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Econ Unit #2: Micro Econ Flashcards | StudBud
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Econ Unit #2: Micro Econ
Econ Unit #2: Micro Econ
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#economics
Flashcards
48 cards
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Practice quiz
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Questions
48
Answers
1
What would happen to the demand for video games if adolescent incomes were to increase?
Demand for games would decrease.
Demand for games would not change.
Demand for games would increase.
Demand for games would collapse.
2
Last week, unicorn costumes cost $35. This week the price has rose to $45. Demand for them will?
Increase because the price is higher
Increase because the price is cheaper
Decrease because the price is lower
Decrease because the price is higher
3
If the price of a movie ticket decreased, what would be true of the quantity supplied?
Quantity supplied would increase because they could make $
Quantity supplied would shift to the right
Quantity supplied would decrease
Quantity supplied would shift to the left
4
The equilibrium quantity for movie videos would be...
800
400
600
200
5
Regarding the last two questions, what would be true?
Price would go up and quantity would go up
Price would go down and quantity would go up.
Price would go down and quantity would go down.
Price would go up and quantity would go down.
6
You are hungry after school. You choose to go to TB. Is Taco Bell an Elastic or Inelastic good?
Elastic
Inelastic
7
CD makers expect that people will not spend much $ on CDs in the near future & instead stream music. The CD Supply will-
Decrease
Increase
Not change
Shift
8
Which example is NOT a determinant of
demand
?
Consumer Tastes
Subsidies
Expectations
Compliments
9
Look at the graph to the right. If the price of videos is $14, what is true?
Quantity demanded is 600
Quantity supplied is 200
Quantity supplied is 600
Quantity demanded 200
10
Still at a price of $60, what situation would exist?
Equilibrium
A Surplus
A Shortage
Recession
11
What will happen to the Supply of tennis shoes if the cost of rubber increases?
Supply of Tennis shoes will decrease due to increased costs
Demand for tennis shoes will decrease
Demand for tennis shoes will increase
Supply of Tennis shoes will increase due to cheaper costs
12
Which graphic would represent this change (from the last question)?
graphic B
graphic D
graphic C
graphic A
13
Look at this graphic above. What is happening?
Supply is decreasing
Supply is increasing
Demand is decreasing
Demand is increasing (shift)
14
If a change in price greatly effects the demand for a product that product is likely...
Inelastic
Elasitic
Absolutely necessary
Complementary
15
What happens to the
demand
for tacos if Taco Bell raises the price from $1 to $1.50?
Demand will shift left due to a negative determinant
Demand will decrease because the price of the taco increased
Demand will shift right due to a positive determinant
Demand will increase because TB can make more money
16
What else is happening?
Pe is going up and equilibrium quantity is going down.
Pe is going down and equilibrium quantity is going down.
Pe is going down and equilibrium quantity is going up.
Pe is going up and equilibrium quantity is going up.
17
What economic problem would this cause?
A shortage
Equilibrium
A recession
A surplus
18
If a change in price has almost no effect on quantity demanded, then demand for the product is…
spontaneous
inelastic
complementary
elastic
19
If the price of videos was $14 and then it up to $18, what would happen?
Quantity supplied would go up by 400
Quantity demanded would go down by 200
Quantity supplied would go up by 100
Quantity demanded would go down by 300
20
The government requires cigarette makers to pay a large tax on each carton of cigarettes. Supply will
Not Change
Increase
Quadruple
Decrease
21
If the President allows all immigrants to enter the US, what happens to demand for housing?
Housing demand would change, but not enough to cause a shift
Housing demand wouldn't change
Increases due to increase in population
Decreases due to a decrease in population
22
What happens to
demand
for PS4 games if the cost of a PS4 goes down?
Demand would shift left because of a negative determinant
Demand for PS4 games increases
Demand would shift right because of a positive determinant
Demand for PS4 games decreases
23
Which determinant is not one of the 7 determinants of Supply?
Number of Sellers
Taxes and Subsidies
Productivity
Number of Consumers
24
If you are diabetic, insulin would be an example of a __________ good for you to purchase.
Marginal
Inexpensive
Elastic
Inelastic
25
If the government would not allow the price (wage) for workers to go below $5.15, this would be a…
Price disturbance
Price reversal
Price floor
Price ceiling
26
This curve is an example of a...
A shift in Supply
Supply Curve
Demand Curve
A shift in Demand
27
Look at this graphic. Which of the following statements is true?
Curve A is more elastic than curve B
Curve B is more elastic than curve A until they cross. .
Curve A is more elastic than curve B until they cross.
Curve B is more elastic than curve A
28
Looking at the last two questions, what is the size of both of these economic problems?
50
200
150
100
29
Look at the graph above. If the price of videos is $16, what is true?
Quantity supplied is 800
Quantity supplied is 400
Quantity demanded 800
Quantity demanded is 400
30
Based on the graphs, what would be the
total
market Qd for mystery novels at a price of $20?
6
1
8
3
31
The Equilibrium Price for movie videos would be...
$18
$14
$12
$16
32
What is happening in the graph?
People are buying more, though the price hasn't changed
Producers are making more, but the price hasn't changed
People are buying more of the product because the price went down
Producers are making more of the product because the price went up
33
At a price of $20, what situation would exist?
A Shortage
Equilibrium
A surplus
Recession
34
What economic problem would this cause?
A recession
A Shortage
A Surplus
Equilibrium
35
Regarding the last two questions, what would be true?
Price would go down and quantity would go up.
Price would go up and quantity would go down.
Price would go down and quantity would go down.
Price would go up and quantity would go up
36
Look at this graphic. If the price of this product was $60 what would be true?
Quantity supplied would b 100 & Quantity dem. would b 200
Quantity supplied would be 200 & Quantity dem. would be 100
Quantity supplied and quantity demanded would be 150
Quantity supplied and quantity demanded would be 50.
37
If wages increase nationally, what will happen to the demand for laptops?
Demand won't change
Demand will decrease because no on needs them.
Demand will increase because people have more $ available
Demand is dumb. I really want 2 take this class again
38
If the population of BHS were to decrease, what would happen to demand for The Bear merchandise?
Demand would increase regardless because its hot fire!
Demand would decrease because there are less people to buy it
Demand would increase because student leadership will buy more
Demand would decrease because it is overpriced.
39
What is happening in the graph?
People are buying more because the price decreased
Producers are making more because the price has increased.
There has been a change (shift) in determinants of supply
There has been a change (shift) in determinants of demand
40
Given the info available on the graph, if the price of a movie ticket went up there would be...
More of a supply for movie tickets
More quantity demanded for movie tickets
Less quantity demanded for movie tickets
The demand curve would shift to the left
41
What would happen to the supply of Playstation headsets if the price of plastic increased?
The supply of headsets would inflate
The supply of headsets would not change
The supply of headsets would increase
The supply of headsets would decrease
42
If the government would not allow the price of apartments to go above $600, this would be a…
Price disturbance
Price reversal
Price ceiling
Price floor
43
At equilibrium…
Quantity supplied & quantity demanded R equal to each other.
Quantity supplied is + while quantity demanded is negative
Quantity supplied is greater than quantity demanded.
Quantity demanded is greater than quantity supplied.
44
If the govt subsidizes athletic programs for all high schools, the supply of HS athletic participants would?
Decrease
Jerry missed this tackle
Increase
Not change
45
Books were $1.00 each, Trevor bought 3 books. The cost increased to $1.50, he only bought 2. This shows?
TINSTAFL
The law of demand
Increasing marginal utility
A trade-off
46
Based on this graph…
Quantity supplied and quantity demanded are both 600
Quantity supplied is 400 while quantity demanded is 800
Quantity supplied is 200 while quantity demanded is 1000
Quantity supplied is - while quantity demanded is positive.
47
If the price of videos was $16 and then it dropped to $12, what would happen?
Quantity supplied would go up by 100
Quantity demanded would go down by 300
Quantity demanded would go up by 400
Quantity supplied would go down by 200
48
Which graphic to the right would represent this change (from the last question)?
graphic B
graphic C
graphic A
graphic D
