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ECON 130: Midterm 2
Study Ho!
| Question | Answer |
|---|---|
| _________ 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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