Econ B-251 Canvas Quizzes 1-4 Verified 2024
A 0.5 percent change in growth rate - ANSWER-Has a significant effect on long run
output (real GDP) overtime
A point that is below the PPC curve is - ANSWER-A production point that has
underutilization of resources
All economic questions are about - ANSWER-how to cope with scarcity
Along the supply curve, price and _________ are ________ related. - ANSWER-
Quantity supplied; directly
An economy produces face masks. If the economy achieves allocative efficiency, -
ANSWER-It produces the quantity on the PPC that is valued most highly.
As the price decreases along the linear demand curve, the price elasticity of demand
becomes - ANSWER-More inelastic
Because we face scarcity, every choice involves - ANSWER-Trade-offs
Coffee and tea are substitutes in consumption. If the price of coffee increases then the
_______ tea ________. - ANSWER-Demand for; increases
Coffee beans are used to produce coffee. If the price of coffee beans increases, then
the ______ coffee _______. - ANSWER-Supply of; decreases
Given a table, how do you find equilibrium price and quantity? - ANSWER-Equilibrium
price is the price point where quantity demanded and quantity supplied are the same.
Equilibrium quantity is the quantity in which is the same for demand and supply.
Hot dogs and hot dog buns are complements. The ______ elasticity between these two
goods is ______ - ANSWER-Cross price; negative
How do you identify a shortage on a supply demand graph? - ANSWER-Any point
below the intersection/equilibrium point
If Shen produces both paninis and burgers, then when production is efficient, -
ANSWER-Shen can produce more paninis only by producing less burgers.
If the price elasticity of demand is elastic then the ___________ is greater than the
_________. - ANSWER-Percentage change in quantity demanded; percentage change
in price.
If the price of coffee increases, holding all else constant, then the ______ coffee
___________. - ANSWER-Quantity demanded of; decreases
A 0.5 percent change in growth rate - ANSWER-Has a significant effect on long run
output (real GDP) overtime
A point that is below the PPC curve is - ANSWER-A production point that has
underutilization of resources
All economic questions are about - ANSWER-how to cope with scarcity
Along the supply curve, price and _________ are ________ related. - ANSWER-
Quantity supplied; directly
An economy produces face masks. If the economy achieves allocative efficiency, -
ANSWER-It produces the quantity on the PPC that is valued most highly.
As the price decreases along the linear demand curve, the price elasticity of demand
becomes - ANSWER-More inelastic
Because we face scarcity, every choice involves - ANSWER-Trade-offs
Coffee and tea are substitutes in consumption. If the price of coffee increases then the
_______ tea ________. - ANSWER-Demand for; increases
Coffee beans are used to produce coffee. If the price of coffee beans increases, then
the ______ coffee _______. - ANSWER-Supply of; decreases
Given a table, how do you find equilibrium price and quantity? - ANSWER-Equilibrium
price is the price point where quantity demanded and quantity supplied are the same.
Equilibrium quantity is the quantity in which is the same for demand and supply.
Hot dogs and hot dog buns are complements. The ______ elasticity between these two
goods is ______ - ANSWER-Cross price; negative
How do you identify a shortage on a supply demand graph? - ANSWER-Any point
below the intersection/equilibrium point
If Shen produces both paninis and burgers, then when production is efficient, -
ANSWER-Shen can produce more paninis only by producing less burgers.
If the price elasticity of demand is elastic then the ___________ is greater than the
_________. - ANSWER-Percentage change in quantity demanded; percentage change
in price.
If the price of coffee increases, holding all else constant, then the ______ coffee
___________. - ANSWER-Quantity demanded of; decreases
