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Academic Decathlon Economics Quiz Flashcards | StudBud
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Academic Decathlon Economics Quiz
Academic Decathlon Economics Quiz
15 terms
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StudBud Administration
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test your knowledge on the economy of the 1960s #decathlon #economics
Flashcards
15 cards
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Questions
15
Answers
1
Law of Demand has a ____ relation.
Negative
Positive
2
What is a characteristic of our modern economy?
Money
Technology
Growth
Self-sufficiency
3
Where does market equilibrium occur on the demand curve?
wherever the quantity demanded is least
wherever the quantity supplied is least
you can’t see equilibrium on a demand curve
wherever the two lines intersect
4
What is inescapable because resources are limited and human desire are insatiable?
Abundance
Savings
Scarcity
Poverty
5
What would be the total revenue be if the price is $5 and the quantity is 45?
50
225
9
40
6
When is a market in equilibrium?
When neither consumers or producers are experiencing a loss
When neither consumers or producers are making a profit
When everybody pays the same amount for the same product
When nobody in the market needs to alter their behavior
7
Pareto Efficiency was made by . . .
Freewin Pareto
VilfredoPareto
Edwin Pareto
Alfredo Pareto
8
________ markets tend to gravitate toward the equilibrium quantity and price.
Oligopoly
Monopoly
Competitive
Free
9
Because of the law of demand, the quantity demanded of a good is _______ related to its price.
not
equally
Positively
Negatively
10
Law of Supply has a ____ relation.
Negative
Positive
11
Which shows elasticity equals 1?
Perfectly elastic supply
Inelastic supply
Elastic supply
Unit elastic supply
12
What happens when there is a shortage of a certain product?
consumers become unmotivated and decide not get the product
consumers become willing to pay more for the product
consumers will look for it elsewhere
consumers still want the product, but at a lower price
13
If an input is required to produce a good is scarce, then the supply will be ______
Inelastic
Perfectly inelastic
Elastic
Perfectly elastic
14
What is the equation for economic costs?
Marginal revenue - implicit costs
Total Revenue - explicit costs
Total Revenue - All costs
Total Revenue - implicit costs
15
A market where you can buy/sell as much as you want without influencing market price is . . .
Monopsony
Oligopoly
Monopoly
Perfectly Competitive
