Economics Review Quizziz

What is the circular market made of?

• Factor Market, Business, Product Market and Business surrounding the Houehold

• Factor Market,

  Business, Household and Product Market surrounding the Goverment

• Revenue, Taxes, Factors of production and Goods and services

(Look at the example and pick the correct situation)

Sasha buys fighting gear from SuperFlex corporation, What can you tell about the transaction?

• Sasha was the buyer in the resource market

• Sasha was the seller in the resource market

• Sasha was the seller in the product market

• Sasha was the buyer in the product market

Determine the meaning of labor

• Owners, business and buyers

• Firms that own land and gives and services

• Workers that get payed wages

• Rent

Choose the correct definition of vertical merger

• Combining with one company to become one entity

• Firm joins two or more firms involved in diff stages of producing the same good

• Firm in the same market with a similar good or similar merge

• Business mergers with huge companies, more thn three business

What is the subsitution effect?

• When the price of a good falls, consumers buy more of it

• When the price of a product rises, consumers buy less of it and buy another product

• If the price goes down for a product,the purchasing power increases

What is the law of supply?

• When products are desired, affordable, and demanded

• Prices and availability of inputs or resources

• States that produce more goods when sold at a higher price and less when sold at a fewer price

Choose the correct demand curve example

• Potatoes are $4 per bag, the market demand is 50,000 bags per month. Next month, the price goes up to $4.50, and the demand falls to 40,000 bags

• A consumer is hungry and buys a slice of pizza, the first slice has the greatest benefit or utility.

• When income effect is stronger than the substitution effect, the quantity of commodity bought falls (rises) when its price falls (rises)

When is G.P.D at its peak?

• When it is striving and is the most profitable

• When producers cut back and are unemployed

• The G.P.D stage that last's 6 months and consumers are buying the most

Lemonade and pickles cucumbers Oliver sells at his stand are

• Firm profits

• Street vendor profits

• Services

• Good

Who provides public goods, public services, and transfer payments to households and firms in exchange for tax payments

• Buyers and consumers

• Firms

• The government

• Households