Econ Midterm

A demand curve only displays a snapshot or picture of a market because

People who satisfy their own needs without outside assistance are said to be

the amount of money remaining after producers have paid all their costs is called

Economic efficiency is making the best use of

Which of the following could be a factor of production

The summation of all firms that produce a given product is classified as

What is the incentive for economic risk taking by the entrepreneur?

Total revenue for the producer equals

A production possibilities frontier model would be most useful in

In economic transactions where quantity supplied equals quantity demanded is called

What is the opportunity costs of a new pair of sneakers at the mall?

Children are likely to carry on the economic roles of their parents in a

When economists refer to a products usefulness, they use the term

market condition where quantity supplied exceeds or is greater than demand at a given price is

Which direction will the demand curve shift if consumer's incomes rise

Which is true according to the law of demand?

Microeconomics includes the study of

the number of outputs produced by a given number of inputs is a measure of

Which of the following is a non-price determinant of demand (moves the demand curve over time)

Which of the following is an example of a price ceiling or price cap?

if trying to decide whether to produce electricity using coal, natural gas or nuclear, you are

What economic goal of the US economy is concerned with questions of fairness

If substitutes are readily available for a product, it has

with a A normal supply curve what is the relationship between price and quantity supplied?

What does a shortage in a competitive market imply?

Money is

What is scarcity

In the production process raw materials like timber and oil are an example of

What is meant by 'resources are scarce'?

Monthly rent on a building to the producer is an example of

What is economics

As a factor of production, what is capital?