Economics CA 2

The problem with price floors is that they can create ___.

Which goal would a market economy NOT value?

There are very few cereal companies. Just five dominate the market. The market represents __.

When unlimited wants exceed limited resources

According to the graph, the blue line represents. __.

A company that only focuses on producing shoes is benefitting from ___.

A new law requires companies to file annual business reports. This statement refers to __.

There are many producers of blue jeans. They differentiate their product by advertising. 

If money is accepted everywhere as payment that means that it functions as a __.

A store owner expects prices to go up next week. What will happen to the immediate supply?

Productivity refers to the relationship of __.

The government provides public goods and services because __.

A factory will buy productive resources from the ___.

A business owned by two or more people with unlimited liability is a __.

College students will go home for the holidays. What will happen to demand in college towns?

Jesse lives in a country with no government regulation and can make any decision he wants. 

The price of Oreo cookies goes up. What will happen to supply?

Households have the ability to provide ___ to businesses.

The next best alternative

Which point represents impossible production?

Bill hired a new worker that cost $1300 a month, and he now sells $1000 in clothes. Bill ___.

The price of hotdogs has gone up, while the price of hotdog buns is unchanged.

A t-shirt factory buys a sewing machine. The sewing machine represents ___.

Rationing, pricing, and first-come first-serve are examples of ___.

A business that has double taxation and limited liability is most likely a __.

The law of supply says that the higher the price, the ___ that producers will supply.

A market with many producers selling identical products has ____.

Governments will provide ___, so that our economy will stay as efficient as possible.

A government completely controlled by a central authority is known as a ___ economy.

A price ceiling would be ___ equilibrium price.

A graph that shows all the possible combinations of production of two different goods is a __.

If the price of bread changes, people still buy it. This means that bread is most likely __.