Supply and Demand
What is the point called where the supply and demand curves intersect?
Equilibrium
What does absolute value mean? For which type of elasticity do we consider absolute value?
Absolute value disregards the negative sign. We use it for price elasticity of demand.
What does Ceteris Paribus stand for?
All else equal
What does PPF stand for?
Production Possibilities Frontier
Who is the quarterback for the Philadelphia Eagles?
Jalen Hurts
If the market for tires is unregulated and is presently characterized by a surplus, you can accurately predict that price will _______
Decrease, the quantity demanded will rise, and the quantity supplied will fall.
Price and total revenue move in inverse directions when demand is __________
(price elastic/price inelastic).
Price elastic
Economics is the study of what?
Scarcity
Suppose the United States has a comparative advantage in the production of wheat,
and Haiti has a comparative advantage in the production of sugar. If both countries
specialize based on the theory of comparative advantage, ___________
The production and consumption of both goods will increase
How many eyes does a bee have?
5
A movement along the demand curve for toothpaste would be caused by ________
A change in the price of toothpaste.
If the price elasticity of supply is 0.4, a 10 percent increase in price will cause a:
4 percent increase in quantity supplied
If Eileen wasn't teaching you right now, she would be creating art. The value Eileen places on creating art represents her ________ of teaching SI.
Opportunity cost
A production possibilities curve is plotted for a nation producing mangoes and avocados. What might cause a parallel rightward shift of the production possibilities curve?
Something that increases the production of mangoes and avocados equally.
Which breed of dog was featured in my weekly email to you?
Rough collie
If the market for tires is competitive and currently has a surplus, you can accurately predict that price will _________
Decrease, the quantity demanded will rise, and the quantity supplied will fall.
As the price of beach front cottages in Florida rises from $400,000 to $500,000, their quantity supplied increased from 2000 to 3000. What is the elasticity of supply of beach front cottages?
Es = 1.82
________ (Increasing/Decreasing) marginal opportunity cost implies that the more resources already devoted to any activity, the payoff from allocating yet more resources to that activity increases by progressively smaller amounts.
Decreasing
Suppose it takes Omar 10 minutes to make a sandwich and 30 minutes to make a smoothie, and it takes Jing 12 minutes to make a sandwich and 24 minutes to make a smoothie. Who should specialize in what?
Omar should specialize in sandwiches, and Jing should specialize in smoothies.
How old must one be to obtain a Hot Air Balloon Operator's license?
Only 14. #scary
The "law of demand" implies that as prices fall, quantity demanded does what?
Increases?
On a linear demand curve, demand is ________ (more/less) elastic at small quantities than it is at themiddle of the demand curve.
More elastic
What is absolute advantage?
Which entity can produce more of a good or service.
Henry can produce either a combination of 60 silk roses and 80 silk leaves or a combination of 70 silk roses and 55 silk leaves. If he now produces 60 silk roses and 80 silk leaves, what is the opportunity cost of producing an additional 10 silk roses?
25 silk leaves
When is harvest season for olives to be used in olive oil in Italy?
September through November