Unit I Macro Quiz

Any point inside the PPC indicates

As the price of a product rises, consumers shift their purchases to other similar products

change in the price of substitute and complimentary goods will shift the following curve

DVD players and DVDs are considered

Central Planned economy where the government controls everything

If X is a normal good, an increase in the money income with shift the 

The inward shift of the PPC curve could be caused by:

Microeconomics is concerned with

the destruction of the midwestern power grid will do what to the PPC

a nation's GDP is determined by

Houses holds buy goods and services from firms in the market

Goods that are necessities are typically considered what type of elasticity?

if there are many substitutes then consumers most likely consider the product to be

If the price of a product goes up and the total revenue goes up then we know the product is

When Quantity demanded is not very responsive to a price change it is most likely

An economic statement that is a fact... basically describing the way it is

Which of the following is a macroeconomic statement?

List the four factors of production

The demand curve shows the relationship between

The value of the next highest valued alternative or foregone cost

Emphasizes the presence of private property and the law of S & D to determine prices

Changes in consumer tastes and preferences will shift?

Which of the following will not produce an outward shift of the production possibilities curve?

An equal increase in demand and supply will:

changes in taxes and subsidies will shift

Which of the following are considered transfer payments

An increase in the Supply curve while the Demand curve stays constant will cause

Faster computers and better technology will do what to the PPC

Firms buy resources from Households in this Market

A change in price on the supply curve will change?

Equipment, machinery, factory

A change of price on the demand curve will cause?

If X in an inferior good, an increase in money income will shift

A linear or straight lined PPC represents this type of opportunity cost

List in order the correct payment associated with Land, Labor, Capital, & Entrepreneurship

A bowed out or concave PPC represents what type of opportunity cost?

An economic statement that is concerned with the way things ought to be.

type of efficiency that uses least costly producing techniques

changes in the number of consumers will shift

Choose the option that is not a reason why the demand curve is downward sloping

Economics may best be defined as the

type of efficiency where the resources used to produce G& S are desired by society

The supply curve shows the relationship between

If a consumer is highly responsive to a price change of a product then that product is 

you should decide to go bowling if:

Which of the following will cause an outward shift of the PPC

For economists, the word "utility" means

changes in resources prices will cause the following curve to shift

The term "other things equal" means that

Which of the following is considered an inferior good?