Economics Review

Bill and Tom start a new business together making furniture. This is an example of a what?

The economy is measured through the total value of all goods and services. This is the:

All of the following NFL teams won this Thanksgiving weekend EXCEPT

In a school there are teachers, administrators, counselors, etc...This is an example of what?

What was the name of the turkey that was pardoned by the President this past Thanksgiving?

What is the opportunity cost of going to college?

The more you eat the less satisfying food will be. This is known as a the law of what?

Customers tend to rationally make decisions that they perceive will be in what?

Costs that do not change despite changing circumstances are called

During the thanksgiving holiday, the demand curve for turkey will shift

When the price of a product is higher than the equilibrium, it will result in a(n)

As phones with large screens became popular, more companies sell them. This increases what?

The market is always trying to obtain this

Defined as what people give up when they make one decision over another

Food and shelter are examples of?

What is the study of how people make decisions in a world where resources are limited?

The money that Jane has left to spend on her bills and other expenses comes from her _________.

When making a decision one should do a

Coke-a-Cola Inc. is an example of a what?

What is the opportunity cost  of increasing food production from 80 to 115?

When the price of a product is lower than the equilibrium, it will result in 

During the Great Depression farmers were paid a ___________ by the gov't. to boost the economy.

Which is NOT one of the four factors of production?

Groups of workers ban together to increase their pay and work conditions are known as:

What was Henry Ford's role in car production?

The use of media or other means to get your product to a mass of consumers is known as

The price of yarn increases and the demand of knitting needles decreases because they are

What does a shortage represent?

Bill makes $45,000 a year before taxes are taken out by the government. This is Bill's what?

Which of the following is not typically a result of healthy competition in the market?