Extras
The idea of "The dollar vote" making decisions over what is sold and produced is most closely related to the idea of what?
Consumer Sovereignty
Consumers buy a product from a store and the business hires employees to run the store. Is this an example of a factor market, product market or both?
Both
If a company that makes TV's invested in better technology to make tv's more quickly and efficiently, what would happen to the supply curve for TV's? Would the supply curve shift to the left or right?
Supply curve shifts right because supply is increasing since they can make more TV's now
Getting a tax break for reducing pollution will most likely result in a factory increasing or reducing pollution?
Decreasing/Reducing
What's the name of the board game we played in class?
Settlers of Catan (Will take "Catan")
A buy one get one deal is an example of a positive (blank)
Incentive
Entrepreneurs create new businesses that demand resources from the factor market and supply goods to the product market. What model illustrates this?
Circular Flow Model
Hot dog buns and hot dogs (the sausage) are complimentary goods. So if the price of hot dog buns increased, what would happen to the demand for hot dogs?
A bank charging overdraft fees is an example of what kind of incentive?
Negative
What are the colors on the Canadian flag?
Red and White
According to the flow model The government buys resources to then provide public (blanks)
Public Services
Improving the methods and processes that converts inputs into outputs (raw materials into manufactured goods) is known as improving (blank) processes
Technological Processes
If a popular celebrity endorses a product and the endorsement convinces young people (aged 18-25) to buy that product, you have a change in consumer tastes and preferences. Is a change in consumer taste and preferences a determinant of demand or supply?
Determinant of demand
If the government wanted to help dairy farmers by making a price floor of $5 per gallon of milk and the equilibrium price was already $3 per gallon of milk, will there more likely be a surplus or shortage of milk now?
Surplus, demand will fall for the milk since the price is now higher leaving a lot of unused milk
Name all 5 states that border Virginia (D.C. does not count)
West Virginia, Maryland, Kentucky, Tennessee, and Maryland
Taxes on sugary drinks to discourage consumption of sugary drinks is an example of a (blank) incentive
Negative
True or False: The money I put into the bank in a savings account is re-circulated back into the economy as loans/financing as part of circular flow
True
The law of supply states that as the price for a product increases, producers will create (supply) more of a product. Why do producers make more of a product when the price they can sell it for is higher?
The producers can make a bigger profit
If a city had rent control (which is a form of a price ceiling), makes it so the maximum someone could be charged for apartment rent is $500/month when the equilibrium price is $1200/month, would there be a shortage or surplus of apartments?
Shortage. Because price dropped, demand will go up encouraging people to buy more apartments. Since supply of apartments isn't changing, there will be a shortage
Of the teams still alive in the MLB post season, which team is Pope Leo XIV a fan of?
Chicago White Sox
I made $110,000 in revenue. But I have to pay my employees $60,000, I owe $3,000 in taxes, and $22,000 in operating costs. What is my profit?
$25,000
In the circular flow model, do producers or households sell their labor as a resource?
Households
Based on the law of demand, what happens to demand when the price of a product decreases? AND tell me why
Demand will increase because more people can afford it
If all 700 students at East Rock wanted to buy a slice of cake from me for $1, but I only had enough materials to make 300 slices of cake, what will happen to the price of a slice of cake and why?
Price increases since there's a shortage. I don't have enough cake slices for everyone so the price will go up since people will try to pay more for the limited supply of cake. (Simplified: Demand stayed the same, but the supply decreased so the price goes up)
Who is playing on Monday Night Football tonight?
Saints and Falcons