Econ Final Review, Part 1

Which of the following is NOT one of the basic economic questions?

The movement from S1 to S3 depicts a (an)

The point where a supply and demand curve intersect is called

Which of the following is NOT a type of economic system?

When the quantity supplied is greater than the quantity demanded of a good, this causes a

The quantity of a good varies inversely with its price

What you give up to get something else (the next best alternative) is known as

If at current price, there is a shortage of a good

Which of the following is an example of a compliment in consumption

Which of the following is NOT a determinant of demand?

If the price of peanut butter increases, what will happen to the demand for jelly?

The following price floor has created a (an)

Point D on the PPC is

situation where some necessities have little value while some non necessities have high value

The person who can produce at a lower opportunity cost than someone else has the

Point E on the PPC is

The basic economic problem is

Which of the following does NOT shift supply?

If the price of coffee decreases, what will happen to the demand for tea

A legal maximum price