Ag. Econ Chapter 8

Ag. Econ Chapter 8

Assessment

Assessment

Created by

Jimmy Hinson

Other

10th - 12th Grade

4 plays

Hard

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9 questions

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1.

MULTIPLE CHOICE

30 sec • 1 pt

The amount by which the quantity demanded at a given price exceeds the quantity supplied.

2.

MULTIPLE CHOICE

30 sec • 1 pt

Percentage change in quantity supplied with respect to a percentage change in the price of the producer.

3.

MULTIPLE CHOICE

30 sec • 1 pt

A business is said to be a ___________ when its actions have absolutely no effect on the price of the input it is buying or the price of the product it is selling.

4.

MULTIPLE CHOICE

30 sec • 1 pt

The amount by which the quantity supplied at a given price exceeds the quantity demanded

5.

MULTIPLE CHOICE

30 sec • 1 pt

Represented by the segment of the firm’s marginal cost curve that lies above the average variable cost curve or shutdown level of output.

6.

MULTIPLE CHOICE

30 sec • 1 pt

A measure of the economic rent or returns above total costs accruing businesses participating in a market during the current period.

7.

MULTIPLE CHOICE

30 sec • 1 pt

A measure of the savings achieved by consumers at the current market price from the price they would have been willing to pay for a specific quantity of a good or service. Consumer surplus is equal to the area below the market demand curve and above the market equilibrium price.

8.

MULTIPLE CHOICE

30 sec • 1 pt

Represents the summation of the quantities desired by all consumers at specific prices.

9.

MULTIPLE CHOICE

30 sec • 1 pt

The sum of producer surplus and consumer surplus.

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