Local businesses increase sales with the growth of a military base exemplifying

a change in a determinant of demand

ACL affects Austin's hotel market by driving

demand right, increasing prices

The growth of a military base would result in a change in which determinant of demand?

a change in the number of buyers

If cell phone glass became cheaper, this would represent

a change in the price of a resource

An epidemic that wiped out dairy cows would impact which determinant of supply?

change in the number of suppliers

If demand shifts left this results in

an increased equilibrium price and quantity

Improvements in technology tend to first

shift supply right and drive prices down

The first rule of saving is to pay yourself first which means

save money first before doing any spending

Which statement is true?

Developing habits of saving now will help you save later

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Economics Semester Review part 4

20 termsStudBud Administration59 plays

A review of learning in my economics class

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Local businesses increase sales with the growth of a military base exemplifying
a change in a determinant of demand
a change in QD
a change in a determinant of supply
a change in QS
2
ACL affects Austin's hotel market by driving
quantity demanded right increasing prices
demand right, increasing prices
demand right and lowering prices
supply right and lowering prices
3
The growth of a military base would result in a change in which determinant of demand?
a change in the number of buyers
a change in tastes and preferences
a change in the price of related goods
a change in income
4
How would an epidemic that wiped out dairy cows affect the market for cheese?
demand shifts left
demand shifts right
a decrease in quantity supplied
supply shifts left
5
If the cost of lumber increased, it would impact the furniture market by changing
increasing quantity demanded
decreasing quantity demanded
supply
quantity supplied
6
If you had $250,000 invested at 10% interest, how much would you have in just over 7 years?
3/4 of a million dollars
1 million dollars
1/4 of a million dollars
1/2 a million dollars
7
If cell phone glass became cheaper, this would represent
a change in expectations
a change in price
a change in the price of other goods
a change in the price of a resource
8
In order to determine how long it will take your money to double you should
divide 72 by the amount of money you are saving
divide 72 by the interest rate
divide the interest rate by the number 72
multiply your saving by the interest rate and divide by 72
9
How would a decrease in supply will have the effect of
increasing equilibrium price
lowering equilibrium price
increasing equilibrium price and quantity
equilibrium quantity would be higer
10
An epidemic that wiped out dairy cows would impact which determinant of supply?
change in the number of buyers
change in the cost of a resource
change in future expectations
change in the number of suppliers
11
Pizza Hut is having a sale on large pizzas with any toppings causing _______ to move _______
quantity demanded; left
quantity demanded; right
demand; right
supply; left
12
If demand shifts left this results in
a higher equilibrium quantity only
a higher equilibrium price
a lower equilibrium prices
an increased equilibrium price and quantity
13
Improvements in technology tend to first
shift supply left driving prices up
shift supply right and drive prices down
shift demand right and drive prices up
shift demand left, driving prices up
14
Saving is important because
it is the foundation for building wealth
it allows you to buy expensive items without using credit
all answers are correct
it protects you against some of life's unexpected challenges
15
If you were earning 10% interest, your money would double in
72 years
13.8 years
7.2 years
.138 years
16
The first rule of saving is to pay yourself first which means
your job is to start saving
save money first before doing any spending
you must have a job to start saving
set yourself up as an employee for tax purposes
17
How many savings accounts should you have?
as many as you can afford
1
3
2
18
Which statement is true?
Saving only becomes important when you get older
Developing habits of saving now will help you save later
You have to save your way to being wealthy
Wealth is the foundation upon which savings is built
19
A pizza maker raises his price because he can't keep up with orders which results in a
a change in supply
a change in demand
a change in quantity supplied
a change in quantity demanded
20
In the hotel market, Austin City Limits changes
the price of related goods
income
the number of buyers
tastes and preferences

Economics Semester Review part 4 Flashcards | StudBud