Economics review
Download
1 / 31

Economics Review - PowerPoint PPT Presentation


  • 123 Views
  • Uploaded on

Economics Review. Chapter 4-7. When the government sets a maximum price that sellers may charge for a product , this is an example of what?. price ceiling price floor price adjustment. You have recently received a raise at work, which of the following factors would this change ?.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Economics Review' - blossom-benjamin


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Economics review

Economics Review

Chapter 4-7


When the government sets a maximum price that sellers may charge for a product, this is an example of what?

  • price ceiling

  • price floor

  • price adjustment


You have recently received a raise at work which of the following factors would this change
You have recently received a raise at work, which of the following factors would this change?

  • market size

  • consumer taste

  • income


The law of demand states that
The law of demand states that: following factors would

  • consumers will demand more at low prices and less at high prices

  • consumers will demand more at low prices and more at high prices

  • consumers will provide less at low prices and more at high prices


You decide to eat following factors would a candy bar, and then you decide to eat a second but it doesn’t taste as good. Which economic law are you experiencing?

  • substitution effect

  • elasticity

  • diminishing marginal utility


Why are gas and salt considered demand inelastic
Why following factors would are gas and salt considered demand inelastic?

  • there are no substitutes

  • law of marginal utility

  • they are complementary goods


Which of the following is an example of a shortage
Which of the following is an example of a shortage? following factors would

  • quantity supplied is greater than quantity demanded

  • quantity supplied is less than quantity demanded

  • quantity supplied is equal to quantity demanded


If the price of pepsi increases and you purchase kool aid instead this is an example of
If the price of following factors would Pepsi increases, and you purchase Kool-Aid instead, this is an example of?

  • consumer expectations

  • variable costs

  • substitute goods


If you purchase an item that is considered demand elastic what does that mean
If you purchase an item that is considered demand elastic, what does that mean?

  • quantity demanded is equal to quantity supplied

  • quantity demanded changes significantly as price changes

  • quantity demanded changes very little as price changes


Which of the following companies best illustrates a monopoly
Which of the following companies best what does that mean?illustrates a monopoly?

  • Wal-Mart

  • Exxon-Mobile

  • DeBeersDiamonds


The law of supply states that
The law of supply states that: what does that mean?

  • Businesses will provide more products at higher prices and fewer at lower prices

  • Businesses will provide fewer products at higher prices and more at lower prices

  • Consumers will purchase fewer products when they must buy them at higher prices


Economists predict that Madison County will reach a population of 90 thousand by 2015. Which demand factor would this influence?

  • income

  • market size

  • consumer taste


Having a worker work on a particular aspect of production is an example of
Having a worker work on a particular aspect of production is an example of?

  • specialization

  • increasing returns

  • diminishing returns


Which of the following is not a factor in the costs of production
Which of the following is not a factor in the “Costs of Production”?

  • specialization

  • increasing returns

  • diminishing returns

  • government action


Which of the following statements best explains the concept of a monopoly
Which of the following statements best explains the concept of a monopoly?

  • There is only one seller of a product that has several substitutes

  • There is more than one seller of a product that has no close substitute

  • There is only one seller of a product that has no close substitute


Fixed costs occur no matter how much a company produces, which of the following would be an example of this?

  • cost of materials

  • shipping

  • mortgages on buildings


If you were to hire more workers and they cause more total output, which of the following is this an example of?

  • increasing returns

  • diminishing returns

  • marginal utility


When a sports team limits rivals from creating a team in their general area is an example of what type of monopoly?

  • government

  • technological

  • geographical


If the government does not want consumers to produce or consume a good, what can they implement to discourage usage?

  • IRA

  • subsidy

  • excise tax


If you hire too many workers and it causes your production to decrease, which of the following is this an example of?

  • increasing returns

  • diminishing returns

  • shipping


You manufacture to decrease, which of the cereal that uses raisins, unfortunately the price of raisins increases dramatically, which of the following factors will change supply?

  • input costs

  • labor productivity

  • producer expectation


The usage of robots to manufacture automobiles is an example of what
The usage of robots to manufacture automobiles is an example of what?

  • input costs

  • labor productivity

  • technology


The type of clothes that you purchased three years ago are no longer popular and in demand, why is that?

  • market size

  • consumer tastes

  • consumer expectation


When the government pays for part of the cost of a good or service to encourage production and consumption, this is an example of?

  • IRA

  • subsidy

  • excise tax


When a business lowers their prices below rival businesses prices this is an example of
When a business lowers their prices below rival businesses prices, this is an example of?

  • input costs

  • market size

  • competitive pricing


What is it called when the government pays for part of the cost of a good or service to encourage production and consumption of a good or service?

  • revenue

  • subsidy

  • excise


Which of the following scenarios would justify government rationing
Which of the following scenarios would justify government rationing?

  • nation at war

  • flood in the Midwest

  • drought in the deep south


When does the market experience equilibrium
When does the market experience equilibrium? rationing?

  • when quantity demanded is more than quantity supplied

  • when quantity demanded is less than quantity supplied

  • when quantity demanded is equal to quantity supplied


Which of the following is an example of a surplus
Which of the following is an example of a surplus? rationing?

  • quantity supplied is greater than quantity demanded

  • quantity supplied is less than quantity demanded

  • quantity supplied is equal to quantity demanded


Who benefits the most from a surplus
Who benefits the most from a surplus rationing??

  • producers

  • suppliers

  • customers


When the government sets a price floor what occurs
When the government sets a price floor, what occurs? rationing?

  • shortage occurs because it is set below equilibrium price

  • shortage occurs because it is set above equilibrium price

  • surplus occurs because it is set above equilibrium price


ad