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RANDOM!!!!!
Who broke the ceiling?
Mr. Abe
How many stages of production are there?
3
RANDOM!!!
Where is Ms. Christie from?
NYC
How many teachers did it take to unsuccessfully kill a fly in the classroom?
4
How does govt. regulation affect supply? Give an example.
The rules the govt. issues can change how a product is produced. Cola
What is profit motive?
The desire of individuals and businesses to make money.
What is real income effect?
Real income is what people can actually buy with their money.
What are 2 factors that affect supply?
taxes/ production costs/ productivity/govt. subsidy/ govt. regulation/ public opinions
RANDOM!!!!
Who is Kevin's favorite soccer player?
Messi or Son Heung Min
I'm not entirely sure.
RANDOM!!!!
What is distracts the class most?
Bugs -__-
What instrument does Sooyoung play?
Guitar
What term is used when the more you consume, the less pleasure you gain from each new purchase?
The law of diminishing marginal utility
What happens in the first stage of production?
Supply increases as extra workers are added. More efficient use of tools.
What happens in the second stage of production?
The total product keeps growing, but by smaller amounts. More output, but much slower.
What is the law of demand?
If all things are equal, the higher the price of a product or service the less people are willing to buy. The lower the price, the more people are willing to buy.
What does the J stand for in JLEE?
Joey
How does govt. subsidy affect supply? Give an example.
The govt. pays business to make more of a certain product. During war time.
What happens in the third stage of production?
There are negative returns. Too many workers causes decrease in output (over worked machines, getting in each other's way.)
How do govt. taxes affect supply? Give an example.
When taxes are raised, so are the prices of products. The more money it costs to make that product.
Give me your own example of the substitution effect.
When price increases people tend to choose a similar product that can be used in place of the high priced product.