Economics Chapters 1,4,5

Who is the founder of Capitalism?

Which of the following is NOT a factor of production?

Which of the following is a fixed cost for yo-yo factory?

What does G show?

You are interested in how price changes affect consumer decisions. This branch of economics is more for you:

Which scenario will make demand shift to the right for Houses?

Which of the following is an opportunity cost of going to see a movie?

You want to give every citizen a Honda Civic. This economic assumption makes that probably impossible.

Everyone shares all possessions and works for the collective good. What is this system?

Which of the following would regulate a free market economy?

Ceteris Paribus means:

Water gives life. Diamonds are just shiny. But diamonds get a higher price. In Economics we call this

Which one of these is not one of the 3 main economic questions?

According to the law of demand if quantity is going up price is...

Short-run costs have to deal with this unchangeable thing while long-run costs do not.

If Tesla builds a larger factory in the long run their costs will go continue to go down. They are experiencing:

Your 8th worker makes 100 doughnuts. Your 9th makes 85 more. What stage of production are you in?

The price of gas increased by $3. You buy same amount as you always do since you still need it. Elasticity type?

Which scenario will make demand shift to the left for Ramen in the USA?

Going from point B to D is a:

Economist's assume: Everyone's choices are done to _______________

These types of goods are used to increase production in the future

You don't enjoy your 7th piece of pizza as much as the first. This shows this law of economics

Which of the following events would NOT shift PPC?

This person is the father of communism.

You hire 4 workers and your business makes 100 pizzas. You hire one more and now can make 150 pizzas. What is TP.

For supply as price goes up, quantity ___________________

Which of the following demonstrates the substitution effect for demand?