Columbia Basin College ECON 201 Exam 3 1)Knowing a products price elasticity allows economists to: Natural resources in the production process are called        , and their payment is called     

Columbia Basin College

ECON 201

Exam 3

1)Knowing a products price elasticity allows economists to:

2. Natural resources in the production process are called        , and their payment is called      .
3. One of the implications of the supply and demand model is that:
4. People’s willingness to pay for umbrellas in MOST likely     on a     day.
5.  “Price gouging” laws are types of       and often result in       .
6. Production efficiency occurs when goods are:
7. Rational Behavior:
8. Resources are:
9. Sales of luxury consumer products for cats and dogs, such as pet spas and hotels, have experienced            over the past decade.
10. Suppose Mike has three hours of time to spend so he ranks the following activities in order of priority: (1) see a movie, (2) attend a ball game, (3) study economics. Assume
11. Suppose that a customer’s willingness to pay for a product is $5, and the seller’s willingness to
12. Suppose that the price of a good is $650 and equilibrium price is $625. Compared to market equilibrium:
13. Suppose your income falls from $35,000 to $33,000 and that your quantity demanded of a good increases from 40 units to 55 units. The good is said to be a(n):