Economics Review 2018 part A

Which of the following best describes wants?

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

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

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

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

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

Free contract means that people can choose..

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

What two factors are necessary for demand?

The appearance of a supply curve is...

Supply is defined as...

In the marketplace, producers are looking to

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

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

Suppliers in a product market are...

What is a market demand curve?

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)...

Which of the following describes a demand curve?

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

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

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

Which is not considered a need?

What explains the shape of a demand curve?

Who wrote The Wealth of Nations?

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

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

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

What is another name for the production possiblities curve?

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

A circular flow model shows how

Crocs are wildly popular. What factor is affecting demand?

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

Which of the following buys goods for personal use?

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

Public goods are funded by

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