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SSEMI2 & SSEMI3 practice Flashcards | StudBud
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SSEMI2 & SSEMI3 practice
SSEMI2 & SSEMI3 practice
26 terms
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StudBud Administration
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#mircoeconomics
Flashcards
26 cards
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Questions
26
Answers
1
Is the price of a good/service at which quantity supply is equal to quantity demand
market clearing price
Incentive price
Price floors
Price cealing
2
If income increases in a household, what will most likely happen to equilibrium prices?
The demand curve will shift to the right
The supply curve will become a vertical line
The demand curve will shift to the left
The equilibrium prices will fall
3
A benefit, reward, or cost that motivates an economic action
Income
Market
Incentive
Surplus
4
The higher the price, the ____ producers will supply
More
None
Less
None of the above
5
What also means the same as market clearing price?
Price floor
Equilibrium
incentive
Price ceiling
6
QS=QD
Equilibrium
Market clearing price
Incentive
price floors
7
Consumers are told a product will reduce the risk of cancer. What will happen to the market?
The demand curve will shift to the left and price will fall
The supply curve will shift to the right and price will fall
The supply curve will shift to the right and price will rise
The demand curve will shift to the right and price will rise
8
Money can be switched for goods and services because of which "function of money"?
store of value
medium of exchange
commodity transfer
measure of value
9
If shirts go on sale, consumer might buy 3 instead of one
Example of law of supply
Example of law of resource
Example of law of demand
10
Money that individuals receive from businesses return to businesses in
the purchase of factors of production
the product markets
the factor markets
the payment for resources
11
An example of price floor
minimum wage
price controls
a bargain price
rent control
12
An example of a price ceiling is:
maximum product price
free market prices
rent control
minimum wage
13
Determined by observing the intersection of supply and demand curves
Equilibrium demand
Equilibrium price
Equilibrium Quantity
14
Law of demand focuses on ?
Consumers
Businesses
Producers
15
Consumers start paying more for donuts than cupcakes, output of donuts increases
Example of law of supply
Example of law of resources
Example of law of demand
16
Before we had money, how were goods and services exchanged?
Buyers and sellers bartered
Church leaders passed out items after services
Kings passed out items to the peasants
Individuals made all of their own things.
17
What determines equilibrium?
Buyers and sellers
Sellers and government
Sellers and businesses
Buyers and citizens
18
Where is the equilibrium located on a supply and demand graph ?
On the left side
X marks the spot
Where the demand and supply meet
On the right side
19
Define: as the price of a good or service increases,quantity that suppliers offer will increase
Law of resource
Law of product
Law of supply
Law of demand
20
Define: As price of a good/service increases, consumer demand decreases
Law of resource
Law of demand
Law of supply
21
A price set below the current market price is a characteristic of a
regular price
price floor
equilibrium price
price ceiling
22
Before a consumer buys a product, they know they're going to benefit from buying it
Example of incentive
Example of shortage
Example of surplus
23
Equilibrium price is he same as:
the market clearing price
the price level
the price index
the price ceiling
24
Which of the following will create a surplus?
When people don't like a product.
The amount demanded is greater than the amount supplied.
The amount supplied is greater than the amount demanded.
The amount supplied is less than the amount demanded.
25
Which of the following will result in a shortage?
The amount supplied is greater than the amount demanded.
The amount supplied is equal to the amount demanded.
The amount demanded is greater than the amount supplied.
The amount demanded is less than the supply.
26
Law of supply focuses on?
Producers
Businesses
Consumers
