If the US dollar goes from being worth 10 Pesos to only being worth 2 Pesos what would happen?

Mexico would buy more goods from the US

Strawberries are a substitute for blueberries. A drought hits the blueberry fields...

Demand for strawberries shifts right

What are the results of these shifts?

Equilibrium Price Increased : Equilibrium Quantity Increased

If ONLY the price changes...

Movement along the curve happens

What could cause this to happen to the market for cars?

A new popular model of car came out

A comparative advantage is...

producing with lower opportunity costs

If Suzy can make 5 blankets and Billy can make 7, why might Billy still buy blankets from Suzy?

Suzy holds a comparative advantage

studbud

Economics Unit 3 2018

20 termsStudBud Administration366 plays

economics

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
According to the graph, what is the price of Mangoes?
40
80
120
100
2
How does input costs (price of materials) affect supply?
It is a direct relationship
They are not related
It is an inverse relationship
Input costs only affects demand
3
What is this demonstrating?
Surplus
Price Change
Shortage
Equilibrium
4
If the US dollar goes from being worth 10 Pesos to only being worth 2 Pesos what would happen?
US would buy more goods from Mexico
Mexico would buy more goods from the US
We would both just buy stuff from China
There would be no changes in trade
5
Pure/Perfect Competition
Airline Industry
No Examples Exist
Restaurant Industry
Automobile Industry
6
Strawberries are a substitute for blueberries. A drought hits the blueberry fields...
Demand for strawberries shifts right
Supply for strawberries shifts right
Demand for strawberries shifts left
Supply for strawberries shifts left
7
What are the results of these shifts?
Equilibrium Price Decreased : Equilibrium Quantity Increased
Equilibrium Price Increased : Equilibrium Quantity Decreased
Equilibrium Price Decreased : Equilibrium Quantity Decreased
Equilibrium Price Increased : Equilibrium Quantity Increased
8
The Airline Industry is a(n)
Perfect Competition
Oligopoly
Monopoly
Monopolistic Competition
9
When demand increases and supply does not change, the equilibrium quantity
Doesn't change
Increases
Decreases
Stays the same
10
If ONLY the price changes...
No changes happen
The demand curve shifts
The supply curve shifts
Movement along the curve happens
11
What could cause this to happen to the market for cars?
Car workers went on strike
A new popular model of car came out
The cost of metal went down
Price of gas went up
12
The Fast Food Industry is a(n)
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly
13
Maintaining your car is a
A legal requirement
Way to make money
Not necessary
Cost of ownership
14
If Ford closes 2 of their factories what would happen to the supply/demand chart?
Demand would shift right
Demand would shift left
Supply would shift left
Supply would shift right
15
How does income affect demand?
It is a direct relationship
It is an inverse relationship
They are not related
Income only affects supply
16
One company and near impossible entry into market
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
17
A comparative advantage is...
how companies trade on the stock market
trading to get what you want
producing with lower opportunity costs
being able to make more of something
18
What is equilibrium?
When QD=QS
A supply non-price determinant
A demand non-price determinant
A shift in both lines
19
Few companies and difficult entry into market
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
20
If Suzy can make 5 blankets and Billy can make 7, why might Billy still buy blankets from Suzy?
Billy is super lazy
Suzy holds a comparative advantage
Suzy might make more colorful blankets
Suzy has nicer material

Economics Unit 3 2018 Flashcards | StudBud