Economics Review

what is a noncash charge a firm takes for general wear and tear on capital goods?

A graph that shows how total output changes when a single variable input changes is called:

What is the term for a "risk taker"?

What are the types of economic systems?

It is said that if something has usefulness it has _______

What can cause changes in supply?

The most common form of business organization in the US is:

a nondurable good is-

Diamonds are more valuable than water, is called the _____________________

What occurs when the factors of production perform only tasks they can do better than others?

The change in the QD because of the change in the relative price of the product is called the:

What are the 3 basic questions of economics?

The government in the American system uses all of the following roles EXCEPT:

All the Revenue a business receives is called:

The United States follows what type of economic system?

Who said, "the wealth of nations should be defined as the sum of the goods produced by labor"?

Demand curves slope upward to the right, True or False

What is TINSTAAFL?

To determine elasticity you ask 3 questions, which one is NOT correct?

______ Competition is characterized by a large number of informed independent buyers/sellers

The stages of production are often viewed as a wave or roller coaster-Increasing, decreasing, &

What is the most basic issue in economics?

Demand is _______ when a given change in price causes a relatively larger change in QD

when a products QD remains unchanged after a price increase or is relatively unchanged, this is

what is the part of economic theory that deals with behavior and decision making by people?

a __________ merger is one that firms produce the same kind of merchandise

THe maximum legla price3 for an item is called the:

What states that the quantity demanded varies inversely with its price?

The role of the government in our competitive society is which of the following:

supply curves measure how much is demanded at different prices, True or False

When you add two/more individual demand curves you get a ______ demand curve (add quantities)

An example of a price floor is

All of the following are factors of production EXCEPT:

All of the following are types of costs associated with Profit Maximization EXCEPT:

what term means the cost of the next-best-alternative?

A country that offers free health care, free education, and has high income taxes (40%+) is a

another term for imperfect competition is

what is, .."the sum of people's skills, abilities, health, knowledge, and motivation."?

the unintended side effect (+/-) that benefits or harms someone is called a/an:

when you change purchase habits due to income, this occurs

Characteristics of Free Enterprise systems include all these EXCEPT:

Allocations with prices is called?

what do we call the extra usefulness gained from using one more of an item?

The economic goals of the US include all of the following EXCEPT:

The point on a graph where supply meet demand is called

This economic system is known for tackling change rapidly without hesitation about consequences