Fill Up Quiz On Microeconomics
55 Questions
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This examination contains vocabulary words for basic microeconomics so for Econ 101 or 102. However as I continue making more quizzes they will be for Econ 102 - Microeconomics. This quiz may contain some stuff primarily geared towards Microeconomics as well! :) ALSO JUST FOR A BY THE WAY THEY ARE ALL FILL IN THE BLANKS TO TEST YOUR KNOWLEDGE AND RANDOMIZED!
Questions and Answers
- 1.What is the study of how people/society allocate their limited/scarce resources in an attempt to satisfy unlimited wants.
- 2.What is anything available that could be used to produce goods or services to satisfy people's wants
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- 6.What is the term for getting the most out of a resource; using it in the most productive way
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- 9.Adam Smith (1776) -- People acting in their own self-interest are lead as if by an invisible hand to do what is in the best interest of society is called?
- 10.A situation in which the ingredients for producing the things that people desire are insufficient to satisfy all wants is called what?
- 11.Any activity that results in the conversion of resources into products that can be used for consumption is called?
- 12.* This one requires two terms so when doing it denote a comma to seperate the two terms * resources available from nature (earn rent) and human effort (earns wages) are called
- 13.Factories, equipment, goods used to make other goods (earn interest)
- 14.Risk taking and management (earns profit)
- 15.The highest valued, next best alternative that must be sacrificed when an activity is chosen is called
- 16.a curve representing all possible combinations of total output that could be produced -- shows opp. cost and scarcity -- shift out is economic growth
- 17.When one agent can produce more
- 18.When one agent has a lower opp. cost -- specialize according to comp. adv.
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- 20.The amount of a good that buyers are willing to purchase at a given price
- 21.The quantities that buyers are willing to purchase at all prices (a curve)
- 22.As the price of a good rises the quantity demanded falls
- 23.Income is fixed so as prices rise, we can afford less
- 24.As the price of one good rises we will substitute toward other, relatively lower priced goods
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- 26.The amount of a good made available for sale by producers at a given price (a point)
- 27.The quantity of a good made available for sale at various prices (a curve)
- 28.As the price of a good increases the quantity supplied increases
- 29.The list below demonstrates the following? shift the entire supply curve - increase or decrease quantity over all prices -Input prices -Tech changes -Prices of related goods -Number of producers -Expectations over future prices
- 30.When a prediction about the future induces actions that cause the prediction to come true
- 31.When quantity supplied = quantity demanded at a given price
- 32.Excess supply - when quantity supplied is greater than quantity demanded at the prevailing price - will cause downward pressure on price
- 33.Excess demand - when quantity demanded is greater than quantity supplied ar the prevailing price - will cause upward pressure on price
- 34.A measure of the strength of a buyer's or seller's response to a price change
- 35.Large change in Price, small change in Quantity is an example of what type of elasticity?
- 36.Small change in price, and large change in quantity is called what type of elasticity?
- 37.These are all examples of demand elasticity but which is an example of supply elasticity? 1) necessity v. luxury 2) availability of close substitutes 3) time horizon 4) market considered
- 38.The price a consumer is willing to pay for a good - the demand curve
- 39.Any amount of value received over the price paid - as P increases, CS falls
- 40.The cost of producing one more unit of a good - the supply curve
- 41.Additional value received over the cost of producing - as Price increases, PS rises? What is PS?
- 42.CS + PS - the benefit to society of trade is the eqution to what?
- 43.The minimum price allowed by law - must be set above P* to be binding - results in increased PS and decreased CS, and overall decrease in TS
- 44.The surplus that is not realized because of mutually beneficial trades that cannot take place
- 45.Maximum price allowed by law - must be below P* to be binding - results in increased CS, decreased PS, and overall decreased TS
- 46.A consequence of an economic activity that spills over to affect third parties.
- 47.Private solutions to externalities can be found if we can bargain at low or no cost
- 48.The costs associated with creating and enforcing contracts
- 49.Non-rival and non-excludable goods
- 50.An agent that does not contribute to the cost of a public good but enjoys the benefits of that good
- 51.The rights of an owner of a good or resource to use it as he wishes
- 52.When a resource is held in common it tends to be abused
- 53.A price ceiling is binding when there is a shortage or a surplus?
- 54.A price floor is binding when there is a shortage or a surplus?
- 55.The manner in which the burden of a tax is shared among participants in a market is called?
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