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Economics BASIS Flashcards | StudBud
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Economics BASIS
Economics BASIS
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1
You own BB shop.Bats price rises 25% and 50% stop buying. Elasticity
.5 elastic
2 inelastic
2 elastic
.5 inelastic
2
What factors are shown here?
entreprenuer
capital
labor
land
3
What is not a factor of production?
Land
Time
Capital
Labor
4
Logan's Slogans increases production from 40 to 60 and costs rise 20 to 30.
diseconomies of scale
economies of scale
none
constant returns to scale
5
What is true about public goods?
one person's consumption reduces others consumption of good
the free rider problem does not come up
people can easily be excluded
the goods are non-excludable and non-rival
6
Toby makes $20,000 and Cudi makes $60,000 a year. They are taxed 15% and 20%. what type of tax?
recessive
regressive
flat
progressive
7
Kobe promotes new Nike shoes and nylon prices decreased, what happens to p and q
p A q up
p A Q down
p down Q A
p down q A
8
Is this firm allocatively efficient?
no
yes
9
What is difference between command economy and mixed economy?
more innovation and property rights in mixed
less innovation and property rights in command
more innovation and property rights in command
less innovation and no property rights in mixed
10
If the price of Coca Cola increases, what happens to Qdemand and what is elasticity?
Qdemand increase, elastic
Qdemand increase, inelastic
QDemand decrease, inelastic
Qdemand decrease, elastic
11
Ramen is inferior good and Pasta is normal good. I get raise, what happens to demand for each.
DR: Decrease DP: Decrease
DR: Increase DP: Increase
DR: Decrease DP: Increase
DR: Increase DP: Increase
12
What should marginal cost be for this person to maximize utility at quantity 6
39
49
410
449
13
short run to long run summary
sharks enter, supply up, price down, profit 0
sharks exit, supply up, price down, profit 0
sharks exit, supply down, price up, profit 0
sharks enter, supply down, price up, profit 0
14
find TFC. ATC=20, TVC=60, Q=10
40
200
140
10
15
What is the opp cost of increasing butter from D to C
A
X
Y(B)-Y(C)
Y(D)-Y(C)
16
choose, college (cost 10K), work (30K). What is opportunity cost of going to college.
20k
30k
none
40 k
17
How are negative and positive externalities solved, in that order
subsidies, taxes
taxes, subsidies
18
Who is the best
Spiderman
Cubs
Cudi
Toby
19
Which change is represented by rise in price?
Q1 to Q2
S2 to S1
Q2 to Q1
S1 to S2
20
What is the elasticity of a product if people still buy it despite a price increase
elastic
perfectly inelastic
perfectly elastic
inelastic
21
What is the difference between monopoly and perfect competition
lower price and higher quantity than PC
higher price and lower quantity than PC
higher price and higher quantity than PC
lower price and lower quantity than PC
22
What type of profits is this firm making?
positive
zero
negative
23
Which is not an example of negative externality
neighbor playing loud music
pollution
cigarette smoke
flu shots
24
What would a price floor cause in the market?
Shortage Qs>Qd
Shortage Qs<Qd
Surplus Qs<Qd
Surplus Qs>Qd
25
What is the basic economic problem?
Not enough resources to satisfy the wants/needs of people.
There are too many monopolies.
Inflation is too high in economies.
There isn't enough money in an economy.
26
positive externalities are
under-consumed merit goods
overproduced merit goods
overproduced demerit goods
under-consumed demerit goods
27
Which costs exists in both short run and long run
variable
variable and fixed
fixed
none
28
What is difference between implicit and explicit costs
Ex costs you dont see
Im costs you actually see
Ex costs you actually see
Im costs you don't see
29
What happens to p and q of Galaxy S8 if iPhone 8 prices go up?
p down q down
p up q up
p down q up
p up q down
30
government tells a company they can't pollute but they can't tell them what to make
traditional
command
mixed
market
31
Which is not an example of fixed costs
rent
labor
interest on machinery
licence to sell products
32
what elasticity is shown in the graph
perfectly inelastic
inelastic
perfectly elastic
elastic
33
when prices rise and producers supply more
law of demand
demand
law of supply
supply
34
What efficiency does perfect competition achieve
productive
both
neither
Allocative
35
What is not a characteristic of perfect competition
many buyers and sellers
many barriers to enter
perfectly elastic demand
price takers
36
Where is the profit maximization point?
Q2
Q3
Q1
37
Which is consumer and producer surplus?
consumer red
consumer blue
producer red
producer blue
38
Oligopolies can't work together because ___ is illegal so they...
collusion, choose regardless of opponents choices
fusion, choose regardless of opponents choices
illusion, choose based on other firms choices
collusion, choose based on other firms choices
39
Monopolistic competitive firms advertise...
so they can increase quantity
so they can set a higher price
so they can sell at a low price
so they can differentiate products
40
if a good has inelastic demand, the tax burden will fall on
producer
gas station
consumer
store
41
Is this firm productively efficient?
yes
no
42
Where is marginal utility maximized?
MC=MR
MC=MB
apples
MC=0
43
As the price of samsung tvs goes up, what is the elasticity of supply.
Elastic
unit elastic
inelastic
perfectly inelastic
44
where would the tax burden fall for a tax on coca cola?
heb
you
Coca Cola
walmart
45
How do you calculate profit
TR-MC
AVC=ATC
TR-TC
TR
