Econ Honors Unit 1 Review

Coffee prices skyrocket. What happens to the demand for coffee creamer?

A business owner sold 500 wings in 1 day at $0.75/wing. The wings cost her $200. She makes a profit of

Johnny spends his paycheck to pay his water bill, which would be considered a ______ as it's essential for survival

Point G can be obtained if this economy experienced

If Apple dropped their iPhone prices, the Law of Demand states that

If price elasticity of demand is calculated as 1.2, that good would be considered inelastic

OHS is unable to provide Chromebooks to all students. This is a problem of

When quantity supplied is higher than quantity demanded, there will be a(n)

A bowed out PPC, like this one, display

The price of a good will rise if there is a shortage

Chicken & oil are complements. If people's concern about health shifts demand for oil left, what happens to chicken?

Gasoline is considered _____ while plane tickets are considered _____

A producer of laptops is able to obtain parts at a lower price. How will this affect the supply curve?

Spam is a(n) _____ good while a ribeye steak is a ____ good

Movement along the demand curve indicates that

On this PPC, point F would be considered

On this PPC, the opportunity costs of moving from point B to C is

The opportunity cost of any action is

The law of supply has a _____ relationship between price and quantity supplied

To maximize utility, one should produce where marginal cost is equal to marginal revenue

If you buy 1 TV, the cost is $500. If you buy 2 TVs, you get a deal and pay $800. What is the marginal cost?

Every trade-off is an opportunity cost, but not every opportunity cost is a trade-off

Marginal Revenue is the additional revenue one receives from producing and selling 1 more unit of output

An example of a perfectly inelastic good would be

A hamburger costs $6, while a hot dog costs $2. The opportunity cost of a hot dog (in terms of a hamburger) is

The 4 factors of production are

Over time, goods tend to become more inelastic

Economics is the study of

A company sends some its employees to an annual conference that includes training in order to invest in their

On this PPC, point G would be considered