STUDY GUIDE Econ Final (Gillespie)Multiple Choice This is not a grade. It is solely to help you study for the final exam. These are not totally in chapter order. I tried,but then ExamView (the test making software) messed it up. Technology, huh? The questions come from Ch.15, 9, & 14. Fifty ofthese ninetynine questions will be on the Final Exam. Use previous tests, your book, and any free time in class to work on findingthe correct answers. We will not review the packet in class. If, however, you have a question about an answer I will help you as longas you can show me in the book/or notes where youthinkthe right answer has come from.____1.Into what four categories do economist divide factors of production?a.land, labor, capital, and entrepreneurshipb.land, labor, money, and entrepreneurshipc.resources, labor, capital, and entrepreneurshipd.resources, labor, money, and entrepreneurship Show
____2.What does the saying "There is no such thing as a free lunch" mean? ____3.What is another named for the production possibilities curve? ____4.What does a point inside the curve of a PPC indicate? ____5.The satisfaction received from using one more unit of a good or service is calleda.opportunity costc.marginal costb.opportunity benefitd.marginal benefit.
____6.An actress sets off a craze for wearing camouflage clothing among her fans. What factor is affectingdemand? ____7.Which of the following describes a demand curve? Presentation on theme: "QUIZ TIME. ____1.According to the law of demand, what happens when prices go down? ____1.According to the law of demand, what happens when prices go down?"— Presentation transcript: 1 QUIZ TIME
2 ____1.According to the law of demand, what happens when prices go down? ____1.According to the law of demand, what happens when prices go down? a.Demand increases. a.Demand increases. b.Quantity demanded increases. b.Quantity demanded increases. c.Demand decreases. c.Demand decreases. d.Quantity demanded decreases.
d.Quantity demanded decreases. 3 ____1.According to the law of demand, what happens when prices go down? ____1.According to the law of demand, what happens when prices go down? a.Demand increases. a.Demand increases. b.Quantity demanded increases. b.Quantity demanded increases. c.Demand decreases.
c.Demand decreases. d.Quantity demanded decreases. d.Quantity demanded decreases. 4 ____2.A snowmobile rental shop asked its best customer how often he would rent at various rates. Which of the following will show the data on a graph? ____2.A snowmobile rental shop asked its
best customer how often he would rent at various rates. Which of the following will show the data on a graph? a.individual demand schedule a.individual demand schedule b.market demand schedule b.market demand schedule c.individual demand curve c.individual demand curve d.market demand curve d.market demand curve
5 ____2.A snowmobile rental shop asked its best customer how often he would rent at various rates. Which of the following will show the data on a graph? ____2.A snowmobile rental shop asked its best customer how often he would rent at various rates. Which of the following will show the data on
a graph? a.individual demand schedule a.individual demand schedule b.market demand schedule b.market demand schedule c.individual demand curve c.individual demand curve d.market demand curve d.market demand curve 6 ____3.What are products that consumers demand less of when their incomes rise?
____3.What are products that consumers demand less of when their incomes rise? a.inferior goods a.inferior goods b.normal goods b.normal goods c.complements c.complements d.substitutes d.substitutes 7 ____3.What are products that consumers demand less of when their incomes rise? ____3.What
are products that consumers demand less of when their incomes rise? a.inferior goods a.inferior goods b.normal goods b.normal goods c.complements c.complements d.substitutes d.substitutes 8 ____4.Dylan's family buys next year's winter clothes in February to benefit
from the end-of-season sales. What factor affects their demand for clothes? ____4.Dylan's family buys next year's winter clothes in February to benefit from the end-of-season sales. What factor affects their demand for clothes? a.income a.income b.market size b.market size c.consumer expectation c.consumer expectation d.consumer taste d.consumer taste 9 ____4.Dylan's family buys next year's winter clothes in February to benefit from the end-of-season sales. What factor affects their demand for clothes? ____4.Dylan's family buys next year's winter clothes in February to benefit from the end-of-season sales. What factor affects their demand for clothes? a.income a.income b.market size b.market size c.consumer expectation c.consumer expectation d.consumer
taste d.consumer taste 10 ____6.As gardeners tried to make their yards places for quiet retreat, sales of backyard fountains increased. What factor affecting demand does this illustrate? ____6.As gardeners tried to make their yards places for quiet retreat,
sales of backyard fountains increased. What factor affecting demand does this illustrate? a.income a.income b.market size b.market size c.consumer expectation c.consumer expectation d.consumer taste d.consumer taste 11 ____6.As gardeners tried to make their
yards places for quiet retreat, sales of backyard fountains increased. What factor affecting demand does this illustrate? ____6.As gardeners tried to make their yards places for quiet retreat, sales of backyard fountains increased. What factor affecting demand does this illustrate? a.income a.income b.market size b.market size c.consumer expectation c.consumer expectation d.consumer taste d.consumer taste
12 ____7.An actress sets off a craze for wearing camouflage clothing among her fans. What factor is affecting demand? ____7.An actress sets off a craze for wearing camouflage clothing among her fans. What factor is affecting demand? a.consumer expectation a.consumer expectation b.consumer taste b.consumer
taste c.complements c.complements d.substitutes d.substitutes 13 ____7.An actress sets off a craze for wearing camouflage clothing among her fans. What factor is affecting demand? ____7.An actress sets off a craze for wearing camouflage clothing among her fans. What factor is affecting
demand? a.consumer expectation a.consumer expectation b.consumer taste b.consumer taste c.complements c.complements d.substitutes d.substitutes 14 ____8.How is total revenue calculated? ____8.How is total revenue calculated? a.multiplying price by change in demand a.multiplying price by
change in demand b.multiplying price by quantity sold b.multiplying price by quantity sold c.multiplying change in price by change in quantity demanded c.multiplying change in price by change in quantity demanded d.multiplying change in price by quantity sold d.multiplying change in price by quantity sold
15 ____8.How is total revenue calculated? ____8.How is total revenue calculated? a.multiplying price by change in demand a.multiplying price by change in demand b.multiplying price by quantity sold b.multiplying price by quantity sold c.multiplying change in price by change in quantity demanded c.multiplying
change in price by change in quantity demanded d.multiplying change in price by quantity sold d.multiplying change in price by quantity sold 16 ____9.What do business owners use to gather information for market demand schedules? ____9.What do business owners use to gather information
for market demand schedules? a.income effect a.income effect b.marginal utility b.marginal utility c.market research c.market research d.substitution effect d.substitution effect 17 ____9.What do business owners use to gather information for market demand schedules? ____9.What do
business owners use to gather information for market demand schedules? a.income effect a.income effect b.marginal utility b.marginal utility c.market research c.market research d.substitution effect d.substitution effect 18 ____10.Which economic concept is defined
as the measure of how responsive consumers are to price change? ____10.Which economic concept is defined as the measure of how responsive consumers are to price change? a.consumer expectation a.consumer expectation b.consumer taste b.consumer taste c.decreasing marginal utility c.decreasing marginal utility d.elasticity of demand d.elasticity of demand 19 ____10.Which economic concept is defined as the measure of how responsive consumers are to price change? ____10.Which economic concept is defined as the measure of how responsive consumers are to price change? a.consumer expectation a.consumer expectation b.consumer taste b.consumer taste c.decreasing marginal utility c.decreasing marginal utility d.elasticity of demand d.elasticity of demand
20 ____11.What term is defined as the change in the amount consumers will buy because they can buy a different product instead? ____11.What term is defined as the change in the amount consumers will buy because they can buy a different product instead?
a.inferior goods a.inferior goods b.normal goods b.normal goods c.income effect c.income effect d.substitution effect d.substitution effect 21 ____11.What term is defined as the change in the amount consumers will buy because they can buy a
different product instead? ____11.What term is defined as the change in the amount consumers will buy because they can buy a different product instead? a.inferior goods a.inferior goods b.normal goods b.normal goods c.income effect c.income effect d.substitution effect d.substitution effect
22 ____13.A factory closes, laying off hundreds of workers, and consumer spending in the town falls. What factor is affecting demand? ____13.A factory closes, laying off hundreds of workers, and consumer spending in the town falls. What factor is affecting demand? a.consumer expectation
a.consumer expectation b.consumer taste b.consumer taste c.income c.income d.substitutes d.substitutes 23 ____13.A factory closes, laying off hundreds of workers, and consumer spending in the town falls. What factor is affecting demand? ____13.A factory closes, laying off
hundreds of workers, and consumer spending in the town falls. What factor is affecting demand? a.consumer expectation a.consumer expectation b.consumer taste b.consumer taste c.income c.income d.substitutes d.substitutes 24 ____14.Skiers flock to a town in the Rockies in January,
and restaurant business booms. What factor is affecting demand? ____14.Skiers flock to a town in the Rockies in January, and restaurant business booms. What factor is affecting demand? a.income a.income b.market size b.market size c.consumer taste c.consumer taste d.substitutes d.substitutes 25
____14.Skiers flock to a town in the Rockies in January, and restaurant business booms. What factor is affecting demand? ____14.Skiers flock to a town in the Rockies in January, and restaurant business booms. What factor is affecting demand? a.income a.income b.market size b.market size c.consumer taste c.consumer taste d.substitutes d.substitutes 26 ____15.What do various points on a demand curve represent? ____15.What do various points on a demand curve represent? a.change in demand a.change in demand b.change in marginal utility b.change in marginal utility c.change in elasticity c.change in elasticity d.change in quantity demanded d.change in quantity demanded 27 ____15.What do various points on a demand curve represent? ____15.What do various points on a demand curve represent? a.change in demand a.change in demand b.change in marginal utility b.change in marginal utility c.change in elasticity c.change in elasticity d.change in quantity demanded d.change in quantity demanded
28 ____16.Many U.S. consumers have switched to wireless phones from traditional telephones. Which factor is affecting demand? ____16.Many U.S. consumers have switched to wireless phones from traditional telephones. Which factor is affecting demand? a.income a.income b.market size b.market size
c.complements c.complements d.substitutes d.substitutes 29 ____16.Many U.S. consumers have switched to wireless phones from traditional telephones. Which factor is affecting demand? ____16.Many U.S. consumers have switched to wireless phones from traditional telephones. Which
factor is affecting demand? a.income a.income b.market size b.market size c.complements c.complements d.substitutes d.substitutes 30 ____17.Which economic term is defined as the desire to have a good or service and the ability to pay for it? ____17.Which
economic term is defined as the desire to have a good or service and the ability to pay for it? a.complement a.complement b.demand b.demand c.elasticity c.elasticity d.substitute d.substitute 31 ____17.Which economic term is defined as the desire to have a good
or service and the ability to pay for it? ____17.Which economic term is defined as the desire to have a good or service and the ability to pay for it? a.complement a.complement b.demand b.demand c.elasticity c.elasticity d.substitute d.substitute 32 ____18.Which of the following restates the law of demand?
____18.Which of the following restates the law of demand? a.When prices go down, demand increases; when prices go up, demand decreases. a.When prices go down, demand increases; when prices go up, demand decreases. b.When prices go up, demand increases; when prices go down, demand decreases. b.When prices go up, demand increases; when prices go down, demand decreases. c.When prices go down, quantity demanded increases; when prices go up, quantity demanded decreases. c.When prices go down,
quantity demanded increases; when prices go up, quantity demanded decreases. d.When prices go up, quantity demanded increases; when prices go down, quantity demanded decreases. d.When prices go up, quantity demanded increases; when prices go down, quantity demanded decreases. 33 ____18.Which of the following
restates the law of demand? ____18.Which of the following restates the law of demand? a.When prices go down, demand increases; when prices go up, demand decreases. a.When prices go down, demand increases; when prices go up, demand decreases. b.When prices go up, demand increases; when prices go down, demand decreases. b.When prices go up, demand increases; when prices go down, demand decreases. c.When prices go down, quantity demanded increases; when prices go up, quantity demanded decreases.
c.When prices go down, quantity demanded increases; when prices go up, quantity demanded decreases. d.When prices go up, quantity demanded increases; when prices go down, quantity demanded decreases. d.When prices go up, quantity demanded increases; when prices go down, quantity demanded decreases.
34 ____19.What is a market demand schedule? ____19.What is a market demand schedule? a.a table showing how much of a product an individual is willing and able to buy a.a table showing how much of a product an individual is willing and able to buy b.a table showing how much of a product a market is willing and able to buy b.a table showing how much of a product a market is willing and able to buy c.a graph showing how much of a product an individual is willing and able to buy c.a
graph showing how much of a product an individual is willing and able to buy d.a graph showing how much of a product a market is willing and able to buy d.a graph showing how much of a product a market is willing and able to buy 35 ____19.What is a market demand schedule? ____19.What is a
market demand schedule? a.a table showing how much of a product an individual is willing and able to buy a.a table showing how much of a product an individual is willing and able to buy b.a table showing how much of a product a market is willing and able to buy b.a table showing how much of a product a market is willing and able to buy c.a graph showing how much of a product an individual is willing and able to buy c.a graph showing how much of a product an individual is willing and able to buy
d.a graph showing how much of a product a market is willing and able to buy d.a graph showing how much of a product a market is willing and able to buy 36 ____20.What is an individual demand curve? ____20.What is an individual demand curve? a.a table showing how much of a product an
individual is willing and able to buy a.a table showing how much of a product an individual is willing and able to buy b.a table showing how much of a product a market is willing and able to buy b.a table showing how much of a product a market is willing and able to buy c.a graph showing how much of a product an individual is willing and able to buy c.a graph showing how much of a product an individual is willing and able to buy d.a graph showing how much of a product a market is willing and
able to buy d.a graph showing how much of a product a market is willing and able to buy 37 ____20.What is an individual demand curve? ____20.What is an individual demand curve? a.a table showing how much of a product an individual is willing and able to buy a.a table showing how much
of a product an individual is willing and able to buy b.a table showing how much of a product a market is willing and able to buy b.a table showing how much of a product a market is willing and able to buy c.a graph showing how much of a product an individual is willing and able to buy c.a graph showing how much of a product an individual is willing and able to buy d.a graph showing how much of a product a market is willing and able to buy d.a graph showing how much of a product a market is
willing and able to buy 38 BONUS TIME
39 a.change in quantity demanded a.change in quantity demanded b.complements
b.complements c.income effect c.income effect d.inferior goods d.inferior goods e.law of diminishing marginal utility e.law of diminishing marginal utility f.normal goods f.normal goods g.substitutes g.substitutes h.substitution effect h.substitution effect ____21.an increase or decrease in the amount that consumers are willing and able to buy in response to a change in price ____22.goods that consumers demand more of when their incomes rise ____23.a change in the amount that consumers will buy
because the purchasing power of their money changes ____24.the idea that the marginal benefit of using each additional unit of a product during a given period will decline ____25.goods and services that can be used in place of each other 40 ESSAY TEST DAY
41 Discuss the rise of the Aegean civilization and compare it to at least 2 other civilizations you have studied. What are some of the factors that cause shifts in supply and demand and what the effects of these shifts are?Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices.
What two factors are necessary for demand?A demand curve or a supply curve is a relationship between two, and only two, variables: quantity on the horizontal axis and price on the vertical axis.
What is an example of market size affecting demand?Market size can especially cause a demand curve to shift if the product or service in question is a "need" and not just a "want." For example, a necessity such as soap may experience heightened demand during population increases simply because more people are buying the non-discretionary item.
Which factor affecting demand does this scenario illustrate?Which factor affecting demand does this scenario illustrate? the individual tastes and preferences of buyers.
|
What factor is affecting demand in a town in the Rockies when skiers flock there and restaurant business booms?
zusammenhängende Posts
Urheberrechte © © 2024 ketiadaan Inc.
