Assignment : Jeopardy (25 notes)
Mr. Robinson
Chapter 4 + 5
KOBEKOBE GASOLGASOLFISHERFISHER ARTESTARTEST ODOMODOM
A ________ curve is a graphic representation of a demand schedule. (82) $100
A demand curve is a graphic representation of a demand schedule. (82) Back to Game
A substitute is… (88) $200
A substitute is… (88) a good that replaces another good. Back to Game
A _______ good is one that consumers will demand MORE of when they make MORE money (86) $300
A normal good is one that consumers will demand MORE of when they make MORE money (86) Back to Game
A good that is always used with another good is a _________. (88) $400
A good that is always used with another good is a complement (88) Back to Game
Total revenue is the amount of _______ a company receives for selling goods and services (95) $500
Back to Game Total revenue is the amount of money a company receives for selling goods and services (95)
The law of ______ is the tendency of suppliers to offer more of a good for a high price. (101) $100
The law of supply is the tendency of suppliers to offer more of a good for a high price. (101) Back to Game
A _____ tax is a payment to the government on the production of certain goods. (118) $200
An excise tax is a payment to the government on the production of certain goods. (118) Back to Game
A ______ is a government payment that supports a business or market. (117) $300
A subsidy is a government payment that supports a business or market. (117) Back to Game
$400 ________ revenue is the additional income from selling one more unit of a good. (112)
Marginal revenue is the additional income from selling one more unit of a good. (112) Back to Game
$500 When a person is able and willing to buy something, they create _______. (79)
When a person is able and willing to buy something, they create demand (79) Back to Game
Inferior goods are… (87) $100
Inferior goods are… (87) things you buy less of as you make more money Back to Game
If future price is expected to rise, current demand will ______.
If future price is expected to rise, current demand will rise. Back to Game
$300 Which good has an inelastic supply (104): Apples, hats, beanbags, toothbrushes
Which good has an inelastic supply (104): Apples Back to Game
$400 _____ has the greatest influence on elasticity of supply.
Time has the greatest influence on elasticity of supply. Back to Game
$500 How is profit determined?
Back to Game How is profit determined? Total revenue – total cost = profit.
$100 If I was a farmer and I knew the price of my wheat I was selling would go up next month, I would… (119)
If I was a farmer and I knew the price of my wheat I was selling would go up next month, I would… store it and sell it next month (119) Back to Game
$200 _______ cost is the cost of making one more unit of a good. (111)
Marginal cost is the cost of making one more unit of a good. (111) Back to Game
$300 Elasticity of _______ shows how people change their buying patterns when prices change. (79)
Elasticity of demand shows how people change their buying patterns when prices change. (79) Back to Game
$400 The US is a _______ economy. (79)
The US is a market economy. (79) Back to Game
$500 A market ______ schedule is a chart that shows how much of a good all suppliers will offer at different prices. (103)
Back to Game A market supply schedule is a chart that shows how much of a good all suppliers will offer at different prices. (103)
$100 What does it mean when demand for a product is inelastic? (90)
People will still buy just as much, no matter what the price. Back to Game
$200 Marginal is a synonym for _________.
Marginal is a synonym for additional. Back to Game
$300 What is an example of using technology to lower production costs? (117)
Using machines to sew backpacks instead of people. Back to Game
$400 How many days of the year are you in school?
180 Back to Game
$500 What was the final score of last night’s Dodger-Phillies game?
5 – 4 Back to Game