Documente Academic
Documente Profesional
Documente Cultură
MicroEconomics
FOR MORE OF THIS COURSE AND ANY
OTHER COURSES, TEST BANKS, FINAL
EXAMS, AND SOLUTION MANUALS
CONTACT US
AT WHISPERHILLS@GMAIL.COM
101.
102.
Decrease in Demand and Increase in
Supply
103.
A decrease in demand shifts the demand
curve leftward; a decrease in supply shifts the
supply curve leftward
104.
A decrease in the demand for chocolate
with no change in the supply of chocolate will
create a ________ of chocolate at today's price,
but gradually the price will ________.
105.
106.
Demand Curve
107.
Demand curve
108.
109.
The demand curve show the negative
relationship between the quantity demanded of a
good and its price
110.
The demand for a good and the price of
one of its complements move in opposite
directions.
111.The demand for a good and the price of one of its
substitutes move in the same direction.
112.
The demand for a good is elastic if a
substitute for it is easy to find.
113.
The demand for a good is inelastic if a
substitute for it is hard to find.
114.
-Demand is the relationship between the
price of a good and how much of that good
consumers want to purchase (all elements being
equal).
-Supply is the relationship (with all elements being
equal) between the price of a good and how much
of that good is produced or available.
- Quantity demanded and quantity supplied
represent specific amounts at a specific price.
115.
Demand is the relationship between the
quantity demanded of a good and a buyer's income
116.
Demand Schedule
117.
demand Schedule
118.
Deregulation
119.
Derived demand
120.
Describe the flows in the circular flow
model in which consumption expenditure,
purchases of new national defense equipment, and
payments for labor services appear. Through which
market does each of these flows pass?
121.
A description of some feature of the
economic world that includes only those features
assumed necessary to explain the observed facts?
122.
Determinates of Demand
123.
124.
Differences in the total value of production
between advanced and developing economies
125.
126.
127.
Disagreements that can be settled by
facts? Statements about what is. It might be right or
wrong and we can discover which by careful
observation of facts. It could be right or wrong, and
it can be tested.
128.
Disagreements that can't be settled by facts? Statements about what ought to be, depend
on values and cannot be tested. It doesn't assert a fact that can be checked.
129.
Diseconomies of scale
130.
Disposable Income
131.
Distinguish between cost and price and
define producer surplus.
132.
Distinguish between quantity demanded
and demand, and explain what determines
demand.
133.
Distinguish between value and price and
define consumer surplus.
134.
135.
The distribution of income among
households?
136.
Does this influence change the quantity
supplied or does it change supply? The test is: Did
the price change or did some other influence
change?
137.
Duopoly
138.
139.
Economic Depreciation
140.
economic experiments
141.
Economic Growth
142.
Economic growth
143.
economic model
144.
Economic profit
145.
Economics
146.
147.
Economics is the social science that
studies ___________.
148.
Economies of Scale
149.
An economist's goal is to answer three
questions:
150.
151.
An effective price support ________
producers and ________ a deadweight loss.
152.
153.
154.
Efficent scale
155.
Efficient and Inefficient Production,
Tradeoffs, and Free Lunches
156.
Elastic demand
157.
Elastic supply
158.
159.
Emissions from all new vehicles must be
cut from 354 grams to 250 grams. To meet this new
standard, the price of a new vehicle will rise by
$1,300.
Calculate the opportunity cost of reducing the
emission level by 1 gram.
160.
Entrepreneurship
161.
Equals the change in the value of the
variable measured on the y-axis divided by the
change in the value of the variable measured on
the x-axis?
162.
equilibrium price
163.
164.
equilibrium quantity
165.
Evaluate the efficiency of the alternative
methods of allocating resources.
166.
Excess capacity
167.
An exchangegiving up one thing to get
something else?
168.
An exchangegiving up one thing to get
something else?
169.
Excludable
170.
Excludable
171.
172.
173.
Expected future prices
174.
Explain and illustrate the concepts of
scarcity, production efficiency, and tradeoff using
the production possibilities frontier.
175.
Explain how a price ceiling works and show
how a rent ceiling creates a housing shortage,
inefficiency, and unfairness.
176.
Explain how a price floor works and show
how the minimum wage creates unemployment,
inefficiency, and unfairness.
177.
Explain how a price support in the market
for an agricultural product creates a surplus,
inefficiency, and unfairness.
178.
Explain the free-rider problem and how
public provision might help to overcome it and
deliver an efficient quantity of public goods.
179.
Explain the main ideas about fairness and
evaluate the fairness of the alternative methods of
allocating scarce resources.
180.
Explain what makes production possibilities
expand.
181.
Explicit cost
182.
183.
Export Goods/services
184.
Exports
185.
Externalities are the result of costs or
benefits that are not included in prices.
186.
Externality
187.
Externality
188.
Factor markets
189.
Factor Prices
190.
Factors of production
191.
192.
Federal Government Expenditures and
Revenue
193.
The federal government finances its
expenditures by collecting a variety of taxes. The
main taxes paid to the federal government are
194.
The federal government's major
expenditures provide?
195.
a decrease in supply shifts
the supply curve leftward
196.
financial capital
197.
The flows of payments made in exchange
for the services of factors of production and of
expenditures on goods and services?
198.
The flows of the factors of production that
go from households through factor markets to firms
and of the goods and services that go from firms
through goods markets to households?
199.
Explain the effect of each event on the
demand for cell phones.
200.
For whom?
201.
202.
203.
204.
Free rider
205.
free rider
206.
A free rider can enjoy the benefits of a
public good because public goods are
nonexcludable.
207.
208.
The gain or pleasure that something
brings? what you are willing to give up in order to
get one additional unit of it.
209.
Game Theory
210.
A general tendency for the value of a
variable to rise or fall?
211.
The "gifts of nature," or natural resources,
that we use to produce goods and services? It
includes minerals, energy, water, air, and wild
plants, animals, birds, and fish. Some of these
resources are renewable, and some are nonrenewable.
212.
Globalization
213.
A good for which demand decreases when
income increases and demand increases when
income decreases?
214.
A good for which demand increases when
income increases and demand decreases when
income decreases?
215.
Goods and resources that are rival but
nonexcludable are common resources
216.
217.
Goods and services are produced by
using?
218.
Goods and services are produced using
four factors of production:
219.
220.
221.
Goods markets
222.
Goods that are nonrival and nonexcludable
are public goods
223.
Goods that are nonrival but excludable are
goods produced by a natural monopoly
224.
Goods that are rival and excludable are
private goods
225.
A good that can be consumed in place of
another good?
226.
A good that can be produced in place of
another good
227.
A good that is consumed with another
good?
228.
A good that is produced along with another
good?
229.
Government expenditures
230.
231.
Government goods/services
232.
Government license
233.
Governments also interact with households
and firms in other ways.
234.
235.
236.
Governments spend an increasing share of
a nation's gross domestic product because the
marginal benefits of public goods are less than their
marginal costs.
237.
Governments use four sets of tools to
influence international trade and protect domestic
industries from foreign competition.
238.
A graph of the relationship between the quantity demanded of a good and its price when
all the other influences on buying plans remain the same?
239.
A graph of the relationship between the
quantity supplied of a good and its price when all
the other influences on selling plans remain the
same?
240.
A graph of the value of one variable against
the value of another variable?
241.
The graph shows the labor market for fastfood workers in Sioux City. If the government sets a
minimum wage of $7 an hour, then the labor market
is ________ and marginal benefit ________
marginal cost.
242.
A graph that measures time on the x-axis
and the variable or variables in which we are
interested on the y-axis?
243.
A graph that shows the values of an
economic variable for different groups in a
population at a point in time?
244.
Harry owns a clothing store. In summer, he
is able to charge a higher price for the white cotton
summer dress. This will:
245.
246.
247.
An HHI close to 0
248.
249.
250.
High Concentration
251.
A higher cost of production causes a
decrease in supply
252.
Horizontal equity
253.
Households and firms in the U.S. economy
interact with households and firms in other
economies in two main ways: They buy and sell
goods and services and they borrow and lend. We
call these two activities?
254.
How can government actions lead to more
efficient outcomes when negative externalities are
present?
255.
...
256.
How can we analyze production to
determine if it is efficient or inefficient and to
understand the tradeoffs involved?
257.
258.
How do absolute advantage, comparative
advantage, and specialization affect trade?
259.
How do changes in demand and supply
affect market equilibrium?
260.
How does a new Starbucks in Beijing,
China, influence self-interest and the social
interest?
261.
How does Facebook influence self-interest
and the social interest?
262.
How does the delivery of public goods and
services lead to external benefits?
263.
...
264.
How do we produce?
265.
266.
267.
Human Capital
268.
269.
The human resource that organizes labor,
land, and capital to produce goods and services?
They are creative and imaginative.
270.
Identify the cases where the market output
is efficient.
271.
If an increase in the daily price of "Animal
world" zoo tickets causes an increase in demand
for the neighboring "Animal Safari" daily tour
tickets, then we can conclude that:
272.
If a society moves from a period of time
with significant unemployment to a time with full
employment, its production possibilities frontier will
273.
If each additional hour spent studying
reduces time available for sleep and leisure, then at
some point a student decides the additional benefit
is not worth the cost.
274.
If marginal social benefit exceeds marginal
social cost,
275.
If marginal social cost exceeds marginal
social benefit,
276.
If the beneficiary of a public good or
service does not face the marginal cost of its
provision, the public good is underproduced.
277.
If the price elasticity of demand equals 1,
278.
If the price elasticity of demand is greater
than 1,
279.
1
280.
If the price floor is set above the
equilibrium price,
281.
If the price of movie tickets decreases, what might we expect on the demand side for
movie tickets and popcorn at the movie theater complex?
282.
If there is unemployment in an economy,
then the
283.
If tuition at a college is $30,000 and the external benefit of graduating from this college is
$10,000, then *
284.
If Wendy can produce more of all goods
than Tommy in an hour, then
285.
illustrates the recent changes in the
production of defense goods and services using the
PPF.
286.
Implicit cost
287.
288.
Import Quota
Imports
289.
incentive
290.
Income earned by an entrepreneur for
running a business?
291.
Income Effect
292.
293.
294.
295.
296.
are:
297.
298.
299.
Increase in Demand and Decrease in
Supply
300.
An increase in demand causes a shift of
the demand curve to the right
301.
An increase in demand shifts the demand
curve rightward; an increase in supply shifts the
supply curve rightward.
302.
An increase in the price of bottled water
results in a decrease in the demand for bottled
water
303.
An increase in the price of bottled water
results in an increase in the supply of bottled water
304.
305.
Independent
306.
Indifference curve
307.
308.
Individuals or groups of people living
together?
309.
310.
311.
Inelastic demand
312.
Inelastic supply
313.
Inferior Good
314.
inferior good
315.
The influences on the price elasticity of
demand fall into two groups:
316.
in simpler terms.
317.
The institutions that organize the
production of goods and services?
318.
The International Monetary Fund classifies
countries into what two broad groups of
economies?
319.
In the areas of public education and health
care, government action can provide additional
resources to increase the quantity of these goods
and services while also increasing their social
benefit. Three approaches have been used to
make the allocation more efficient:
320.
In the circular flow model, money flows in
the opposite direction of the flows of goods and
services.
321.
In the circular flow model, there are two
types of flow:
322.
In the circular flow model, which of the
following items is a real flow?
323.
In the following three news items, find
examples of the what, how, and for whom
questions: "With more research, we will cure
cancer"; "A good education is the right of every
child"; "Congress raises taxes to curb the deficit."
324.
In the market for cell phones, which of the
following events increases the supply of cell
phones?
325.
In the market for jeans, which of the
following events increases the demand for a pair of
jeans?
326.
In the summer of 2008, the price of
gasoline increased greatly. If the demand curve for
gasoline did not shift, which of the following
occurred?
327.
Invention
328.
In winter, the quantity supplied of snow
shovels increased. This could be because of:
-
329.
ITQ's
330.
331.
The knowledge and skill that people obtain
from education, on-the-job training, and work
experience?
332.
Labor
333.
Land
334.
The largest share of total goods and
services produced in the United States are of this
type:
335.
Linda enjoys watching movies in movie
theaters. During her annual review at work, she
was told that her income will go up by 10%
because of her above-average performance. This
will result in: *
336.
Linear Relationship
337.
A list of the quantities demanded at each
different price when all the other influences on
buying plans remain the same?
-A demand schedule shows information in a table.
338.
A list of the quantities supplied at each
different price when all the other influences on
selling plans remain the same
339.
Long run
340.
341.
Lorenz curve
342.
Low concentration
343.
Low Rent
344.
Lumber companies make timber beams
from logs. In the process of making beams, the mill
produces sawdust, which is made into pressed
wood. In the market for timber beams, the following
events occur one at a time:
The wage rate of sawmill workers rises.
The price of sawdust rises.
The price of a timber beam rises.
The price of a timber beam is expected to rise
next year.
A new law reduces the amount of forest that can
be cut for timber.
A new technology lowers the cost of producing
timber beams.
Does any event (or events) illustrate the law of
supply?
345.
Lumber companies make timber beams
from logs. In the process of making beams, the mill
produces sawdust, which is made into pressed
349.
Macroeconomics
350.
351.
352.
Many Americans are selling their used cars
and buying new fuel-efficient hybrids. Other things
remaining the same, in the market for used cars,
________ and in the market for hybrids ________.
353.
Margin
354.
MARGINAL BENEFIT
355.
Marginal Benefit
356.
Marginal benefit
357.
cost.
358.
Marginal benefit measures the opportunity
cost of producing or consuming.
359.
The marginal benefit of a good is the same
as the good's demand curve.
360.
True
361.
Marginal benefit usually increases with
increased quantity.
362.
MARGINAL COST
363.
364.
Marginal Cost
365.
Marginal cost
366.
the marginal cost curve of a public good
slopes upward.
367.
The marginal cost of a good is the same as
the good's supply curve.
368.
369.
The marginal economic benefit of a public
good is equal to the point where market demand
equals market supply of the good.
370.
371.
372.
373.
374.
375.
marginal private benefit (the benefits that
the individual gains) plus marginal external benefit
(the benefits that accrue for the public)
376.
377.
378.
Marginal Product
379.
380.
Marginal revenue
381.
382.
383.
384.
385.
386.
387.
388.
389.
Marginal Utility
390.
Market
391.
Market Demand
392.
market equilibrium
393.
Market equilibrium is efficient because the
sum of consumer surplus and producer surplus is
the largest at the equilibrium.
394.
Market for factors of Production: 4 factors
of production
395.
Market income
396.
Market price is the only way for an economy to allocate Markets in which goods and
services are bought and sold?
397.
Markets in which the services of factors of
production are bought and sold?
398.
market supply
399.
Markup
400.
401.
Medium concentration
402.
but they almost always involve three
elements:
403.
Microeconomics
404.
A mixed good is
405.
Mixed goods tend to be underproduced
because the marginal cost of producing them
exceeds the marginal social benefits.
406.
A model of the economy that shows the
circular flow of expenditures and incomes that
result from decision makers' choices and the way
those choices interact to determine what, how, and
for whom goods and services are produced?
407.
Money flows move in the opposite direction
of real variable flows.
408.
Money income
409.
410.
Monopolistic competition
Monopoly
411.
The movie theater complex where Linda
usually watches movies is selling its tickets at a
20% discount to students and senior citizens. This
will result in: *
412.
Narrowness of Definition
413.
Nash equilibrium
414.
Natural experiments
415.
Natural monopoly
416.
417.
418.
Negative externalities result in
underproduction.
419.
Negative externality
420.
Negative/Inverse relationship
421.
422.
423.
Nonexcludable
424.
425.
Nonrival
426.
nonrival
427.
Normal Good
428.
normal good
429.
Normal profit
430.
Normative Statements -
431.
Number of buyers
432.
Number of Sellers
433.
Objects and actions that people value and
produce to satisfy human wants?
434.
Of the four groups of goods and services
which has the largest share and a share that
doesn't fluctuate much?
435.
Oligopoly
436.
437.
OPPORTUNITY COST
Opportunity Cost
438.
439.
440.
The opportunity cost of producing one
more unit of a good is calculated by dividing the
441.
OPPORTUNITY COSTS
442.
The opportunity cost that arises from a
one-unit increase in an activity. It is what you MUST
GIVE up to get one additional unit of it?
443.
444.
445.
Other things remaining the same, a fall in
the price of peanuts will ________.
446.
-Other things remaining the same, if the
price of a good rises, the quantity demanded of that
good decreases; and if the price of a good falls, the
quantity demanded of that good increases.
- if the price of an iPhone falls, people will buy more
iPhones; or if the price of a baseball ticket rises,
people will buy fewer baseball tickets.
447.
Other things remaining the same, if the
price of a good rises, the quantity supplied of that
good increases; and if the price of a good falls, the
quantity supplied of that good decreases
448.
449.
The output of a production process
designed to be used later in other production
processes
450.
451.
452.
Patent
453.
An exclusive right granted to the inventor of
a product or
454.
A payment by the government to producers
to lower their cost of production
455.
Payoff matrix
456.
Perfect Competition
457.
458.
459.
460.
461.
462.
463.
Planning for long-term investments, like
buildings and equipment, are known as capital
investments
464.
465.
Positive/Direct Relationship
466.
Positive externality
467.
468.
Positive Statements
469.
The PPF is a valuable tool for illustrating
the effects of scarcity and its consequences. The
PPF puts three features of production possibilities
in sharp focus. They are the distinctions between?
470.
Predatory pricing
471.
472.
Preferences
473.
The price at which the quantity demanded
equals the quantity supplied
474.
475.
A price ceiling in the market for gasoline
that is below the equilibrium price will lead to
476.
A price ceiling set below the equilibrium
price is binding and has several effects.
477.
Price-discriminating monopoly
478.
479.
480.
481.
482.
483.
484.
Price support
485.
A price support wherein the government
buys any surplus output
486.
Price Taker
487.
488.
489.
Prisoners' dilemma
490.
Private good
491.
Producer surplus
492.
Producer surplus is the ________ summed
over the quantity produced.
493.
Producer surplus occurs when marginal
cost exceeds the market price.
494.
Product competition
495.
Production efficient
496.
497.
Production Efficienty
Production is possible with
498.
499.
The production possibilities frontier
illustrates the
500.
The production possibilities frontier is
bowed outward because of increasing opportunity
costs.
501.
502.
503.
The productive resources that are used to
produce goods and services? Includes land, labor,
capital, and entrepreneurship.
504.
505.
Productivity
506.
productivity
507.
Progressive Tax
508.
Property rights
509.
Proportional Tax
510.
511.
Provide three examples of wants in the
United States today that are especially pressing but
not satisfied.
512.
Public Franchise
513.
Public good
514.
Public provision of mixed goods is efficient
if the marginal cost of public provision exceeds
marginal social benefits.
515.
516.
Quantities where marginal benefits (MB)
exceed marginal costs (MC) are
517.
Quantities where marginal cost exceeds
marginal benefit are
518.
The quantity bought and sold at the
equilibrium price
519.
Quantity demanded
520.
quantity demanded
521.
The quantity demanded is measured as an
amount per?
522.
quantity supplied
523.
524.
525.
Rational Choice
526.
527.
Rational ignorance
528.
Rational ignorance
529.
530.
Regressive Tax
531.
Regulation
532.
Related goods are either substitutes in
production or
533.
A relationship between two variables that
move in opposite directions?
534.
A relationship between two variables that
move in the same direction?
535.
line?
536.
537.
Relative Price
Rent controls
538.
Rent Seeking
539.
540.
Resources might be allocated by using any
one or some combination of the following methods:
541.
Revenue Implications
542.
A reward or a penaltya "carrot" or a
"stick"that encourages or discourages an action?
543.
Rival
544.
rival
545.
Rule that leads to the greatest utility from
all goods and services consumed 546.
Scarcity
547.
Self-Interest
548.
549.
Short run
550.
551.
Shutdown point
552.
Signal
553.
Similarly, when firms choose the quantities
of goods and services to produce and offer for sale
in goods markets, they respond to?
554.
single-price monopoly
555.
A situation in which the economy is getting
all that it can from its resources and cannot
produce more of one good or service without
producing less of something else?
556.
A situation in which the quantity demanded
exceeds the quantity supplied?
557.
A situation in which the quantity supplied
exceeds the quantity demanded?
558.
A situation that arises in the ordinary
course of economic life in which the one factor of
interest is different and other things are equal (or
similar)?
559.
Six ideas define the economic way of
thinking:
560.
Slope
561.
562.
Social Interest
563.
564.
565.
SOCIAL INTEREST HAS TWO
DIMENSIONS
566.
EFFICIENCY AND EQUITY
567.
The social interest has what two
dimensions?
568.
569.
State and Local Government Expenditures
and Revenue
570.
State and local governments finance these
expenditures by collecting taxes and receiving
573.
Statistical investigations
574.
Strategic Behavior
575.
Strategies
576.
The study of the aggregate (or total) effects
on the national economy and the global economy
of the choices that individuals, businesses, and
governments make?
577.
The study of the choices that individuals
and businesses make and the way these choices
interact and are influenced by governments?
578.
Subsidies increase the price to consumers
and result in overproduction.
579.
Subsidies provide a payment to producers
to lower the marginal cost of production.
580.
Subsidies reduce the cost to producers and
result in overproduction.
581.
Subsidy
582.
Substitute
583.
substitute
584.
Substitute goods
585.
substitute in production
586.
Substitution Effect
587.
supply curve
588.
589.
The supply curve shows the negative
relationship between the quantity supplied of a
good and its price
590.
Supply is the relationship between the
quantity supplied of a good and a supplier's cost
591.
Supply Schedule
592.
593.
Suppose the marginal cost of the fourth
unit of a public good is $20. If Mark and Judy are
the only members of society, and they are willing to
pay $10 and $11, respectively, for the fourth unit of
the good, then the efficient quantity is
A) 3 units.
B) 4 or more units.
C) 0 units.
D) More information is needed about the marginal
benefits of the first, second, and third units of the
public good.
E) None of the above answers is correct.
594.
4 or more units.
595.
Supposing chocolate cake and cheesecake
are substitutes, an increase in the price of
chocolate cake increases the demand for
cheesecake
596.
The sustained expansion of production
possibilities.
597.
Tariff
598.
The tendency for the values of two
variables to move together in a predictable and
related way?
599.
-The amount of any good, service, or
resource that people are willing and able to buy
during a specified period at a specified price?
-Quantity demanded represents the cost of one
specific quantity at one specific price.
- Quantity demanded is affected by price, but
demand itself can be influenced by a variety of
factors.
600.
-The amount of any good, service, or
resource that people are willing and able to sell
during a specified period at a specified price
- For example, when the price of spring water is
$1.50 a bottle, a spring owner decides to sell 2,000
bottles a day. The 2,000 bottles a day is the
quantity supplied of spring water by this individual
producer.
-represents a specific good at a specific price.
-Quantity supplied is affected by price, but supply
itself can be affected by several factors. Among
those factors are the cost of related goods, the
prices of resources (such as what it costs to
manufacture the item), the number of sellers, and
worker productivity.
-one quantity at one price.
601.
There are many points on a production
possibilities frontier that are equally efficient in
terms of value.
602.
-The relationship between the quantity
demanded and the price of a good when all other
influences on buying plans remain the same
-demand is a list of quantities at different prices.
-demand can be illustrated by a demand schedule
or a demand curve.
-Demand can be affected by price but also by a
number of other factors. Among these are the price
of substitute goods, the expectation that prices will
increase at some point in the future, changes in
personal income, and a change in consumers'
personal preferences.
603.
-The relationship between the quantity
supplied and the price of a good when all other
influences on selling plans remain the same
-is a list of quantities at different prices. Supply can
be illustrated by a supply schedule, a table, or a
supply curve.
604.
605.
Three main factors influence the ability to
find a substitute for a good:
606.
The three main methods that might be
used to achieve the efficient use of a common
resource are
607.
608.
To calculate the benefits, or the marginal
social benefit, you
609.
To determine the efficient quantity of a
public good to supply, *
610.
To graph a relationship that involves more
than two variables, we use assumption?
611.
To study economic growth, we must
change the two goods and look at the production
possibilities for a consumption good and a capital
good.
612.
Total Product
613.
Total revenue
614.
Total revenue test for the price elasticity of
deman
615.
Total Utility
616.
Trade-off
617.
618.
Tragedy of Commons
619.
620.
Transactions costs
621.
The two main influences on the price
elasticity of supply are
622.
Tying arrangment
623.
624.
625.
Utility
626.
Vertical equity
627.
Vouchers represent a token amount
granted to producers to increase the quantity of
mixed goods purchased.
628.
We call the distribution of income among
the factors of production the?
629.
630.
We place the goods and services produced
into what four large groups?
631.
What are examples of inefficient
production?
632.
What are negative externalities, marginal
social costs, marginal social benefits, marginal
private costs, and marginal private benefits?
633.
What are the basic economic questions
that every society must answer?
634.
What are the effects of a change in
demand and a change in the quantity demanded?
635.
What are the effects of a change in supply
and a change in the quantity supplied?
636.
What are the effects of subsidies on
efficiency and fairness?
637.
What are the main influences on buying
plans that change demand?
638.
What are the main influences on selling
plans that change supply?
639.
What are the six ideas (CORE
CONCEPTS) that define the economic way of
thinking?
640.
What are the three basic economic
questions influence goods and services in the
global economy
641.
What causes a change in consumer and
producer surplus?
642.
What causes a change in the quantity
demanded?
643.
What causes a change in the quantity
supplied?
644.
What conditions affect the efficient
allocation of scarce resources?
645.
What conditions must be satisfied for an
allocation of productive resources to be efficient?
646.
What countries are considered Advanced
economies?
647.
What countries are considered Emerging
market economies?
648.
What do we produce?
649.
What economics call a giftgetting
something without giving up something else?
650.
651.
652.
653.
What is a fundamental feature of marginal
benefit?
654.
655.
What is opportunity cost and how is it
calculated?
656.
What is the difference between Absolute
advantage and Comparative Advantage?
657.
What is the impact of a price ceiling on
efficiency and fairness?
658.
What is the impact of a price floor on
efficiency and fairness?
659.
What is the production possibilities frontier
(PPF)?
660.
When an economy is producing at a point
on its PPF ch
oose 2)
661.
When a price support is set below the
equilibrium price, producers ________ the quantity
supplied and consumers ________ the quantity
demanded.
662.
663.
When drawing a production possibilities
frontier, which of the following is held constant?
664.
When firms choose the quantities of factor
services to hire, they respond to?
665.
When floods wiped out the banana crop in
Central America, the equilib-rium price of bananas
________ and the equilibrium quantity of bananas
________.
666.
When households choose the quantities of
services of land, labor, capital, and
entrepreneurship to offer in factor markets, they
respond to?
667.
When mixed goods are produced in
efficient quantity, marginal social benefits equal
marginal cost.
668.
When mixed goods are underproduced,
there is a deadweight loss because marginal social
benefits exceed marginal costs.
669.
true
670.
When one person (or nation) is more
productive than anotherneeds fewer inputs or
takes less time to produce a good or perform a
production task?
671.
When overproduction occurs in a
competitive market, efficiency can still be restored
by sticking with the working of the market.
672.
673.
When the marginal benefits of public goods
differ between groups of voters, compromise is
required to get political approval.
674.
When the quantity demanded equals the
quantity suppliedbuyers' and sellers' plans are in
balance
675.
When there is a surplus, the price falls; and
when there is a shortage, the price rises?
676.
677.
678.
679.
Which of the following best illustrates your
marginal benefit from studying?
680.
Which of the following classifications is
correct?
681.
Which of the following describes the
reason why scarcity exists?
682.
Which of the following events illustrates the
law of demand: Other things remaining the same, a
rise in the price of a good will ________ .
The law of demand is the inverse relationship
between the price of a good and the quantity
demanded.
683.
Which of the following increases the supply
of a product?
684.
Which of the following increases the supply
of gasoline?
685.
Which of the following influence the price
elasticity of demand? (Choose 2)
686.
Which of the following is a positive
statement?
687.
Which of the following is not a key idea in
the economic way of thinking?
688.
Which of the following items is not a factor
of production?
689.
Which of the following statements about
U.S. production is correct?
690.
Which of the following statements is
correct?
691.
Which of the following will change current
demand?
A. Expected future cost
B. Expected future price
C. Price of a substitute in production
D. Price of a complement in production
692.
Why is Financial Capital, like money,
stocks and bonds not Capital?
693.
The work time and work effort that people
devote to producing goods and services? It
includes the physical and mental efforts of all the
people who work on farms and construction sites
and in factories, shops, and offices.
694.