ECON

If an economy is operating at a point inside the production possibilities curve, then

All of the following would cause the production possibilities curve to shift outward EXCEPT

In economics, items that are used to produce goods and services are known as

If the slope of a curve is 1/5, we know that

When economists talk about a demand schedule for a product, they mean

A fundamental principle in demand analysis is that a change in a good price leads to

In order for an economy to increase its production possibilities, the economy must

Which of the following statements about economic scarcity is FALSE?

The law of demand tells us that people will buy more of a good if

Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later he quits football to make movies for $3 million a year. His opportunity cost at graduation was ________ and eight years later was ________.

The "paired observation" of (14,6) means:

Which of the following causes a movement along a supply curve?

The combination of psychology and economics to determine individual decision making is known as

If a straight line crosses the Y-axis at 5 and crosses the X-axis at 10, we can conclude that the slope of the line is

A demand schedule provides

A subsidy to carrot farmers will

Economics is the study of how

The quantity supplied of a particular good is the amount of the good that

If the price of oil rises, producers of oil will

Last year there were 6 pizza shops in town. This year there are only 4. Other things being equal, the decrease in the number of suppliers will

Given a linear curve (straight line), the value on the y-axis changes from 100 to 120 when the value on the x-axis changes from 20 to 10, then the slope of that curve is

Which of the following statements is FALSE?

The division of labor refers to

The way that a society uses or allocates resources to satisfy human wants is called

“By 2015, no individual in the United States should earn less than $20,000 a year” is an example of

The reason that most of the coffee that is consumed in the United States comes from Colombia is that

In the long run, the number of firms in an industry may change. If the number of firms increases, then

Which of the following statements is a positive economic statement?

Suppose that on average there are five more car accidents for every extra inch of snowfall in a certain region. If snowfall is graphed on the y axis and car accidents on the x axis, then if we graph this relationship, the slope of the line will be

In 2006, hurricanes damaged many parts of Texas, destroying homes, businesses, schools, and infrastructure. In strictly economic terminology, these hurricanes are said to have caused

A direct relationship occurs when

When the text refers to rational self-interest, it means

Central planning is a key characteristic of which economic system?

The opportunity cost of attending college might best be described as

A market demand schedule for a product indicates that

Total market supply can be derived by

Which of the following will shift today's supply curve to the right?

Economists assume people behave rationally, which means that people

A relationship between two variables in which one variable increases at the same time that the other increases is called

The intersection of the x-axis and the y-axis is called the

For a normal good, an increase in consumer income will lead to
?I. a movement down the demand curve
?II. a rightward shift in the demand curve
?III. a reduction in supply

For every choice a person makes it can be assumed that

Economic analysis is a tool that

An increase in demand is shown graphically by

Specialization can occur because

Economics can be described as the study of how people use ______ resources to satisfy _____ wants.