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micro test 1
resources are infinite and cannot be used to meet all human wants and needs
factors of production
land, labor, physical capital, entrepreneurship
going to college and giving up employment possibilities while in college
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...?
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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