UCF micro eco test 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| show | Demand Schedule
🗑
|
||||
| show | Demand Curve
🗑
|
||||
| The requirement that when analyzing the relationship between two variables—such as price and quantity demanded—other variables must be held constant. | show 🗑
|
||||
| show | Law of Demand
🗑
|
||||
| The law of demand A shift to the right is | show 🗑
|
||||
| The law of demand A shift to the left is | show 🗑
|
||||
| show | Income of consumers
🗑
|
||||
| show | Prices of related goods
🗑
|
||||
| show | Normal goods
🗑
|
||||
| show | Inferior goods
🗑
|
||||
| Goods and services that can be used for the same purpose. | show 🗑
|
||||
| show | Complements
🗑
|
||||
| Future products are_________ for current products | show 🗑
|
||||
| show | increases demand
🗑
|
||||
| An expected decrease in the price tomorrow____________ today. | show 🗑
|
||||
| A table that shows the relationship between the price of a product and the quantity of the product supplied. | show 🗑
|
||||
| A curve that shows the relationship between the price of a product and the quantity of the product supplied. | show 🗑
|
||||
| show | The law of supply
🗑
|
||||
| The law of supply A shift to the right is | show 🗑
|
||||
| The law of supply A shift to the left is | show 🗑
|
||||
| show | Inputs
🗑
|
||||
| show | decrease in supply
🗑
|
||||
| A decrease in the price of an input increases the profitability of selling the good, causing an _______ ___ ________ | show 🗑
|
||||
| show | change in quantity supplied.
🗑
|
||||
| The law of supply: causes the entire supply curve to shift. | show 🗑
|
||||
| a situation in which quantity demanded equals quantity supplied. | show 🗑
|
||||
| Price is determined by the __________ of buyers and sellers. | show 🗑
|
||||
| show | supply, demand
🗑
|
||||
| movement along the curve caused by | show 🗑
|
||||
| shifting the curve caused by | show 🗑
|
||||
| show | • Income
• Prices of related goods
• Tastes
• Population and demographics
• Expected future prices
🗑
|
||||
| show | • Prices of inputs
• Technological change
• Prices of substitutes in production
• Number of firms in the market
• Expected future prices
🗑
|
||||
| show | Consumer surplus
🗑
|
||||
| is the difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives. | show 🗑
|
||||
| the additional cost to a firm of producing one more unit of a good or service. | show 🗑
|
||||
| show | deadweight loss
🗑
|
||||
| show | Price ceiling
🗑
|
||||
| show | Price floor
🗑
|
||||
| show | black market
🗑
|
||||
| the actual division of the burden of a tax between buyers and sellers in a market. | show 🗑
|
||||
| show | do not change, taking on much of the burden of the tax.
🗑
|
||||
| If the demand curve were shallower buyers,__________ how much they buy when the price changes. Then they________ | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
1428323037
Popular Economics sets