Economics Final Exam

What does point D represent?

Which type of economy does the United States have?

The market structure that has many firms and is a price taker is...

Under which economic system would factors of production most likely be owned by a government?

What does point A represent?

What you gain by adding or consuming one more unit of a good is called

The graph that shows all of the possible combinations of two goods that could be produced is

The law of demand says that as price increases, demand __________________.

True/False: A public park is non-rival.

Which set of goods are substitutes?

The invisible hand is a metaphor about

Which graph shows supply increasing?

A common advantage of using credit is

Which of the following is a negative externality?

If equilibrium price and quantity both increase, it is likely that

Which of the following might be considered an inferior good?

Which shape would a production possibilities be if there is increasing opportunity cost?

Which of the following is an example of a transfer payment?

If the price of hot dog buns decreases, what will happen in the market for hot dogs?

True/False: Your credit score will increase if you open several credit cards in a month.

Which graph shows demand decreasing?

If the price of Coke falls, what happens to the demand for Pepsi?

You and Max make tacos and burritos. If Max has the comparative advantage in tacos, then

What is limited for producers and consumers?

Which set of goods are complements?

True/False: The higher the interest rate, the better.

True/False: The government can support positive externalities by providing subsidies.

What are the factors of production?

What does point B represent?

The least competitive market structure is