Agec105 Exam Questions and Answers Graded A+

Agec105 Exam Questions and Answers
Graded A+

Inelastic demand - Correct answer-<1

quantity not sensitive to price change

relatively steep curve

Elastic demand - Correct answer->1

quantity is sensitive to price change

relatively flat curtve

Russel Boening - Correct answer-president of Texas Farm Bureau

shift on demand curve (a->b)

choose all applicable

a. change in quantity demanded

b. change in demand

c. law of demand - Correct answer-a. change in quantity demanded


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, c. law of demand

movement on demand curve

a. change in demand

b. income falls/rises

c. quantity demanded increases

d. law of demand

e. successful advertising for product - Correct answer-C

D

budget lines show the relationship between....? - Correct answer-two goods; what

the max TU can be at each person budget

demand curves show the relationship between...? - Correct answer-a single goods

price and quantity demanded

fallacy of composition - Correct answer-Economic reasoning that is true for one

individual but not for society as a whole is referred to as?

positive economics - Correct answer-"what if"

Normative economics - Correct answer-"what should be" or "what ought to be"

Macro vs Micro (separate into 2 groups)

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