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POBF 5.01 Review Flashcards | StudBud

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POBF 5.01 Review

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Questions 8

Answers

1
Equilibrium exists when:
Demand is greater than Supply.
People buy generic goods.
Supply is greater than demand.
The amount supplied equals the amount demanded
2
The usefulness of a product to consumers is referred to as product:
utility
scarcity
value
supply
3
Which would cause price to rise?
Corn crops being unusually large.
A review going viral about terrible service at a hotel.
Animal rights protestors march in front of a fur shop.
A frost destroying a large amount of oranges trees.
4
The best time for consumers to buy; characterized by large supply, small demand, and low prices
Seller's market
Discount
Buyer's market
automotive
5
The value of what you give up to get something else is called:
equilibrium
opportunity cost
trade-off
scarcity
6
Which is an example of an industrial use of an oven?
Gigi's Cupcakes baking cupcakes to sell each day.
Cleaning the oven before your next family meal.
Boiling water to make a gallon of tea for the week.
Baking a Thanksgiving pie at home.
7
Which words does NOT describe wants?
competing
changing
unlimited
compensating
8
When price increases, producers usually ____ supply.
increase
profit
change
decrease