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Microeconomics 1 Test

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1.
How does the related goods (4) affect the demand curve?
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2.
What is an inelastic demand of a good?
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3.
How does the other factors (7) affect the supply curve?
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4.
Factors that affect SUPPLY
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5.
MRS is higher or lower if x^?
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6.
How does a tax on the buyers affect the equilibirum price?
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7.
What happens to budget line if there is a change of price?
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8.
What is an Engel curve?
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9.
How does the expectations (6) affect the supply curve?
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10.
What is Cross Price Elasticity of demand?
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11.
Absolute price
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12.
When is total revenue (TR) is maximum?
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13.
Is there differences between seller tax and buyer tax?
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14.
How does the expectations (6) affect the demand curve?
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15.
What are the properties of preferences?
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16.
Supply
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17.
Law of supply
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18.
What is producer surplus?
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19.
How does the income (3) affect the demand curve?
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20.
What is the Indiference Curve (IC)?
A.
Both cases place a wedge between the price tha buyer buy and seller sell, the only difference is who pays the goverment
B.
1. Completeness 2.Transitivity 3. Monotonicity 4.Convexity
C.
Depending on expectations, future changes in income, future change in price of the good, future complement/substitute going out, future change in number of consumers, will shift the curve right or left depending on the scenario.
D.
Substitutes: If the price of butter increases, the demand of margarine increases. Complements: If the price of petrol icreases, the demand of cars decreases
E.
The difference between the amount he sells a product minus the production cost
F.
When Price Elasticity of Demand=1, or when unit elasticity (same thing)
G.
1. Price 2. Technology 3. Input prices (cost of production) 4. Prices of related goods (substitutes/complements) 5. Nº of producers 6. Expectations 7. Other (industry specific) factors
H.
The price "per se" of a good
I.
If Py increases, (m/Py) v and (-Px/Py) the same. If Py decreases, (m/Py) and (-Px/Py) ^ If Px increases, (m/Px) and (-Px/Py) v If Px decreases, (m/Px) and (-Px/Py) ^
J.
For example weather for agriculture, if the weather isn't favorable the production wil decrease, thus the curve shifts left
K.
Lower, graphically the further away in X axis the less of good Y I have and the less of a good I have the less I'm willing to give up.
L.
If a producer thinks price is going to go up, they will reduce the production today in order to make more benefit increasing the production when thr goods price increase. Viceversa
M.
In the x/y plane, represents a set of bundles that give the indicidual the same level of satisfaction. So if Bundles A and B are in the same IC then A~B
N.
Measures how Q of a good changes when ther price of another good changes
O.
A change in Q smaller than 1% when price changes 1%. Elasticity<1.
P.
The quantity of a good I'm willing to sell for all prices
Q.
Supply slope is always positive
R.
It is a curve with income over quantity, it is positive
S.
An increase of income shifts the curve to the right, same price more buyers. A decrease of income shifts the curve left, same price less buyers
T.
The demand curve shifts left. Sellers recieve less money and sell less.
Type the Answer that corresponds to the displayed Question.
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21.
Graphically, how is a perfectly elastic curve?
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22.
Graphically, how is a perfectly inelastic curve?
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23.
What is a luxury?
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24.
What is a necessity?
Type the Question that corresponds to the displayed Answer.
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25.
Where the demand and supply curves intersect. It is symbolized by P* and Q*
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26.
Demand slope is always negative.
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27.
The price of a good compared to the price of other good. (With the same money, what ratio of good 1 can you buy compared to good 2). I.E.: 1kg bread-2€/1kg meat-10€ Relative price of bread-meat is 0,2. With 2€ you can buy 1kg of bread or 0,2 kg of meat.
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28.
The quantity of a good I'm willing to buy for all prices
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29.
Goverment policy instrument used to raise revenue for public projects and to redistribute income
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30.
The maximum value I'm willing to pay for a good

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