Economics - Unit 2 Test - Loudoun County Public Schools
Economics Study Guide Unit 2Ms. WalkerThe law of demand states that:___________________________________________________________ The law of supply states that:_____________________________________________________________ Demand Shifters (6):____________________________________________________________________ Supply Shifters(6):______________________________________________________________________ Equilibrium Price:______________________________________________________________________Equilibrium price is also called:____________________________________________________________ Equilibrium Quantity:___________________________________________________________________ Elasticity:_____________________________________________________________________________Marginal Utility:_______________________________________________________________________A shortage results when prices are too_____________and quantity supplied is greater/lesser than quanitity demanded.A surplus results when prices are too______________and quantity supplied is greater/lesser than quantity demanded.Ways in which government can exert control/influence supply & demand:price floors_____________________________________________________________price ceilings____________________________________________________________excise taxes_____________________________________________________________Why would a government decide to ration?___________________________________________________Use the graph below to answer the following question.93345078105P00P112394917272000218122591440S00S126682553975001266825533400044196056515$130000$1300178308015875001127760158750022288508255D00D2286000104775Q00Q162306014605Qe00Qe11239502031900The price at which supply and demand are in balance is known as:________________________________The equilibrium price of Mac Pro laptops is $1300. Because of stiff competition in the tablet market, Apple decides to drop all their prices by 10% but does not change their production plans. The effect on the market for Mac pro laptops is: Excess demand for the competitor’s tabletsExcess supply of Mac ProsEquilibrium quantityShortage of Mac ProsIndicate the letter of the graph which best illustrates changes to the equilibrium price and quantity for each situation given. You may use a graph more than once. 262890036830S100S11143000103505S00SGraph A Graph BGraph C Graph D5257800158750001381125137160S100S130480012700000242887528956000601027570485S00S442912570485S00S282892560960S00S375285011811000186690060960005162550231140003543300241300001952625231140002667002419350050672996096000343852460960001771649609600018097460960001028700984250035433009842500206692579375005048251270000052578003937000621030093345D00D58293009334500468630093345D100D1434340093345005838825110490D100D1123825033655D00D300990033655D00D4457700109855D00D6200775168275Q00Q4581525168275Q00Q2924175158750Q00Q1333500158750Q00Q50673002254240034385252349490017716502349490018097523494900Which graph shows a decrease in equilibrium price but an increase in equilibrium quantity?Graph AGraph BGraph CGraph DWhich graph shows an increase in equilibrium price but a decrease in equilibrium quantity?Graph AGraph BGraph CGraph DWhich graph shows a decrease in equilibrium price and a decrease in equilibrium quantity?Graph AGraph BGraph CGraph DMarket Structures200406027749500 What factors determine the market structure of a specific market_______________________________ ____________________________________________________________________________________ In a market with perfect competition, how are prices determined?_______________________________ How are prices determined in an oligopoly?_________________________________________________Collusion:_____________________________________________________________________________Cartel:________________________________________________________________________________What examples can you think of that fall under the category of oligopoly, where a few companies dominate the market, would be an example of which type of market structure?______________________________________________________________________________________ As it becomes easier to start a new business in a market, what effect is there on competition?______________________________________________________________________________________ In which market structure do producers have the most power?______________________________________________________________________________________ What is meant by the term “Public Goods”:__________________________________________________ Positive Externality:______________________________________________________________________ Negative Externality:_____________________________________________________________________ Why doesn’t the market system work to provide street lighting and other public goods? _____________________________________________________________________________________What is meant by “excludable and non-excludable with regard to public goods?:______________________________________________________________________________________Define the “free rider problem”:______________________________________________________________________________________What is an example of a positive externality in a scenario where there is an outdoor concert?______________________________________________________________________________________ ................
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