Economics Review Part 2

Which of the following is likely to increase the demand for popcorn?

What is a tariff?

What system has the least govt involvement in what, how and for whom goods are produced?

How does the Fed increase the money supply?

What is a factor of production?

What is the amount of good that producers are willing and able to make available at a price?

Why do companies invest in human capital?

The number of jobs created increases during which phase of the business cycle?

Which scenario would a worker qualify as being unemployed?

What is opportunity cost?

What is the term for remaining money after all costs of production have been paid?

A monopoly is characterized by which of the following conditions?

What is the impact of tariffs and quotas over time?

What is a cost or benefit caused by an economic actor that is not suffered or enjoyed by that same actor?

What is the ability to produce a given good in a more efficent manner than your competition?

Who is considered the founder of modern market economics and wrote The Wealth of Nations?

What will be affected with an increase in the number of firms in an industry, ceteris paribus?

You buy a box of donuts for breakfast. As you eat each donut, what concept is experienced?

A hurricane ruins a farmer's lemon crops. What happens on the supply curve?

Which economic system combines elements of the traditional, market and command economic models?