Unit 2.2 & Unit 3 Review

Ceteris Paribus means

An entrepreneur is not motivated by

Productivity is the same as absolute advantage

A mission statement does not tell us

Producers are motivated by

Taxes on Cars will be introduced in December. It is now April. The demand for cars now will

The price of pork decreased. The demand for pork stays the same.

Interdependence is not ___________

An increase in demand for curry powder was observed when 100000 Indian citizens moved to Malaysia for work.

If I expect that my product will be out of trend in the future, I should increase my supply now

A breakdown in production technology can

Improved worker productivity can shift the supply curve right

A worker strike can cause a downward movement along the supply curve

An increase in quantity demanded is

Productive efficiency is the rate of output per unit of input

An increase in quantity supplied is

Which is false?

Which of the following will cause a decrease in supply?

Variable costs are

A worker's contributions are

An NPO is a platform for philanthropy

A change in quantity demanded is a movement along the demand curve.

Which is false about entrepreneurs?

When consumer income goes up, there is an expansion in demand

A decrease in price of raw materials will cause an increase in production cost

Accounting costs are known as fixed and variable costs.

Entrepreneurs are one of the factors of production

Producers are stakeholders in the economy

The law of demand is illustrated by the movement along the demand curve

Consider Root Beer Floats and Vanilla Ice Cream as complementary goods. If the price of vanilla ice cream goes down,

Consider these substitutes: The price of jam increased. The demand for peanut butter will ?

An NPO is not motivated by social interest

A contraction in demand is

Which is not an example of a contributor?

Entrepreneurs in general must have all these skills except

Willingness and ability to buy a product at a particular time is known as 'ceteris paribus"