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41 Cards in this Set
- Front
- Back
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non-rival |
A good is considered __________ in consumption if one person's consumption of it does not prevent others from consuming it |
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for which demand increases when income increases |
a normal good is a good |
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buys something with a marginal benefit more than what they paid |
Consumer surplus exists when a person |
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a decrease in income |
Which of the following increases the demand for an inferior good? |
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has a negative slope |
in general, the marginal benefit curve... |
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demand curve |
when the price is such that there is an excess supply of a good, to get the quantity actually transacted you must refer to the..... |
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200 doughnuts |
The figure shows the marginal benefit and marginal cost curves of doughnuts in the nation of Kaffenia. What is the efficient quantity of doughnuts to produce each day |
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$750.00 |
The figure below shows the apartment rental market in Orlando. At what rent is there neither a shortage nor a surplus of apartments? |
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Rival and excludable |
A private good is .... |
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Surplus, and market forces operate to lower the price |
If the price is above the equilibrium price, then there is a .... |
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non-rival and non-excludable |
a public good is..... |
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employers, and also workers who lose their job |
an increase in the minimum wage harms.... |
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an increase in the price of a substitute |
The demand for good X is likely to shift to the right as a result of.... |
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quota |
a quantitative restriction on the import of a particular good is.... |
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Do not change |
As you move up along the demand curve for good F, the prices of other goods.... |
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get no consumer surplus from the purchase |
if you have to pay the highest price you are willing to pay for a good, which of the following is correct? You...... |
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price floor |
The minimum wage is an example of a.... |
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an inferior good |
People buy fewer used motorcycles when their income increases. Therefore, used motorcycles are... |
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200 |
What is the efficient quantity of snowboards in the figure below? |
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comparative advantage |
With trade, a country should specialize in the good with which it has |
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none of the above answers is correct |
Cotton shirts are a normal good and people's income increase. Simultaneously the price of the cotton used to make the shirts falls. As a result, the equilibrium price of a cotton shirt _____ and the equilibrium quantity ______. |
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The equilibrium price of bottled water definitely increases. |
If the demand curve for bottled water shifts rightward and the supply curve for bottled water shifts leftward.... |
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Probably changes, but more info is needed to determine if the price rises, falls or stay the same |
The number of people demanding food in low carbohydrates increases; simultaneously, the number of producers of food low in carbohydrates increases. As a result, the equilibrium price of food low in carbohydrates ________ and the equilibrium quantity _______ |
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inside the PPF curve |
using the production possibility frontier model, when there are unemployed resources, society is producing at a point |
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decreases, increase |
If the government increases the minimum wage, employment __________ and the number of unemployed workers looking for a job _________ |
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does not change, increases |
if the demand and supply both increase equally, then the equilibrium price _________ and the equilibrium quantity _______ |
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$2; $1 |
Joe is willing to pay $4 for his first slice of pizza and $3 for his second slice of pizza. If Joe pays the market price of $2 per slice for each slice he buys, then Joe receives _____ of consumer surplus on the first slice and ______ of consumer surplus on the second slice. |
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a good for which total utility increases when consumption of it increases |
An economic good... |
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a shortage and the price is below the equilibrium |
If the quantity of shoes demanded exceeds the quantity of shoes supplied, then there is.... |
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rise, fall, or stay the same, depending on the relative size of the shifts in the demand and supply curves. |
A technological improvements lowers the cost of producing Sam Adams Lager. At the same time, consumers' preferences for Sam Adams increase due to exceptional commercials. The equilibrium prices of Sam Adams will |
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more info is needed to determine the effect |
IF the demand curve of computers shifts right and at the same time the supply curve shifts left then....... |
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an increase in income |
which of the following increases the demand for a normal good? |
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polo-shirts will decrease; the demand curve for polo-shirts will shift leftward |
sweatshirts and polo=shirts are complements and the price of a sweatshirt increases. As a result, the demand for..... |
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a good that can be used in place of another good |
a substitute is: |
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rival and non-excludable |
a common property good |
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floor that results in a surplus of labor |
a minimum wage set above the equilibrium wage rate is a price..... |
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shortage; increase |
suppose the government imposes a rent ceiling that is below the equilibrium rent. As a result, there is a _______ of apartments and searches for apartments _____. |
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$5; $2 |
Pat is willing to pay a max of $10 for ice cream and Sam is willing to sell ice cream for a minimum price of $3. The equilibrium price is $5. The consumer surplus for this gallon of ice cream is ____ and the producer surplus is ___. |
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an output combination that society cannot attain given its current level of resources and technology |
A point outside the PPF indicates... |
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rises; increases |
More people take up playing gold in a given time period. As a result, the equilibrium price of a golf ball ____ and the equilibrium quantity of golf balls ____ |
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When the production point is on the ppf |
Production efficiency is achived |
