price floor
2
An inefficient distribution of goods or services is called a
public good
market failure
poor distribution
communism
3
A graph showing the demand for a product by an entire market group
Market Demand Curve
Market Schedule
Demand Curve
Demand by Many People
4
What does a Demand Curve Look Like?
Slope Up from Left to Right
Slope Down from Left to Right
Slope Down from right to left
Horizontal line
5
When wages are determined by a sign that shows you are qualified
labor union theory
signal theory
collective bargaining
Market Theory
6
Which of the following is created by a price floor?
shortage
surplus
7
A change in demand based on the price change of a similar product is called the ...
Income Effect
Inferior Goods
Normal Goods
Substitution Effect
8
A competitive market in which 1 company dominates
no competition
perfect competition
monopolistic competition
Capitalism
9
When a Supply or Demand curve increase, the curve shifts to the
left
up
down
right
10
When demand changes a lot due to minor price changes, demand is said to be ...
Stretchy
Inelastic
Rubbery
Elastic
11
When both suppliers and consumers are happy with the price and quantity this has been reached.
Satiation
Equality
Equity
Equilibrium
12
The measure of satisfaction gained from eating one more slice of pizza.
pepperific!!
A Lot!!!!
10
Marginal Utility
13
This is a target number of quantity usually enforced by a government.
Quantity
Quota
Quantity Supplied
Quality
14
Which labor negotiations tactic is binding(must be followed)?
Mediation
Arbitration
Fact-Finding
Walk-Out
15
Points on a demand curve represent what?
change in Demand
Change in Quantity Demanded
change in Price
Change in elasticity
16
When price changes & demand changes slightly, demand is said to be ...
Stretchy
Elastic
Stiff
Inelastic
17
This economic device keeps prices from going any higher.
Equilibrium
Price Ceiling
Law of Prices
Price Floor
18
The Law of Supply says that when price increases
quantity supplied decreases
quantity supplied stays the same
quantity demanded increases
quantity supplied increases
19
When demand changes due to a change in income and no changes in price occur this is the ...
Elasticity Effect
Income Effect
Disaster, Charlie!
Substitution Effect
20
This type of market is controlled by a
FEW
large businesses
sole proprietorship
oligopoly
monopoly
corporation
21
The measure of consumer responsiveness to price change is called ...
Expectations
Consumer Taste
Utility
Elasticity
22
PB& J are compliments. What happens to the demand for PB if Jelly goes on sale?
Demand increases
no change
What is a compliment?
Demand decreases
23
According to the Law of Demand, when prices go up....
Demand goes up!
No Change!
Demand goes Down!
People Become Rich!
24
What 2 factors are needed for Demand?
Money and willingness
Ability and willingness
Want
Ability and Time
25
A product that is used freely by everyone is a
private good
public good
theft of goods
negative externality
