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ECON 2106 > videos 6-10 > Flashcards

videos 6-10 Flashcards

1
Q

A change in consumers’________ results in new price- quantity relationship

A

income

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2
Q

A change in income causes a _________ shift in a linear graph.

A

parallel

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3
Q

In an income graph the slope remains the same but the ________ changes

A

intercept

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4
Q

At $1 a burger Bob can buy more or less than an burger at $5

A

more

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5
Q

At $5 a burger Bob can buy more or less than at $1

A

less

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6
Q

If Bob’s income goes from $600 a week to $400 does the slop of how many burgers he can buy at a certain price change?

A

No

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7
Q

If Bob’s income decreases which way does the slope go?

A

Left

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8
Q

If Bob’s income raises which way would the demand curve slope move?

A

right

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9
Q

slope= rise/ ______

A

run

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10
Q

When the price drops $.50 Bob can buy ___ more burger

A

one

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11
Q

The ________ never changes when the income changes

A

slope

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12
Q

If Bob’s income decreases he can buy ____ more hamburgers than with a higher income

A

fewer

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13
Q

slopes of the same functions can change when units of ________ change

A

measurement.

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14
Q

the slope of a _____ function shows the change in one variable when related variables change

A

linear

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15
Q

elasticity?

A

percentage-based measurement

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16
Q

elasticity measures?

A

price sensitivity

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17
Q

To determine the _____ of a linear function, find two points on the function.

A

slope

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18
Q

divide change in y-axis by change in x-axis to determine

A

slope

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19
Q

flatter demand curve indicates a much greater _______

A

sensitivity

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20
Q

changing the units of _______ can drastically change the slope.

A

measurement

21
Q

shows the change in one variable when related variable changes?

A

slope of a linear function

22
Q

_______ use elasticity

A

economist

23
Q

The slope of D’ is –0.10, meaning that it takes only a $.10 decrease in prices to get the consumer to buy ___ more hamburger per week.

A

one

24
Q

measurement of price sensitivity is

A

elasticity

25
Q

______ means making the largest output with the limited resources available.

A

Efficiency

26
Q

PPF?

A

Production possibilities frontier

27
Q

What is PPF

A

a graph showing the various combinations of

output that an economy can produce with its available resources and its given technology.

28
Q

The production possibilities frontier shows the ________ ____ of producing goods in an economy.

A

opportunity cost

29
Q

You can understand PPf better if you assume the economy produces only how many goods?

A

2

30
Q

PPF answers?

A

maximum amount of output the economy can produce.

31
Q

The maximum amount of production represents the maximum ________ in the use of the limited resources.

A

efficiency

32
Q

The PPF shows the ________ ____ of producing an economy’s products.

A

opportunity cost

33
Q

At any point on the ___, divide the change in wheat production by the change in rice production.

A

PPF

34
Q

In this example, you have to give up 2 bushels of wheat to produce the first 20 bushels of rice. Therefore the opportunity cost is _______ bushel of wheat for one bushel of rice.

A

one-tenth

35
Q

dividing the ____ (the change along the vertical axis) by the ___ (the change along the horizontal axis).

A

rise, run

36
Q

The slope of the PPF gives you the opportunity cost of producing ___ good in terms of the other good

A

one

37
Q

If you want to produce more rice, you may have to use drier land that would be more suitable for wheat; therefore yields would go ____.

A

down

38
Q

what two things can shift PPF outward?

A

technology, increase in resources

39
Q

An inward shift in PPF means?

A

decreased technology or lack of resources

40
Q

Any movement along the PPF represents the economy’s choice about the relative amounts of each product to _____

A

produce

41
Q

how much of one you have to give up to get more of the other

A

opportunity cost in terms of other product

42
Q

An ______ shift represents an expansion of the production possibilities of the economy

A

outward

43
Q

an _____ shift represents shrinkage in the production possibilities of the economy.

A

inward

44
Q

A _____ shift indicates that the change in technology or resources affects the production of each of the products in different ways

A

skewed

45
Q

does PPF take demand into consideration?

A

no

46
Q

In order to determine demand for the products, you will have to study ________ _____ theory in economic

A

consumer choice

47
Q

In a ________ _____, the consumer makes all the demand choices

A

market economy

48
Q

Individual shifts are caused by

A

increase or decrease for one product

ECON 2106 (4 decks)

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