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12th Economics Test

Enter the letter for the matching Answer
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1.
example of inelastic goods
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2.
price communicates through the
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3.
Ex. of Veblen goods
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4.
equilibrium quantity
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5.
a change in demand causes the entire curve to
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6.
purchasing power
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7.
ex. of emergencies
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8.
the law of demand is the result of 2 behavior patterns
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9.
supply
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10.
E----Expectations
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11.
# of sellers in a market---
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12.
demand schedules and demand curves are important because
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13.
law of supply
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14.
O----Other Goods
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15.
excise tax
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16.
normal goods
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17.
demand schedule
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18.
Veblen goods (luxury goods)
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19.
understanding supply: goals
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20.
changes in supply: what affects it?
A.
the amount of goods available; the quantity of goods a business is willing and able to sell at various prices
B.
1) understand the law of supply 2) interpret a supply graph and schedule 3) explain elasticity of supply
C.
war, famine, pandemic
D.
demand increases as the price increases/high quality, exclusive, status symbol
E.
if more sellers enter the market then supply will increase
F.
4) the amount of gov't regulation in a market 5) the price of other goods sellers could produce 6) the expectations among producers of future prices
G.
they predict how people will change their buying habits when a price of a produt rises or falls
H.
when people expect a price increase in the future, the demand changes today
I.
Supreme, L.V.
J.
the amount of goods that a unit of currency can buy at a given point in time
K.
gas, necessities, medicine, staple foods
L.
substitution effect income effect
M.
a tax on the production and sale of a good; ex: alcohol, tobacco, gas
N.
the quantity supplied and demanded at equilibrium prices
O.
as prices go up, quantity supplied goes up; as prices go down, quantity supplied goes down
P.
shift
Q.
market
R.
goods consumers demand more of when income increases
S.
when the demand for 1 good affects the demand on another good EX: peanut butter and jelly --compliments-----ski boots and skis --substitutes-----snow board
T.
a table that shows quantity demanded at each price
Type the Answer that corresponds to the displayed Question.
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21.
as prices ______, so will demand; as prices _______, so will demand;
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22.
in the long run, firms are more _________ so supply is more _______
Type the Question that corresponds to the displayed Answer.
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23.
where supply meets demand
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24.
a natural outcome of the free market; the market for a good is stable
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25.
gov't payment that supports a business or market
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26.
when consumers react to an increase in price by pruchasing other goods
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27.
firms entering or exiting the market
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28.
the measure of the way suppliers react to a change in price
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29.
a change caused by an increase in price that results in less purchases
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30.
when market price or quantity supplied is anywhere but equilibrium; quantity supplied isn't equal to quantity demanded

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Created by: wellis76
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