Chapters 4-6 study guide 2011

Chapters 4-6 study guide 2011 - marketplace 12 Be sure you...

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Chapters 4 – 6 Test Study Guide (Spring 2011) 1. Define demand. 2. Graphically, demand is a(n) ______________ sloping curve. 3. Know the 4 reasons why demand is downward sloping. 4. Be able to ID an increase/decrease in demand and quantity demanded graphically. 5. What is the ONLY thing that causes a change in quantity demanded? 6. Be able to ID and apply the 6 non-price determinants of Demand. Know the difference between a normal and an inferior good. 7. What is the law of supply? 8. Be able to ID and apply the 6 non-price determinants of supply. 9. Define market equilibrium. 10. Define surplus and shortage and know what each tells the producer. 11. Define, apply, and provide examples of price floors and price ceilings and what each does to the marketplace.
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Unformatted text preview: marketplace. 12. Be sure you can work with single and double shifts of supply and demand. Be sure you can track what happens to equilibrium price and quantity given those shifts. 13. Define elasticity. Be able to calculate the elasticity coefficient of demand. Also be able to ID elastic, inelastic, and unit elastic demand. 14. Know the FOUR determinants of demand elasticity. 15. What is the main determinant of supply elasticity? 16. ID the graphical representation of perfectly elastic and perfectly inelastic supply, along with relatively elastic and relatively inelastic supply. 17. Who is the Chairman of the Federal Reserve? 18. Who is the Secretary of the Treasury? 19. The current rate of unemployment is?...
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