Intro to Econ Final #1

If the price of hamburgers increases, quantity demanded will

Tortilla chips and salsa are considered

A basic need for survival is called a

Manufactured goods needed to produce other goods

If the price of french fries decreases, demand for hamburgers will

Economics is best defined as a

If the cost of making hamburgers increases, supply will

If a point is inside the PPC

High prices often result in quantity supplied increasing and quantity demanded decreasing. This will create a market

In general, the United States strives to have a

Who determines what gets made in a free market economy?

Countries that combine elements of economic freedom with some government involvement

If a point is on the PPC,

Which graph illustrates opportunity cost?

A risk taker in search of profits who starts a business is called a

If a point is outside of the PPC

A business owned and operated by one person is called a

The idea that the economy will do well in the long run without government involvement

Countries in which the government controls the economy are known as

If we expect the price of gasoline to increase next month, demand in the present will

Which of the following is NOT factor of production?

A merger of companies involved in making the same kind of products

Assume a market is at equilibrium. If demand for the product increases, then

If the price is too low, what will develop?

Movement on the PPC means the production of more of one good and

Demand for an "inferior" good, like ramen noodles, increases when

When there is a shortage in the economy, prices tend to

How do businesses get rid of surplus merchandise?

Economists believe people act

When I spend money at Burger King, I can't eat lunch at Beef-a-Roo.

Ways to shift the PPC outward include

If new technology is invented that speeds up production

A price ceiling in a market represents a

If the price of hamburgers increases, the quantity supplied will

The use of a price ceiling by the government usually results in a

A merger of companies involved in different steps of the manufacturing process

The point where QS and QD are equal

Which of the following will not increase the demand for goods?

The price elasticity of demand measures

The basic economic problem