Intro to Econ Final #1

If a point is outside of the PPC

A price ceiling in a market represents a

Ways to shift the PPC outward include

In general, the United States strives to have a

If the price is too low, what will develop?

Countries that combine elements of economic freedom with some government involvement

If the price of hamburgers increases, the quantity supplied will

Countries in which the government controls the economy are known as

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

Tortilla chips and salsa are considered

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

Manufactured goods needed to produce other goods

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

If a point is on the PPC,

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

If a point is inside the PPC

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

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

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

If the cost of making hamburgers increases, supply will

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

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

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

The price elasticity of demand measures

The basic economic problem

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

A basic need for survival is called a

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

A business owned and operated by one person is called a

Which graph illustrates opportunity cost?

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

If new technology is invented that speeds up production

Economics is best defined as a

The point where QS and QD are equal

Economists believe people act

Which of the following is NOT factor of production?

Who determines what gets made in a free market economy?

If the price of hamburgers increases, quantity demanded will

How do businesses get rid of surplus merchandise?

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