BCC ECON FINAL EXAM REVIEW

If profit opportunity for a given product increases, the most likely result would be

Demand for a product tends to be price-inelastic when the product has

Which effect would a gov't considering a gas tax most likely classify as a negative incentive

An economist would most likely argue that effective economic decision-making is based on

Producers usually sell more at higher prices than at lower prices because

Which of the following statements about scarcity is most likely true?

Which would an economist consider a major benefit of gov't intervention

In a pure market economy, prices are generally determined by

Which statement about competition in a market economy is true?

What do people make voluntary exchange of goods and services?

Which of the following is NOT considered a monetary incentive to buy a product?

Compared to market economies, command and traditional economy systems generally have

Which of the following is a key characteristic of all economic incentives?

Which of the following statements is true of a pure market economy?

Economists would agree that prices are set by supply and demand are primarily measures of 

If the profit opportunity for a  given product increases, the most likely result would be

In a system of voluntary exchange, people

Which of these is the most likely effect of an increase in the cost of production

Demand for insulin tends to be price-inelastic because the drug is

Which of the following could be used in a system of voluntary exchange?

Consumers are least likely to be defined as people that 

Which statement about public goods and services is true?

Bridges, dams, freeways are examples of what type of resources

If the price of a product falls, producers are likely to

Which would provide the greatest motivation for factory workers to increase their output?

If consumers switch to substitutes when price of butter increases, demand is 

Which statement describes why prices of a toy might fall just before Dec. 25th 

Which of these probably has the greatest overall influence on labor costs?

When Supply = Demand, which is true?

AN economist would agree that to make effective financial decisions, consumers should

When something is produced, their is always

Which is NOT one of three basic concepts all economic systems address?

Iron ore, timber, tuna, and crude oil are examples of

Which is most directly affected by decrease demand for durable goods?

If the minimum wage is set too high, one likely result might be that

The concept of economic scarcity refers mainly to decisions aout

People are most likely to buy new houses in an economic environment that includes

The economic term scarcity is most often used to refer to

A business increases production of cars via robots, this is an investment in what?

A tax on bread is what type of tax

Which of these activities is beyond the traditional role of the FEDERAL gov't?

Which economic incentive motivates businesses to expand production?

By definition, which of these is created whenever buyers and sellers exchange goods/services

If a good or service is in high demand, this can

Which is true regarding a pure market economy?

A proportional tax is best described as a form of taxation that

During 1 month, the price of a product rose 20%, because of an increases in

In economics, a shortage occurs when

In economics, the concept of making a "trade off" is described as

An economist would probably agree that demand and supply schedules are PRIMARILY based on

In a market economy, prices are affected by all of the following except

When an economic choice is made, economists would define the opportunity costs as 

The term opportunity cost is best described as something that 

managers, technical trainers, accountants are examples of a company's

Which expense is most likely a fixed cost?