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Econ Markets Flashcards | StudBud
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Econ Markets
Econ Markets
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1
If demand stays the same what will happen to price in the months shown on the graph?
Lower prices in June and August
Higher prices in June and August
Lower prices in July
Higher prices in June
2
The point at which supply and demand meet is known as what?
Equilibrium
Marxism
Elasticity
Algorithm
3
What is shown on this production possibilities curve?
Maximum output of either hot dogs and hamburgers with the given resources
Minimum output of hot dogs and hamburgers with the given resources
That you must choose between producing only hot dogs or hamburgers
The number of hot dogs that can be produced when hamburgers are maxed out
4
What is the opportunity cost of moving from point A to point B?
30 Cars
100 Articles of clothing
30 Articles of clothing
100 Cars
5
What would be a reason to increase production of another unit for a business?
If the marginal cost exceeds the marginal benefit
If there is a offset of opportunity cost and marginal cost
If the product will have intrusion into that particular market
If the marginal benefit exceeds the marginal cost
6
Where on this graph is a surplus shown?
A-C
B-C
B-A
D-E
7
What does a business have to consider when determining marginal cost?
Labor required to decrease the number of units put out
Whether or not specialize in one market
New products coming into the market
Cost of producing one more unit
8
What effect will increased demand have on price?
Price will change when demand changes
It increases quantity supplied therefore price will increase
There will be no change to price or quantity supplied
It decreases quantity supplied therefore price will decrease
9
What point does A represent in the graph?
Equilibrium
Shortage
Surplus
Unitarian price
10
What is the purpose of a price floor?
To raise prices of a product to a higher level above equilibrium
To symbolize where the government would like for prices to be
To lower prices to a point below equilibrium
To stabilize prices at equilibrium
11
What is the result of an increased minimum wage?
Higher prices for consumers to to higher wages
There will be no change to consumers as businesses will pay the cost
Decrease in the unemployment rate
Lower prices for consumers due to higher wages
12
What does the graph below show?
A decline in the ability to process wheat and cloth
Economic decline
Economic growth
Contraction in the wheat and cloth markets
13
What effect will an increase in demand have on price and quantity?
Price and quantity will increase
Price will decrease and quantity will increase
Price will increase and quantity will decrease
Price and quantity will decrease
14
Why would the government implement a price ceiling?
To increase demand for a product
If the price for a product is higher than the government wishes it to be
To raise prices to a desired level for a market
To keep prices at equilibrium
15
What must be true about a production possibilities curve?
Must have at least 3 markets to compare
It must be a given amount of resources
It must have unlimited resources and limited needs
It must have limited wants and unlimited resources
16
Which is true about price ceilings and price floors?
Price ceilings result in surpluses and floors in shortages
Both ceilings and floors result in surpluses
Price ceilings result in shortages and floors in surpluses
Both ceilings and floors result in shortages
