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ECO Test 1

Economics Test 1

QuestionAnswer
How men and woman and society choose to employ Scarce Productive Resources to produce goods and services and distribute them for consumption among various people and groups in society is called what? Economics
What are the 4 catagories of economic resources? Land and Natural Resources, Labor, Capital, Entrepreneurship
In economics, the term "capital" means... man-made aid to further production
The oportunity cost of the space exploration program is... an action that is sacrificed
The opportunity cost of a college education is... free time and a life
What shows the combination of goods that the economy is capable of producing within its present stock of economic resources and its existing techniques of production? production possibilities curve
Suppose an economy is operating at a point on its production possibilities curve showing clothing and food. If the economy desires to produce additional clothing... the food would decrease
If an economy is operating on its production possibilities curve for consumer goods and capital goods... larger amounts of one product can be obtained only by producing smaller amounts of the other product and/or all economy's resources are fully employed
If a society is operating inside its production possibilities curve for guns and butter, then we know that economic resources are not being fully employed
An economy's production possibilities curve would shift outward as a result of... economic growth
Economic growth would be depicted by increased amounts of goods and services
What is defined by 1. Private Property Ownership and Freedom of Choice, 2. Self-interest or the dominant motive, 3. Markets and Prices, 4. Competition, 5. Limited government intervention Pure Capitalism
In pure capitalism, the production decisions of business are guided by... the market and pricing
In pure capitalism, consumers are protected from shaddy products and high prices by the presence of... competition
In pure capitalism, the prices of economic resources would influence who? buyers and sellers
In Pure Capitalism, the answer to the "how to produce" question use the "least-cost" approach lower cost to produce contributes to higher profits
The two types of markets shown in the circular flow model are... product and resource
The payments to the owners of land, labor, capital, and entrepreneurship are, respectively... publicly owned
According to the law of damand, a reduction in the price of a product will... make the demand of the product rise and, in turn, consumers will purchase more
If the price of hamburger increases, this is likely to... shift the demand curve to the left
If the price of gasoline declined, we would expect... more gas
The "income effect" of a price reduction will cause consumers to purchase more of a product because.... They have the ability to spend more
If consumers expect the price of a product to increase in the future, they will probably... buy it now
If the demand curve for pond-raised catfish shifted to the right.. would that be good or bad? good
What law is a direct relationship between the price of a product and the quanitity of that product supplied Law of Supply
If the price of leather increases, then... we buy less
If a severe drought destroyed most of the hay crop, how would the supply curve shift and what would happen to the price of hay? The supply curve would shift to the left and the price of hay would increase
What is a legally established minimum price above the equilibrium price? A Price Support
What is established when the Government decides to intervene in the pricing process when convinced that prevailing prices are either too high or are increasing too rapidly? A Price Ceiling
If the price of ladies handbags is reduced by 10% profit and the quantity demand increases by 20%, is it elastic? yes
Suppose that when the price of milk is increased by 25% the quantity demand declines by 20%. The coefficient of demand elasticy is equal to.. .8
If the coefficient of demand elasticity is greater than 1, demand is described as... elastic
If the coefficient of demand elasticity is less than 1, demand is described as... inelastic
If the coefficient of demand elasticity is equal to 1, demand is described as... unitary elasticity
In general, demand for a product is considered more elastic if demand is... very responsive to price changes
In general, demand for a product is considered inelastic if demand is... not very responsive to price changes
If the coefficient of demand elasticity is .5, then it is... inelastic
If the coefficient of demand elasticity is 2, then it is... elastic
What is the primary determinant of the elasticity of supply? the number of ggod substitutes available
Created by: lorineadeil
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