unit 2 test everyone must participate – send one at a time answer the question on the board- you...
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UNIT 2 TEST• EVERYONE must participate
– Send one at a time
• Answer the question on the board- you have 10 seconds to answer
• First to hit buzzer gets to answer for the bonus– If you get it wrong, simply put your board down- DON’T ERASE ANYTHING– If you get it right, hide your answers
• Red, blue and black- different bonus values
• No helpies (or you lose the point for cheating)
• You need 10 points for a passing grade
• Winner receives +5 extra credit
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Demand for a good only exists when consumers are both ______
and ______ to buy it.
• Willing and able
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What is the equation for calculating total revenue?
• Price x quantity
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Milk and cookies are an example of ____________ goods.
• complementary
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If elasticity is greater than 1.0, demand is considered _________
• elastic
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Broad categories of goods have _________ demand where as specific brands have ________
demand.
• Inelastic and elastic
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_______________ is the sum of individual demands of all consumers in the market.
• Market demand
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____________ affect demand because when people anticipate changes in prices or supply, they
change their buying behavior.
• Consumer expectations
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If there are more __________ goods available, demand is more
elastic.
• Substitutes
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A decrease in the price of 1 complementary good will
_________ demand for the other.
• increase
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If quantity demanded were to increase, the demand curve would
shift in which direction?
• To the right
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If demand elasticity = 1.0, then demand is considered _________
• Unit elastic
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The law of demand says that the lower the price is, the
___________ the quantity demanded.
• higher
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What is the equation for calculating demand elasticity?
• Percentage of change in quantity divided by percentage of change in price
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As substitute goods become cheaper, demand for the normal
good will ____________
• decrease
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The highest price you are willing to pay for each additional unit of a
good is its ____________
• Marginal value
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Demand for gasoline is __________ because it does not
respond to changes in price.
• inelastic
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For suppliers to be willing to produce a good, they have to see
an opportunity for _______
• Profit
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Joan Rivers’ cosmetic surgeries are becoming less and less effective and the
money she’s pouring into her youth is just not paying out anymore. This is an
example of which law?
• Law of diminishing return
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_______________ is where supply and demand intersect.
• Market equilibrium
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When resources become cheaper, quantity supplied will __________
• increase
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• surplus
pric
e
quantity
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Why is it bad for firms if there is a surplus of goods?
• Surplus = stuff that is going to waste or be sold at clearance prices
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__________ refers to the quantity of goods a firm/producer is willing and able to sell at various prices.
• supply
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_________ occurs when quantity supplied is lower than quantity
demanded.
• shortage
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The law of supply states that the higher the price, the _________
the quantity supplied
• higher
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________ among firms keeps prices relatively close to the
market clearing price
• competition
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Gasoline and other exhaustible resources have a(n) __________
demand.
• inelastic
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If demand is elastic, the total revenue of a business will
__________ if they reduce their prices
• increase
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____________ refers to how quantity supplied and demanded
will change according to changes in price.
• elasticity
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If demand elasticity is less than 1.0 is it considered _________
• inelastic
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The price of markers have decreased from $15/pack to $8. The quantity demanded increased from 2,000 to 3,200. - calculate the elasticity- indicate whether it is elastic, unit elastic, or inelastic
• 1.28• elastic