Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Macro Ch 1-5

QuestionAnswer
What role does money play in the circular flow model? Instead of bartering, people use money to make transactions Money acts as a medium of exchange, enabling the economy to avoid the double-coincidence-of-wants problem.
What is Marginal Cost? Marginal cost is the additional cost or loss of consuming one more unit.
"Microeconomics is a great class" Normative or Positive? Normative
If Pepsi goes on sale, what will happen to the demand for Coca-Cola? the demand for Coca Cola will fall as more customers purchase Pepsi.
A demand curve shows the graphical relationship between quantity demanded and what? price
When higher prices result in higher quantity supplied, economists call this relationship law of supply
A decrease in price of inputs would shift the supply to the what? To the right
In general, supply curves slope is upward
An improvement in technology would shift what? the supply to the right
A drought would lead to what? a decrease in supply
Lower product taxes would what? shift the supply to the right
In an efficient market, what will deadweight loss equal? zero
When will deadweight loss will be lower? Taxing goods or services that have inelastic demand or supply.
Deadweight loss can be thought of as surplus that is transferred from producers or consumers and given to whom? Nobody
Why will Some buyers will offer sellers $10 per unit instead of the $6 price ceiling? Because of shortage, buyers want to increase their chances of buying the product by paying a price higher than the price ceiling, even if it is illegal.
black market purchases of the good will occur at what price ? The black market prices will be above the price ceiling price.
In the long run with regard to price ceilings, what can we expect? Increased elasticity on the part of producers and consumers which magnifies the shortage
Rent control is an example of what? Price ceilings
A nonbinding price ceiling in this market will result in a price set at what? The equilibrium price
Created by: v.virgil
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards