Economics Review

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

What is the most basic issue in economics?

It is said that if something has usefulness it has _______

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

An example of a price floor is

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

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

The United States follows what type of economic system?

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

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

Characteristics of Free Enterprise systems include all these EXCEPT:

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

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

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

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

What are the 3 basic questions of economics?

What are the types of economic systems?

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

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

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

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

What is TINSTAAFL?

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

The point on a graph where supply meet demand is called

Demand curves slope upward to the right, True or False

Allocations with prices is called?

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

What is the term for a "risk taker"?

when you change purchase habits due to income, this occurs

What can cause changes in supply?

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

a nondurable good is-

All the Revenue a business receives is called:

another term for imperfect competition is

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

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

THe maximum legla price3 for an item is called the:

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

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

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

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

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

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

Diamonds are more valuable than water, is called the _____________________

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

All of the following are factors of production EXCEPT: