Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Stack #33490
| Question | Answer |
|---|---|
| According to the text, the objective of economics is | to understand why the real world is what it is. |
| In its most fundamental sense, economics is the study of | scarcity and choice. |
| When somegoods are used to produce other goods, those goods that are used in the production process are called | factors of production. |
| Economists refer to financial capital and physical capital Examples of these include all the following except | land |
| When an individual is behaving according to "rational self-interest" this means that the individual | ismaking choices that provide him or her with the greatest amount of satisfaction possible. |
| Normative economics | involves opinions and value judgements. |
| If a driver is able to avoid a traffic jam on the freway by taking a side street, that person is made better off. However if we had assumed everybody would be better off by taking the side street, which of the following would be involved? | fallacy of composition |
| If a straight line crosses the y-axis at and crosses the X-axis at + 10 it is easy to conclude that the slope of the line is | negative |
| Consider the equation of a straight line Y=a+bX. Which of the following statments is true? | If b is negative, the line slopes downward. |
| A production possibilities curve shows that more of one type of good can be produced only by | decreasing the quantity ofother types of goods that are produced |
| In economics, the concept of opportunity cost is | defined to be the highest-valued alternative that must be forgone when a choice is made |
| a market | makes possible the exchange of goods and services |
| The law of demand illustrates that | as price decreases,quantity demand increases. |
| According to economic theory, a change in the quantity demanded of any good is always caused by | changes in the price of that good. |
| Late last year, the price of good A dropped dramatically. Within one week, the demand for good B almost doubled. This implies that goods A and B are most likely | complementary goods |
| The law of supply illustrates that | whatever affects price affects quantity supplied |
| Assume the supply curve of sirloin steak is upward sloping. if the price increases from $4.25 to $8.60 per pound | A greater quantity of sirloin steak will be supplied. |
| If price is below equilibrium, | quantity demanded exceeds quantity supplied, and a shortage exists |
| A price floor | is a situation where the price is not allowed to decrease below a certain level. |
Created by:
Adam9680