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Economics Quiz Flashcards | StudBud
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Economics Quiz
Economics Quiz
30 terms
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StudBud Administration
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A multiple choice quiz that makes you think more about economics.
Flashcards
30 cards
F
Practice quiz
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Host live
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Questions
30
Answers
1
What is micro economics?
deals with behavior and decision making
deals with financial institutions
2
different amounts offered for sale at each possible price in market is a change in
supply
consumption
demand
3
microeconomics
is the same as macroeconomics
deals with products that can only be seen with a microscope
deals with behavior and decision making by individual units
deals with behavior and decision making by groups of people
4
Increase in QD is caused by decrease in price
false
true
5
If tickle elmos price increases, what demand effect does it have on mr. pepper tappers brand.
increases demand
stays the same
decreases
6
what is a subsidy
payment to an individual, business, or other group
amount offered for sale at a given price
a substitute of material used to make a product
7
a change in quantity demanded can only be changed by what
change in demand
change in weather
change in price
change in supply
8
SDC means supply demand curve
false
true
9
microeconomics and macroeconomics are the same
false
true
10
If Rico's Tacos experiences power outage and can only produce soggy tacos, effect on demand?
increase
decrease
11
If Mr. Pepper's milk price increases, what effect does it have on demand for Dr. Scho's Milk.
increases
The world explodes
nothing
decreases
12
decrease in QS is caused by
nothing can decrease QS
increase in supply
decrease in supply
decrease in price
13
A principle is a
fundamental law
school leader
job
food
14
Substitution effect
replace things
a product bought otheer than one with a different price
removing and replacing a product for money
15
Price has effects on demand
false
true
16
The Demand Curve is a Graph
true
false
17
What is Demand?
barnacles are going to buy things
want to be noticed
method of recieving
willing and able to buy
18
What is incentive?
requirement
motivation
19
Demand schedule is a
graph
table
curve
20
MD is
money decrease
monkeys dancing
demand for money
21
change in quantity supplied can be an increase or decrease depending on
whether more or less of the product is offered
whether more or less of a product is supplied
whether less of the product is sold
22
All change the shift of demand expect
food
product supply
price
quantity demand
23
Diminishing marginal utility
falling merchandise
decrease in additional satisfaction
failing marginal
24
What is market demand curve
it does not exist
quantities demanded by everyone willing and able to purchase
qualtities demanded by everyone willing and able to purchase
something that effects the supply of a product
25
Non price factors that affect demand are
marginal utility
determinates of demand
utility
26
Income effect
change in consumer income when price changes
change in consumer productivity
consumer income increase for utility
27
supply curve is a graph that shows
t chart showing quantities supplied at each price in market
graph that shows quantities supplied at each price in market
28
If Johns pet store is on point d of the ppc graph, is his business doing good or bad
bad
good
29
productivity increases when more output is produced with the same amount of input
false
true
30
what is capital in economics
the most important city or town of a country
large letter of the alphabet used at the beginning sentences
machines used to do things
