micro test 1

Created by frankli_elli 

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19 terms

scarcity

resources are infinite and cannot be used to meet all human wants and needs

factors of production

land, labor, physical capital, entrepreneurship

opportunity cost

going to college and giving up employment possibilities while in college

price/market system

an economic system in which relative prices change to reflect changes in supply and demand for different commodities

2500 next year

an acre of land yields 100 bushels of corn and 1 bushel of corn provides enough seed for 1/4 of an acre of land. the opportunity cost of consuming another 100 bushels of corn today is...?

demand curve

slopes down because of the inverse relationship between price and quantity demanded

lowest opportunity cost

comparative advantage implies choosing the activity that...?

expressed in todays dollars

the money price of a good is that price

a leftward shift in the demand curve

a trend goes out of style, all other factors held constant

a decrease in the demand for chicken

chicken and beef are substitutes. given a downward sloping demand curve for beef, a fall in beef will result in

a decrease in the price of the good

an increase in quantity demanded is caused by

an increase in the quantity supplied

if the price of pepsi increases, there will be a ____ of pepsi

a direct relationship

the relationship between quantity supplied and price is usually

a rightward shift of the supply curve so that more is offered at each price

any improvement in overall production technology that permits more output to be produced with the same level of inputs causes....?

equilibrium quantity will increase and the equilibrium price is indeterminate

consumers increase their demand for a product and the manufacturer increases supply

prices always increase

demand increases while supply decreases

a decrease in the price of good X and an increase in the quantity of X

if other factors remain unchanged, technological progress in producing good X should lead to

the supply of pizza would decrease and price would rise

the price of cheese rises. in the market for pizza, one would expect that

increase the quantity of X good but have an uncertain impact on the price of X

equilibrium price and equilibrium quantity for good X, an increase in demand and supply for good X will

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