Economics Midterm Review

Human capital includes?

Which is NOT a factor that shifts a demand curve?

What is a factory building an example of?

What is an inferior good?

What economic system has both elements of gov't and private business?

The purpose of a PPC is to?

An increase of the number of firms in the industry would cause a supply curve to shift?

The PPC illustrates what?

One example of an entrepreneur is?

In what type of economy does the gov't own and control the factors of production?

Which would an economist consider a likely complement to a tablet/ smartphone?

According to law of demand, when a price of an item goes up, the quantity demanded?

Alex receives a raise at work and continues to work the same number of hours each week. His demand for the shirt?

Which way would a demand curve shift with an increase in population?

Which of following lists would an economist consider to be land.

Why can an electric company change their rates without losing customers?

The physical capital used by a woodworker to make furniture would include?

Which economy does the U.S have?

Which one of the following is not one of the five factors that shift a supply curve?

What is the only legal monopoly in the United States?

How could the gov't support the creation of a monopoly?

If Jiffy peanut butter goes up in price consumers buy Walmart peanut butter instead. This is an example of?

What does it mean when the demand for a product is inelastic?

Which of the following is a "guns or butter" decision?

Which of following is an example of scarcity, rather than shortage?

An example of a shortage is limited amounts of?

What is the term an economist uses when weighing a nations choice of military goods or civilian goods?

The study of economics involves?