BUSINESS 101- 2022 Summer

The following condition describes the economic term "scarcity":

global oil reserves are limited

One of the benefits of labor specialization is that:

it allows workers to focus on a particular job and focus on the parts of the production process in which they have an advantage

Economists refer to the inverse relationship between price and quantity demanded as the:

law of demand

An analysis of unemployment rates in Sweden can be described as an application of:

macroeconomics

A change in technology that reduces the costs of production will:

shift the supply curve to the right

In a market with an upward sloping supply curve and a downward sloping demand curve, when there is an excess supply:

the actual price must be higher than the equilibrium price

Each of us face decisions in our lives that require us to make choices, knowing that:

the best choice is relative to the value of the next best alternative

Periods of increasing and decreasing real Gross Domestic Product (GDP) describes:

the business cycle

When economists talk about supply, they are referring to a relationship between the price in a market and the:

amount that producers collectively make available for sale

When ________, a typical firm will supply a higher quantity at any given price for its output, and the supply curve will shift to the right.

costs of production fall

Which of these is the most effective way to learn a new topic?

doing practice questions about the topic

The ________ is where quantity demanded and quantity supplied are equal at a certain price.

equilibrium

During an economic ________, business is booming, prices are high, and it is difficult to hire new workers, because virtually everyone who wants to work is already employed.

peak

A demand curve shows the graphical relationship between price and:

quantity demanded

Which of the following statements describes a competitive market?

there are a large number of buyers and sellers