Basic Economics Baseball Review
Singles:
All choices in the market send signals to producers & consumers (True/False)
In equilibrium supply is less than greater than or equal to demand?
What is a surplus?
What is a shortage?
In order to be effective a price floor must be above or below equilibrium point?
In order to be effective a price ceiling must be above or below equilibrium point?
A price-floor tends to cause a shortage or a surplus.
A price-ceiling tends to cause a shortage or a surplus.
How do you find the equilibrium point on a graph?
If the price of margarine increases what is the effect on the demand for butter?
The value of any alternative given up when a choice is made is called what?
In order to make a choice people must compare the opportunity cost to:
Doubles:
What happens to market price if a shortage exists?
The goal of Gov’t price controls is to help the market achieve equilibrium. (T/F)
When price increases quantity supplied increases. Is this an inverse direct or neutral
correlation?
If Demand increases what direction does price & quantity consumed move?
If supply increases what direction does price & quantity consumed move?
What is the best way to correct a surplus?
What is the best way to correct a shortage?
Name one factor that determines whether a good is elastic?
If the price of butter increases what is the effect of the demand for margarine?
Triples:
What is a price floor?
What is a price ceiling?
What is Market Supply?
Price floors will only work with what type of goods?
What are the three basic economic questions?
What is the basic economic problem? (Why does economics exist)
What is the term for deciding what people receive what resources?
Who answers the three basic economic questions in a market economy?
Homeruns:
What would cause an increase in a supply curve?
What does elasticity measure?
A government embargo will achieve what result on the market?