Economics Chapter 3

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Author:
LaineyxRawr
ID:
142336
Filename:
Economics Chapter 3
Updated:
2012-03-18 17:40:49
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Economics
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Economics
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  1. Name the three parites that participate in the market?
    Consumers, Businesses, and Government
  2. Name the two market drivers?
    Specialization and exchange
  3. True or false: Consumers are not part of the cicular flow?
    False
  4. Finished good and services are part of what market?
    Product market
  5. True or false: The seller represents the demand side of the curve?
    False
  6. True or false: The demand curve shows a direct relationship?
    False
  7. Goods when the price of good x rises, the demand for good Y increases?
    Substitute goods
  8. True or false: Changes in demand result in movement of the demand curve to the left or right?
    True
  9. True or false: Technology is not a determinant of supply?
    False
  10. True or false: The supply curve shows a direct relationship?
    True
  11. The price at which a quanity of good demanded in a given time period equals the quantity supplied?
    Equilibrium
  12. Price set below the equilibrium?
    Price ceiling
  13. What price setting creates a shortage?
    Price ceiling
  14. True or false: A price floor may cause a shortage?
    False
  15. True or false: An equilibrium price is permanent?
    False

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