Economics Review 2018 part A

The additional expense of producing one more unit of a product is called...

A person who does not pay for a service but benefits from it is called a(n)

Free contract means that people can choose..

Public goods are funded by

During ski season, business at Crockett restaurant booms. What factor is affecting demand?

In the marketplace, producers are looking to

Who wrote The Wealth of Nations?

What is another name for the production possiblities curve?

A public transfer payment happens when government transfers income from...

What is a market demand curve?

Crocs are wildly popular. What factor is affecting demand?

The way a society uses resources to satisfy people's unlimited wants is called an economic.....

Which of the following buys goods for personal use?

Factory closes, hundreds are layed off. Spending falls. What factor is affecting demand?

Which tax takes a larger percentage from low-income earners than from high-income earners?

What does "There is no such thing as a free lunch" mean?

What two factors are necessary for demand?

Suppliers in a product market are...

What term is defined as goods that consumers demand more of when their income rises?

Supply is defined as...

Which of the following describes a demand curve?

In a market economy, the real power in thh marketplace is held by the

Which is not considered a need?

Which of the following best describes wants?

Many have switched from landlines to cell phones. What factor is affecting demand?

What explains the shape of a demand curve?

The appearance of a supply curve is...

"The only people who should pay taxes are those who have a higher income" is what?

If quantity demanded does not change significantly when price changes, how is demand described?

The government owns some, but not all, factors of production in a(n)...

The incentive to improve material well-being by seeking to gain from economic activities is...

Into what four categories do economists divide the factors of produciton?

A circular flow model shows how

Which tax takes a larger percentage from high-income earners than from low-income earners?

What does a point inside the curve of a PPC indicate?

The change in total output that results from hiring one additional worker is called...

According to the law of supply, when price increases.....