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ECON 130: Midterm 2

Study Ho!

QuestionAnswer
_________ Substitutes are elastic Close
No Substitutes or _________ are inelastic Very Few
Deadweight loss occurs when the __________ curve is perfectly elastic and PRODUCERS bear all of the tax DEMAND
Necessities are relatively Inelastic
Luxuries are relatively Elastic
If the price of gas goes up TOMORROW, the elasticity is relatively Inelastic
It the price of gas goes up in A YEAR, the elasticity is relatively Elastic
Demand curve is relatively inelastic when the curve's slope is Steeper
Demand curve is relatively elastic when the curve's slope is Gradual
In an elastic demand curve, demand (changes, doesn't change) Changes
In an inelastic demand curve, demand (changes, doesn't change) Doesn't change
When income elasticity is greater than 0, the goods are said to be Normal
When income elasticity is less than 0, the goods are said to be Inferior
When price elasticity of two goods is greater than 0, the goods are Substitutes
When price elasticity of two goods is less than 0, the goods are Complements
Supply is elastic if there are ________ alternative uses. Many
Supply is inelastic if there are ________ alternative uses. No Other
Supply is elastic if availability is _______ High
Supply is inelastic if availability is __________ Low
Supply is elastic if _________ time frame. Longer
Supply is inelastic if __________ time frame. Short
Supply curve is relatively inelastic when the curve's slope is Steeper
Supply curve is relatively elastic when the curve's slope is Gradual
Sales taxes are Excise Taxes (true or false) FALSE, Excise taxes are SIN TAXES: beer, cigarettes, etc.
On a graph, DEMAND is PERFECTLY elastic when the curve is ________ straight line. HORIZONTAL
On a graph, SUPPLY is PERFECTLY elastic when the curve is ________ straight line. HORIZONTAL
On a graph, SUPPLY is PERFECTLY inelastic when the curve is ________ straight line. VERTICAL
On a graph, DEMAND is PERFECTLY inelastic when the curve is ________ straight line. VERTICAL
The demand for paying for HIV medication, surgery... is perfectly Inelastic, you pay ANY price
The supply curve for downloading mp3s from iTunes is perfectly Elastic, there's is no PHYSICAL QUANTITY involved
The demand curve when customer's will buy millions of the good is perfectly Elastic, price stays the same for any quantity
The SUPPLY curve when Aloha Stadium is sold out is perfectly Inelastic, there are no seats to sell anymore
If the DEMAND curve is perfectly elastic, the _________ of the market bear all of the tax. Producers
If the SUPPLY curve is perfectly elastic, the _________ of the market bear all of the tax. Consumers
If the DEMAND curve is perfectly inelastic, the _________ of the market bear all of the tax. Consumers
If the SUPPLY curve is perfectly inelastic, the _________ of the market bear all of the tax. Producers
When the government imposes a tax on CONSUMERS, _________ the tax amount from the DEMAND curve equation. Subtract
When the government imposes a tax on PRODUCERS, _________ the tax amount to the DEMAND curve equation. Add
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