PRINCIPLES OF MICROECONOMICS
ACCURATE QUIZZES WITH
Quiz_________________?
1. Availability of close subsititues -
Answer✅
no close substitutes: inelastic demand
close substitutes: elastic demand
Quiz_________________?
1. consumers substitute toward the newly less-expensive good
2. consumer have more purchasing power, which is like an increase in income -
Answer✅
When the price of a good falls, two effects take place:
Quiz_________________?
2. Luxury v. Necessities -
Answer✅
Necessity: inelastic demand
Luxury: elastic demand
1
, Quiz_________________?
3. Passage of time -
Answer✅
takes some time for consumers to adjust their buying habits when prices change
short time period: inelastic-few sub.
long time period: elastic-more sub.
Quiz_________________?
4. Definition in Market -
Answer✅
narrowly defined: elastic
widely defined: inelastic
Quiz_________________?
5. Share of a good in consumers budget -
Answer✅
small proportion: inelastic
large proportion: elastic
Quiz_________________?
A change in the price of the product being examined causes a movement along the demand
curve -
Answer✅
change in quantity demanded
2
, Quiz_________________?
absolute advantage -
Answer✅
ability of one producers to make more than another producer with the same quantity of
resources
Quiz_________________?
Adverse Sekectionn -
Answer✅
one party to a transaction takes advantage of knowing more than the other party to the
transaction
Quiz_________________?
Affordable care act -
Answer✅
1. individual mandate
2. state health insurance market places
3. employer mandate
4. regulation of health insurance
5. medicare and medicaid
6. taxes > $200K
Quiz_________________?
Agent -
3
, Answer✅
Doctor
Quiz_________________?
allocative efficiency -
Answer✅
production is in in accordance with consumer preferences
Quiz_________________?
Asymmetric info -
Answer✅
one party has more info than the other party
Quiz_________________?
basis of trade -
Answer✅
comparative advantage
Quiz_________________?
behavioral economics -
Answer✅
study of situations in which people make choices that do not appear to be economically
rational
4
ACCURATE QUIZZES WITH
Quiz_________________?
1. Availability of close subsititues -
Answer✅
no close substitutes: inelastic demand
close substitutes: elastic demand
Quiz_________________?
1. consumers substitute toward the newly less-expensive good
2. consumer have more purchasing power, which is like an increase in income -
Answer✅
When the price of a good falls, two effects take place:
Quiz_________________?
2. Luxury v. Necessities -
Answer✅
Necessity: inelastic demand
Luxury: elastic demand
1
, Quiz_________________?
3. Passage of time -
Answer✅
takes some time for consumers to adjust their buying habits when prices change
short time period: inelastic-few sub.
long time period: elastic-more sub.
Quiz_________________?
4. Definition in Market -
Answer✅
narrowly defined: elastic
widely defined: inelastic
Quiz_________________?
5. Share of a good in consumers budget -
Answer✅
small proportion: inelastic
large proportion: elastic
Quiz_________________?
A change in the price of the product being examined causes a movement along the demand
curve -
Answer✅
change in quantity demanded
2
, Quiz_________________?
absolute advantage -
Answer✅
ability of one producers to make more than another producer with the same quantity of
resources
Quiz_________________?
Adverse Sekectionn -
Answer✅
one party to a transaction takes advantage of knowing more than the other party to the
transaction
Quiz_________________?
Affordable care act -
Answer✅
1. individual mandate
2. state health insurance market places
3. employer mandate
4. regulation of health insurance
5. medicare and medicaid
6. taxes > $200K
Quiz_________________?
Agent -
3
, Answer✅
Doctor
Quiz_________________?
allocative efficiency -
Answer✅
production is in in accordance with consumer preferences
Quiz_________________?
Asymmetric info -
Answer✅
one party has more info than the other party
Quiz_________________?
basis of trade -
Answer✅
comparative advantage
Quiz_________________?
behavioral economics -
Answer✅
study of situations in which people make choices that do not appear to be economically
rational
4
