ECON Test 2 Prep P2
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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| Years ago, thousands of country music fans risked their lives by rushing to buy tickets for a Willie Nelson concert at Carnegie Hall. This behavior indicates | show 🗑
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| A decrease in the price of a good will | show 🗑
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| show | The U.S. minimum wage is significantly higher than the minimum wages in France and the United Kingdom
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| You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. You still enjoy Ramen noodles very much and buy even more, but your roommate plans to bu | show 🗑
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| show | Quantity will rise, and the effect on price is ambiguous
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| The price paid by buyers in a market will decrease if the government | show 🗑
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| In a market economy, who or what determines who produces each good and how much is produced? | show 🗑
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| Which of the following expressions represents a cross-price elasticity of demand? | show 🗑
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| show | The price decreases from $24 to $18
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| The price elasticity of supply measures how responsive | show 🗑
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| The highest form of competition is called | show 🗑
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| In a market economy, supply and demand determine | show 🗑
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| show | Quantity will fall, and the effect on price is ambiguous
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| show | $1250
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| ***Suppose sellers of perfume are required to send $1.00 to the government for every bottle of perfume they sell. Suppose this tax causes the price paid by buyers of perfume to rise by $0.60 per bottle. Which of the following statements is correct? | show 🗑
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| ***Suppose that the demand for picture frames is highly inelastic, and the supply of picture frames is highly elastic. A tax of $1 per frame levied on picture frames will decrease the effective price received by sellers of picture frames by | show 🗑
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| show | 4 percent reduction in the quantity demanded of cigarettes
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| Other things equal, when the price of a good falls, the | show 🗑
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| show | 8 units
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| show | as the market is defined more broadly
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| A decrease in price from $20 to $10 leads to a | show 🗑
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| Income elasticity of demand measures how | show 🗑
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| What will happen to the equilibrium price and quantity of traditional camera film if traditional cameras become more expensive, digital cameras become cheaper, the cost of the resources needed to manufacture traditional film falls, and more firms decide t | show 🗑
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| Demand is inelastic if the price elasticity of demand is | show 🗑
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| The movement from Point A to Point B represents a(n) | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Edens