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Agec105 Questions with Answers (100% Correct Answers)

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Agec105 Questions with Answers (100% Correct Answers)

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Agec105 Questions with Answers (100% Correct Answers)

Inelastic demand Answer: <1

quantity not sensitive to price change

relatively steep curve

Elastic demand Answer: >1

quantity is sensitive to price change

relatively flat curtve

Russel Boening Answer: president of Texas Farm Bureau

shift on demand curve (a->b)

choose all applicable

a. change in quantity demanded

b. change in demand

c. law of demand Answer: a. change in quantity demanded

c. law of demand


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movement on demand curve

a. change in demand

b. income falls/rises

c. quantity demanded increases

d. law of demand

e. successful advertising for product Answer: C

D

budget lines show the relationship between....? Answer: two goods;

what the max TU can be at each person budget

demand curves show the relationship between...? Answer: a single

goods price and quantity demanded

fallacy of composition Answer: Economic reasoning that is true for one

individual but not for society as a whole is referred to as?

positive economics Answer: "what if"

Normative economics Answer: "what should be" or "what ought to be"



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