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