Random Vocab.
**DOUBLE POINTS**
A _______________ cost does not change, no matter how much of a good is produced.
A. Marginal B. Total
C. Fixed D. Variable
C: Fixed
What are two products governments use excise taxes on?
A. Agriculture & heavy industry B. Tobacco & alcohol
B. Firearms & Prescription drugs D. OTC drugs & firearms
B: Tobacco & Alcohol
**STEAL 100 FROM ANOTHER TEAM**
Luxuries tend to be ___________________________.
A. Elastic B. Inelastic
C. Unitary elastic D. Expensive
A: Elastic
**DOUBLE POINTS**
What we expect _________________________ to do determines our demand.
A. Prices B. Technology
C. Elasticity D. The government
A: Prices
**DOUBLE POINTS**
On a demand graph, the __________________ axis is labeled with lowest possible _____________________ on the left and highest at the right.
A. Vertical; price B. Horizontal; quantity demanded
C. Horizontal; price D. Horizontal; quantity supplied
B: Horizontal; Quantity Demanded
Government payment that supports a business or market describes a what?
A. Regulation B. Subsidy
C. Excise tax D. Market failure
B: Subsidy
**DOUBLE POINTS**
When supply goes up, where does the curve move?
A. Down B. Left
C. Right D. It doesn’t move
B: Right
**DOUBLE POINTS**
When supply is _______________, a small increase in price has a big effect on _____________________.
A. Elastic; supply B. Elastic; demand
C. Inelastic; supply D. Inelastic; demand
A: Elastic; Supply
**STEAL 200 FROM ANOTHER TEAM**
To have ___________, you must be willing and to buy a product or service at the specified price.
A. Elasticity B. Demand
C. Externalities D. Total revenue
B: Demand
People buy more at __________________ prices and less at ___________________ prices.
A. Steady; lower B. Higher; lower
C. Lower; Higher D. Steady; higher
C: Lower; Higher
**DOUBLE POINTS**
What is a tax on the production and/or sale of a good?
A. Regulation B. Subsidy
C. Excise tax D. Market failure
C: Excise Tax
**STEAL 300 FROM ANOTHER TEAM**
When supply goes down, where does the curve move?
A. Up B. Left
C. Right D. It doesn’t move
B: Left
**DOUBLE POINTS**
In the short run, firms cannot easily change its output level, so supply is __________________________.
A. Elastic B. Inelastic
C. Unitary elastic D. None of the above
B: Inelastic
**DOUBLE POINTS**
______________________________ is measured in the amount of a good bought, not the amount paid.
A. Supply B. Demand
C. Total revenue D. Consumption
D: Consumption
**DOUBLE POINTS**
On a demand graph, the __________________ axis labeled with lowest possible _____________________ at bottom and highest at the top.
A. Vertical; price B. Horizontal; quantity demanded
C. Horizontal; price D. Vertical; quantity demanded
A: Vertical; Price
What shows firms the values of adding one more worker?
A. Marginal Revenue B. Marginal Cost
C. Marginal Profit D. Marginal Product of Labor
D: Marginal Product of Labor
Rising prices draw new firms into a market and do what to the quantity supplied of that good?
A. Increases it B. Decreases it
C. Keeps it the same D. None of the above
A: Increases It
If percentage change in price is equal to percentage change in quantity supplied, it means the supply of that good is what?
A. Elastic B. Inelastic
C. Unitary elastic D. None of the above
C:Unitary Elastic
A company’s ________________________________ is defined as the amount of money the company receives for selling its goods.
A. Supply B. Profit
C. Total revenue D. Marginal Profit
C: Total Revenue
We can move to a point on the same supply schedule/supply graph by a change in _______________ and that just changes _________________________________.
A. Price; quantity demanded B. Price; supply
C. Price; quantity supplied D. Price; demand
C: Price; Quantity Supplied
____________________ costs of a firm is the fixed costs plus the variable costs.
A. Marginal B. Total
C. Fixed D. Variable
B: Total
“As prices increase, quantity supplied increases,” describes what?
A. Law of Demand B. Law of Economics
C. Law of Supply D. Law of Globalization
B: Law of Supply
All of the following factors affect elasticity EXCEPT which one?
A. Availability of substitutes B. Necessities vs. Luxuries
C. Gross Domestic Product D. Change over time
C: GDP
**DOUBLE POINTS**
When prices rise on combinations of certain products, it makes our ________________________________________________ go down.
A. Profit B. Desire for inferior goods
B. Desire for normal goods D. Purchasing power
D: Purchasing Power
**STEAL 500 FROM ANOTHER TEAM**
One way to find the best level of out put is to find where _________________=________________.
A. Marginal product of labor; marginal cost B. Demand; supply
C. Marginal cost; marginal revenue D. Exports; imports
C: Marginal Cost; Marginal Revenue