Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
27 Cards in this Set
- Front
- Back
|
Which of the following is an example of lower production costs brought about by the use of technology?
|
the use of e-mail to replace slower surface mail
|
|
|
What is the effect of import restrictions on prices?
|
They cause prices to rise
|
|
|
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?
|
store the goods until the price rises
|
|
|
Which of the following is the best example of the law of supply?
|
A sandwich shop increases the number of sandwiches they supply every day when the price is increased.
|
|
|
Which of the following is an example of a good with an inelastic supply?
|
apples
|
|
|
Which of the following receives government susidies that are in place to protect the population rather than for economic reasons?
|
small farmers in France
|
|
|
When the selling price of a good goes up, what is the relationship to the quantity supplied?
|
It becomes practical to produce more goods
|
|
|
What factor has the greatest influence on elasticity and inelasticity of supply?
|
time
|
|
|
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?
|
store the goods until the price rises
|
|
|
What of the is a fixed cost for a store?
|
rent
|
|
|
What is the effect of import restrictions on prices?
|
They cause prices to rise
|
|
|
The tendency of suppliers to offer more of a good at a higher price
|
law of supply
|
|
|
A payment to the government on the production or sale of a good
|
excise tax
|
|
|
A measure of the way a quantity supplied reacts to a change in price
|
elasticity of supply
|
|
|
A chart that lists how much of a good a supplier will offer at various prices
|
supply schedule
|
|
|
A government payment that suports a business or market
|
subsidy
|
|
|
A level of production in which the marginal production decreases with new investment
|
diminishing marginal returns
|
|
|
The cost of producing one more unit of a good
|
marginal cost
|
|
|
A chart that lists how much of a good all suppliers will offer at different prices
|
market supply schedule
|
|
|
The additional income from selling one more unit of a good
|
marginal revenue
|
|
|
The change in output from hiring one additonal unit of labor
|
marginal product of labor
|
|
|
A level at which the marginal production goes up with new investment
|
increasing marginal returns
|
|
|
Government intervention in a market that affects the production of good
|
regulation
|
|
|
A factor that can change
|
variable
|
|
|
Fixed costs plus variable costs
|
total cost
|
|
|
The amount a supplier is willing and able to supply at a certain price
|
quantity supplied
|
|
|
A graph of the quantity supplied of a good by all suppliers at different prices
|
market supply curve
|
