DANIEL - Economics Unit 2 (NEW)

Front

Based on this diagram, which of the following situations reflects the substitution effect resulting from a special sale on Z-Ball brand golf balls? Options: The price of Z-Balls increases when the demand for them increases. The price of Z-Balls decreases when the demand for them increases. Consumers reject the Z-Balls, assuming they are an inferior product. Consumers purchase Z-Balls rather than the brand they normally buy.

Back

Consumers purchase Z-Balls rather than the brand they normally buy.

Front

Which of the following is the likely result of a successful advertising campaign for an electronic game? Options: a supply curve that has shifted to the right, a supply curve that has shifted to the left, a demand curve that has shifted to the right, a demand curve that has shifted to the left

Back

a demand curve that has shifted to the right

Front

A wildfire has put a major lumber producer out of business. How might an economist show one consequence of this in a graph?

Back

a supply curve that has shifted to the left

Front

Which of the following price / output points would be found on the market supply schedule used to create the market supply curve below? $2.00 / 150, $5.00 / 300, $5.00 / 3,000, $2.00 / 2,000

Back

$5.00 / 3,000

Front

What characteristic of a purely competitive market does crude oil have?

Back

The product is the same no matter who produces it.

Front

What is likely to be the MAIN barrier to entry into the business shown here?

Back

complex technology

Front

Which of the following industries is most likely to exist in a purely competitive market?
shoes,
wheat,
bottled water,
personal computers

Back

wheat

Front

In the market represented in the graph above, if one of the firms doubled its output, what would happen to the price?

Back

The price would remain the same.

Front

Which of the following is an example of a natural monopoly? Options: an automobile manufacturer, a supermarket chain, a subway system, a construction company

Back

a subway system

Front

This business operates in Grand Teton National Park. It MOST LIKELY has been granted

Back

a franchise.