March Madness
Name the only team from Idaho to make the NCAA basketball tournament?
THE University of Idaho
NOT Boise State
What is excess demand?
When the quantity supplied does not meet the demand.
When the supply curve shifts to the left, is the quantity increasing or decreasing?
Decreasing
The amount of soap made matches the amount of soap that people want to buy is the example of what?
Equilibrium
What is the name of Gonzaga's bulldog?
Spike
Produce more or less products
When dealing with equilibrium price/quantity, what are the 3 questions that must be answered when supply or demand shifts?
1 - Supply or Demand
2 - Increase or Decrease
3 - What will be the new equilibrium price and quantity?
If a manufacturer releases a new product and generates a lot of excitement about the product on social media, their inventory could experience what?
A shortage
Which school has the most NCAA basketball championships?
UCLA - 11 Titles
When prices are dropping, it's telling producer to do what?
Produce less
Gas prices are currently sky rocking. Which curve (supply or demand) will shift when looking at the truck sales market. Which direction will it shift?
Demand
Shift to the left
An early frost accompanied by ice storms would shift the supply curve for orange juice which direction?
Left
Who is the highest paid coach in the NCAA basketball tournament?
Bill Self - Kansas
$8.8 million
When the government intervenes with prices, who are they protecting?
Consumers or Industries
Minimum wage is example of what type price control? Will it it cause a surplus or shortage of workers?
Price floor
Surplus
What can be the result of setting a price ceiling on rent on the availability of rentals?
Shortage
Which was the lowest seed to win an NCAA basketball championship? BTW - 8th seed
Villanova in 1985
How do prices make sure economies are efficient?
Resources go where they are demanded
New inexpensive battery technology has made electric car more powerful. How will it affect the charting?
Demand will shift to the right
Supply will shift to the right
The most important argument many economists make against price controls is that they are?
Ineļ¬cient