Term
Which of the following would most likely to cause the demand for gasoline to decrease? (demand curve shifting LEFT)
a. a decrease in gasoline price due to lower oil price.
b. a dramatic decrease in price of hybrid cars causes more people to buy hybrid cars.
c. an increase in demand for cars (regular gasoline powered) in the rest of the world.
d. an increase demand for oil in the rest of the world.
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Definition
| a. a decrease in gasoline price due to lower oil price. |
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Term
John states that the following things are his opportunity cost of taking an Economics class on Thursday nights from 6:30 pm to 9:00 pm. Which of the following is his true opportunity cost?
a. $1750 for the course tuition and registration fees plus $120 for the text book.
b. Two and a half hours he spends in class.
c. time forgone that he would have spent with his girlfriend had he not taken the class.
d. all of the above. |
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Definition
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Term
A shift in the supply curve to the RIGHT for iPad can be caused by which of the following?
- an increase in price of the components used to produce iPad due to global shortage of parts.
- introduction of other tablet products by Dell and HP that are completing with iPads.
- a development of new manufacturing technology that allows the manufacturers to cut cost of producing the iPad by 30%.
- a report from a medical journal that reports using iPad can cause eye problems.
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Definition
| c. a development of new manufacturing technology that allows the manufacturers to cut cost of producing the iPad by 30%. |
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Term
Which of the following product is most likely to be a relatively elastic demand product?
a. Heating oil in short-run time period.
b. Gasoline in short-run time period.
c. mid-level automobile targeted toward mid-income families
d. new one-of-a-kind drug that improves heart conditions. |
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Definition
| c. mid-level automobile targeted toward mid-income families |
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Term
Fill in the Marginal Revenue column.
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Quantity Output
|
Total Revenue ($)
|
Marginal Revenue ($)
|
|
0
|
0
|
-
|
|
1
|
100
|
|
|
2
|
210
|
|
|
3
|
320
|
|
|
4
|
420
|
|
|
5
|
510
|
|
|
|
Definition
|
Quantity Output
|
Total Revenue ($)
|
Marginal Revenue ($)
|
|
0
|
0
|
-
|
|
1
|
100
|
100
|
|
2
|
210
|
110
|
|
3
|
320
|
110
|
|
4
|
420
|
100
|
|
5
|
510
|
90
|
|
|
|
Term
| Per class discussion, what is the role of society from an economist's stand point? |
|
Definition
| To allocate resource to its most valued use |
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Term
| Per class discussion, what is the only measurement we have to measure "value" of goods and services in our society? What are the two forces that affect this measurement? |
|
Definition
Per class discussion, what is the only measurement we have to measure "value" of goods and services in our society?
Price
What are the two forces that affect this measurement?
1. Governmet
2. Market |
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|
