VOCAB
THE QUANTITY OF A GOOD OR SERVICE THAT CONSUMERS ARE BOTH WILLING AND ABLE TO BUY AT VARIOUS PRICES
DEMAND
WHEN THE QUANTITY DEMAND IS GREATER THAN THE QUANTITY SUPPLIED, IT CAUSES A...
SHORTAGE
IF THE PRICE GOES UP AND TOTAL REVENUE GOES UP, IS THE PRICE ELASTIC OR INELASTIC?
INELASTIC
WHAT IS THE BIGGEST ECONOMIC ISSUE FACING VENEZUELA RIGHT NOW?
HYPERINFLATION
WHICH ARTIST CAME OUT WITH THE ALBUM "ASTROWORLD"
TRAVIS SCOTT
A MEASURE OF THE DEGREE TO WHICH THE QUANTITY DEMANDED OR SUPPLIED OF A GOOD OR SERVICE CHANGES IN RESPONSE TO A CHANGE IN PRICE
ELASTICITY
A DECREASE IN THE PRICE OF BOBA DRINKS WILL CAUSE THE DEMAND CURVE TO SHIFT.
T/F
FALSE
DRAW AN INELASTIC DEMAND CURVE
-answer on the board-
WHO IS THE CURRENT PRESIDENT OF VENEZUELA?
MADURO
WHO IS THE MOST FOLLOWED PERSON ON INSTAGRAM?
SELENA GOMEZ
A MINIMUM PRICE SET BY THE GOVERNMENT TO PREVENT PRICES FROM GOING TOO LOW.
PRICE FLOOR
WHEN THE QUANTITY OF A GOOD OR SERVICE THAT CONSUMERS ARE WILLING AND ABLE TO BUY EQUALS THE QUANTITY THAT PRODUCERS ARE WILLING AND ABLE TO SELL IT IS CALLED...
MARKET EQUILIBRIUM
WHAT IS THE DEFINITION OF UNITARY ELASTICITY?
% CHANGE IN PRICE = % CHANGE IN SUPPLY OR DEMAND
WHAT IS THE NAME OF THE PROPOSED DEPARTURE OF THE UK FROM THE EUROPEAN UNION?
BREXIT
NAME THE 3 RAPPERS WHO HAVE DIED IN THE PAST YEAR.
X, MAC MILLER, LIL PEEP
A SITUATION IN WHICH THE MARKET FAILS TO ALLOCATE RESOURCES EFFICIENTLY
MARKET FAILURE
PRICE FLOORS LEAD TO...
EXCESS SUPPLY OR SURPLUS
SUPPOSE THE PRICE OF A GOOD WERE TO RISE 50% (e.g. $2.00 to $3.00) AND IN RESPONSE CONSUMERS BUY 9% FEWER OF THIS GOOD. IS THIS GOOD ELASTIC OR INELASTIC?
INELASTIC
TRUMP IS CURRENTLY IN A TRADE WAR WITH WHICH COUNTRY?
CHINA
WHO WON THE BEST ACTOR AWARD IN 2016, AND WHAT MOVIE DID THIS PERSON WIN IT FOR?
LEONARDO DICAPRIO
A MARKET STRUCTURE IN WHICH A SINGLE PRODUCER SUPPLIES A UNIQUE PRODUCT THAT HAS NO SUBSTITUTES.
MONOPOLY
IF A LEGAL PRICE FLOOR IS PLACED ON A GOOD BELOW ITS FREE MARKET EQUILIBRIUM, THE EQUILIBRIUM PRICE WILL RATION THE GOOD.
T/F
TRUE
SUPPOSE PRODUCERS REACT TO A 50% RISE IN THE PRICE OF A GOOD BY INCREASING THEIR SUPPLY BY 52%. IS THIS AN ELASTIC OR INELASTIC SUPPLY CURVE?
ELASTIC SUPPLY CURVE
WHICH NATION HAS THE LOWEST GDP?
HAITI
NAME ALL OF KRIS JENNER'S GRANDCHILDREN
MASON, PENELOPE, REIGN, DREAM, SAINT, NORTH, CHICAGO, TRUE & STORMI