Chapter 16 Test Review

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

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

Goods and services offered by producers are examples of resources.

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

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

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

America’s economy is said to be a:

Which situation would lead to an increase in supply?

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

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

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

Which situation would lead to an increase in demand?

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

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

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

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

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

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

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

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