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Eco Chapter 1-8

The amount of a good that will be bought at given prices over a period of time.
Supply
Demand
Both
The amount of a good that sellers are prepared to sell at given prices over a period of time.
Supply
Demand
Both
Choose two factors that affect demand demand for chocolates
Tastes
Income
Cost of production
Choose one factos that affects demand demand for laptops
Cost of production
BYOD policies at schools
Seasons
Subsidies
Choose a factor that does NOT affect SUPPLY of apples
Cost of production
Natural Factors
Changes in technology
Awareness of health benefits
Choose a factor that affects SUPPLY of strawberries
Weather
Demographics
Health benefits
Tastes and preferences
Excess supply is when
Demand is more than supply
Supply is more than demand
Demand = supply
Excess demand of cakes may occur at
Christmas, Eid, and other holidays
Every month
Never
Always
The demand for an inferior good goes up when
Income goes down
Incomes goes up
It has no link to income
When prices goes up
A complement for laptops are
Keyboards
Head phones
TVs
Cell phones
If price of a subsitute an item goes up then the demand for that item
Decreases
Increases
If a good has an elasticity of of -0.5 then it is said to be
Elastic
Inelastic
Perfectly elastic
Perfectly inelastic
If a good has an elasticity of 1.5 then it is said to be
Inelastic
Perfectly elastic
Perfectly inelastic
Elastic
Which of the following is NOT a factor that affects price elasticity of demand PES
Proportion of income spent on a good
Time period spent on looking for substitutes
Degree of necessity
Fashion
Fixed supply is when
Demand can not be increased
Supply can be increased
When supply can not be increased
An example of something in fixed supply is
Picasso paintings
Strawberries
TVs
Cars
A fixed supply graph is completely
Sloping up
Sloping down
Vertical
Horizontal
Rate your confidence level of content in Chapter 1-8 now (1 being very low and 4 being highest)
1
2
3
4
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