The expansion of supply consists of :

A movement along the supply curve

What does ceteris paribus mean

..holding other factors constant

What elements does a Command Economy have?

The government controls all aspects of the market of goods and services

What is the definition of scarcity

When the demand is greater than the supply of that resource

In economics....What is a private cost?

a cost that is only experienced by the decision maker

The "what to" produce question is answered in the market economy by :

suppliers responding to consumer demand

The concept of opportunity cost is :

The loss of other alternatives when one alternative is chosen

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STAGE 1 ECO - SUPPLY, DEMAND, PPF & ECONOMIES

20 termsStudBud Administration16 plays

Questions for the first 10 weeks

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Questions 20

Answers

1
What is the major economic motivator of business?
To provide a good or service wanted
To make the world a better place
To get a profit
To ensure Andrew has a job! :)
2
A point beyond the PPF line represents the resources used are at their maximum.
True
False
3
The expansion of supply consists of :
A shift of the demand curve to the right
A shift of the supply curve to the right
A movement along the supply curve
A movement along the demand curve
4
The "invisible hand" was a concept from the great economic thinker John Nash
True
False
5
When there is an increase in price of the item plotted..what happens
Both Answers red and blue
the quantity demanded will contract
The demand curve will move to the left
There will be a shift up the demand curve
6
Consumer sovereignty is dominant in the command economy
False
True
7
What does ceteris paribus mean
... the inverse relationship between demand and price
... none of these alternatives
..holding other factors constant
...the inverse relationship between supply and price
8
Market failure is often due to :
The "rich" getting richer
Poor business practises
All of the above
Abuse of market power
9
What elements does a Command Economy have?
The goods and services are labour intensive
The government controls all aspects of the market of goods and services
Entrepreneurship is encouraged
The market determines the price of a good or service
10
Laissez-faire is a concept of which economy :
None of these economies
Command
Traditional
Pure Market
11
What is the definition of scarcity
The scar on your neck from the removal of your other head
Fantastic economic teachers
Because wants cannot be satisfied
When the demand is greater than the supply of that resource
12
In economics....What is a private cost?
all three alternatives
a cost that is only experienced by the decision maker
a cost that is experienced by people other than the decision maker
a cost that is experienced by society as a whole
13
The "what to" produce question is answered in the market economy by :
suppliers responding to consumer demand
suppliers choosing the cheapest method
suppliers producing what the government requests
suppliers producing their traditional output
14
Choose one of the mixed market economy features :
All three
Use of the Market Mechanism
Private Ownership of Resources
Freedom of Choice & Competition
15
Which is the one factor influences supply
Level of Technology
Consumer Preference
Price of the product or good
Competition
16
Innovation is encouraged in a market economy
False
True
17
A monopoly market is one where there is only one provider of the good or service
True
False
18
Another name for the traditional ecnomy is a capatalist economy
True
False
19
The concept of opportunity cost is :
The loss of other alternatives when one alternative is chosen
take the opportunity to purchase a good or service
Going to a party rather than doing your Eco assignment
The rising cost of McDonalds
20
The traditional economy is practised in ....
USA
Germany
Bhutan
Luxemberg

STAGE 1 ECO - SUPPLY, DEMAND, PPF & ECONOMIES Flashcards | StudBud