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I love econ
Best class ever
Virtual library tours are fun
I love to study
I love Ole Miss
100
How households and firms make decisions and interact in markets and how government attempts to influence choices
What is Microeconomics
100
Normative Analysis is primarily concerned with...
What ought to be
100
a higher price causes quantity demanded to decrease (what law)
What is the law of demand
100
A higher price causes quantity supplied to increase (what law)
What is the law of supply
100
Any event that causes the demand for a product to increase will cause equilibrium price to _____ and equilibrium quantity to ____
What is increase, increase
200
All the points on a production possibilities frontier are a) attainable with the resources available b) inefficient because available resources are not being fully utilized c) equally desirable to consumers d) attainable only if additional resources are added only if additional resources are added
What is attainable with the resources available (A)
200
How many senators are there?
What is 100
200
What is the resource that innovates, takes risks, and directs others to resources?
What is entrepreneurial ability
200
How many class do you need to attend in this class?
What is 12 or All
200
What does a price ceiling set below the equilibrium price cause?
What is a shortage
300
A situation in which unlimited wants exceed the limited resources available to fulfill those wants
What is Scarcity
300
If a product is a necessity is it most likely to be elastic or inelastic?
Inelastic
300
A consumer shopping for a new laptop computer at several different electronic stores is an example of what type of market?
A product market
300
If there are close substitutes for the product is the product most likely to be elastic or inelastic?
What is elastic
300
If an increase in the price of Candy for $.7 to $.9 results in a decrease in quantity demanded from 10,000 to 6,000 per day the price elasticity of demand is equal to____ (hint use the midpoint formula)
What is 2
400
What is this course number?
What is GE273
400
What is the zip code here
What is 17111
400
How does a price floor set below equilibrium price affect the demand?
It doesn't
400
The highest-valued alternative that must be given up to engage in an activity
What is Opportunity cost
400
Give an example of a Factor Market
Answers will vary
500
Any event that causes the demand for a product to decrease will cause equilibrium price to _____ and equilibrium quantity to ____
What is decrease; decrease
500
What does Adam Smith's invisible hand refer to?
The way resources are allocated to their best use when resource owners are free to pursue their own self-interest
500
What category would the factor of production; bulldozer fall under?
Capital
500
What type of economy is the United States?
What is a market economy
500
How do you spell your instructors last name?
Bietsch