Economics: Unit 1 - Basics of Economics

Excess demand occurs when

TickleMeElmo sold an average of 10,000 units per week at during the holidays,after 5,000, what would the demand curve do

If you were a businessperson, how would the price of a good affect the quantity that you would offer in the marketplace?

What is the price of the product if the quantity demanded is 40?

A rational decision-maker takes an action if and only if

The fundamental problem facing all is scarcity, which is defined as

A decrease in the price of the Kindle results in fewer iPads being sold.  This implies that the Kindle and the iPad are

If the government set the price at $3.50, what will be the surplus?

Ford announces that next month it will offer $3,000 rebates Mustangs. As a result, the demand curve for Mustangs today

Efficient use of resources is represented by point(s)

Which of the four graphs represents the market for cars, if a new technology allows productivity and output to increase?

The movement from point A to point B on the graph 

When the price is $2.00, there will be a surplus of ______

To arrive at a decision, a ___ maybe used to evaluate the expense of making a decision relative that decisions payoff.

The minimum wage is an example of a

Which of the following price controls would cause a shortage of 40 units of the good?

What is the opportunity cost to Toy-landof increasing the production of dolls from 0 to 300?

 Which of the following would most likely have caused the production possibilities frontier to shift outward?

If the cost of a component rises, increasing the cost of the product which graph represents greater cost and less profit

Imagine you are in the market to buy a car. Which of the following are true?

Government oversight can change the supply like banning any soda over the size of 16 oz. This represents what to supply?

Ceteris Paribus translates as

The price elasticity of demand measures how much

Which of the following qualify something as being scarce?

Economics may best be defined as a

All of the following are true about the Law of Demand EXCEPT

Which list contains the four factors of production?

In economics, when the quantity supplied and quantity demanded are equal, the curves intersect at the _______ point.

A shift to S2 would cause the price to

What shows the quantities of products demanded at each price by all consumers in a market?

All of the following would tend to be elastic EXCEPT

After school your friend pay 100% of your Taco Bell. According to economics there is no free lunch. What did you give up

The opportunity cost of this economy moving from point E to point A is

Which will cause a movement along the demand curve for chicken, a normal good, resulting in an increase in the QD

If price is set at $25, then quantity demanded and quantity supplied, respectively, are

Elasticity of Demand is measured by

During World War II, women entered the American labor force and remained.The most likely change in the PPC would be to

Which of the following is the best definition of a need?

Moving from $30 to $15 dollars, causes an ___ in consumption of ___ units.

Mr. Carwin is the best economics teacher I have ever had (probably because he is the only one I have ever had)

For a good that is a necessity (need),

Based on the above schedule, when the price is $.50, there be a shortage of ______. (hint: supply-demand)

When the price of a good or service changes,

    All of the following are types of decisions that can be made at the margin EXCEPT

         Which of the following statements could explain the concave shape of the production possibilities curve?