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QuestionAnswer
Which of the following questions relates most directly to consumer sovereignty? Consumers desire to purchase less of this product at each possible price
An increase in consumer income will: Increase the demand for a normal good but decrease the demand for an inferior good.
Which of the following best describes an inferior good? A good for which income and quantity demanded are inversely related.
If the supply of a product decreases and the demand for that product simultaneously increases, then the equilibrium: price must rise
Which will not cause supply to increase? An increase in demand.
A change in quantity demanded reflects: a movement along the demand curve as a result of a change in price.
The Law of Demand states that: there is an inverse or negative relationship between price and quantity.
Scarcity: occurs as a result of unlimited wants and limited resources available to fulfill these wants.
Economics is the social science concerned with: how individuals, institutions and society makes choices under conditions of scarcity.
Which of the following is not a factor of production? $10,000
A nation's production possibilities curve "bowed out" from the origin because: resources are not perfectly shiftable production and goods.
A microeconomist would most likely study: how consumers respond to a change in gasoline prices.
The production possibilities frontier or curve: shows attainable combinations of two products that may be produces with available resources.
You have a history and economics exam schedule for tomorrow, but find that you only have time to study for only one of them, what are you facing a tradeoff.
Economists make the following assumption about humans: People are rational and respond to economic incentives.
Which of the four fundamental questions relates most directly to consumer sovereignty? What goods and services will be produced.
The market system is characterized by: private property rights.
The term "consumer sovereignty" means: consumer choices ultimately determine which goods and services are produced?
Which of the following does not distinguish a market form a command system? the widespread use of money.
According to Adam Smith, the "invisible hand:" promotes the public interest when people pursue their self-interests.
The competitive market system encourages innovation and technological advance, primarily through: profitable returns to innovative firms.
In terms of the circular flow diagram, fims receive in the ________ market and incur costs in the ________ market. product; resource
Which of the following is a capital good? A steel fabrication facility.
Human specialization, or the division of labor: increases output by enabling workers to take advantage of differences in their skills.
Competition is characterized by: freedom of buyers to enter or leave markets.
A public good exhibits the characteristics of: nonrevalry and noneexcludability.
Most states tax gasoline and use the proceeds to build and maintain highways. This tax best reflects: the benefits-received principle.
An externality is; a cost or benefit incurred by someone who is not directly involved in the production of a good or service.
Which oif the following markets is likely to be characterized by substantial positive externalities (spillover benefits)? flu vaccine.
Variable cost: Costs that increase of decrease with a firm’s output.
Fixed cost: Costs that do not change in total when the form changes its output.
Firms in purely competitive markets: are "price takers".
A particular firm would most likely be classified a monopoly if: entry into the industry is blocked.
In order to sell more output, the monopolist: has to lower the product's price.
A monopolistically competitive market structure is characterized by al of the following except: all firms are price takers.
In an oligolopolistic industry: firms behave strategically.
Economies of scale: Reduction in the average total cost of producing a product as the firm expands the size of its operations (output) in the long run.
Diseconomies of scale: Increases in the average total cost of producing a product as the firm expands the size of its operations
Created by: vjambriz