Economics Spring 2024 Test Review

According to the law of supply, which of the following would happen to an item as its price rose?

In truth, all economies today are

What is the opportunity cost of a decision?

If prices of resources decrease, supply will

Combination of organizational abilities and risk taking involved in starting a new business or creating a new product is

Where goods are exchanged illegally at prices that are higher than officially established prices is called a

The economic system in which the basic economic questions are answered by government central planners is called a

To set their products are from those of their competitors, sellers in a monopolistically competitive market use

The buildings, structures, machinery, and tools used in the production process are called

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

The habit of consumers to replace a more expensive product with a similar lower priced product is called the 

What type of economy does the U.S. have?

An advantage of partnerships where duties are assigned to different partners, depending on skills and talents are called

Which is a market structure dominated by a few large sellers?

What does "B" represent in the graph?

The minimum wage is an example of a

The purpose of a production possibilities curve (PPC) is to

Point B on the Production Possibilities Curve represents a combination of goods that is 

If there is a sale on peanut butter, what will happen to the supply of grape jelly?

A government sometimes rations a good because the 

What is the main form of communication between producers and consumers in a market?

One key difference between pure competition and monopolistic competition is that

The alternatives that must be given up when a choice is made are

Disney is an example of a 

What is human capital?

The most common type of business organization in the U.S. is the 

A hungry man pays a high price for food. If he isn't as hungry, he isn't willing to pay the same price. This is called

Which of these is a determinant of demand?

The law of demand is

In which economic system do individuals answer the basic economic questions?