Econ Honors Unit 1 Review

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

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

On this PPC, point G would be considered

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?

A bowed out PPC, like this one, display

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

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

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

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

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

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

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

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

The 4 factors of production are

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

Gasoline is considered _____ while plane tickets are considered _____

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

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

Economics is the study of

Over time, goods tend to become more inelastic

On this PPC, point F would be considered

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

An example of a perfectly inelastic good would be

The opportunity cost of any action is

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

Point G can be obtained if this economy experienced

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

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

Movement along the demand curve indicates that

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