Chapter 16 Test Review

Which economic model should you use to analyze a decision concerning benefits and costs?

The United States of America currently has elements of both command and traditional economies

Opportunity Cost accounts for all possible options that you decided not to take.

Releasing a product "for a limited time" would cause demand to:

If there are more consumers able to purchase goods, the demand curve would shift to the:

People (Consumers) tend to demand more of a product when the price is high.

If consumers are buying a product at an extraordinary rate, a producer is like to:

Which of the following would be an example of a fixed cost?

This describes a situation in which we do not have enough resources to produce wants:

Goods and services offered by producers are examples of resources.

Which situation would lead to an increase in demand?

The Equilibrium Point is the “center point” in which demand and supply are perfectly balanced

The extra opportunity cost associated with each increase of one unit of sales is:

If A is expected to generate $300 in revenue with $100 in costs, what is the B-C ratio?

Which of the following would be an example of a variable cost?

Which of the following terms does NOT describe the United States of America’s economy?

Which term refers to the choice that happens when we choose to have clean air by driving less?

America’s economy is said to be a:

Which situation would lead to an increase in supply?

Which of the following economic systems would describe a Communist state’s economic ideology?