ECO MIDTERM
Economist study _______; therefore the unifying feature of economics is a focus on _______
All human behavior Choice
Since the inputs used to produce goods are scarce , the total amount produced of most goods is _______ the amount that consumers would like to buy. To allocate the good produced to thebpeople who calue them the mkst, we use ______
Below The price mechanism
Policy decisions made by the government are analyzed by
both microeconomics and macroeconomics .
Which of the following would be considered a scarce resource for producers ?
Equipment and tools . Natural resources for production . High - skill labor . All of the above .
The scientific method uses __________ for setting forth predictions and _________ to support or deny them . It is more important for a model to be ________than________
Hypothesis Data Usable Accurate
A policy such as taxes on cigarettes would be studied under _________ since it deals with __________
Microeconomics A small part of the overall economy
A demand curve has a _______ slope due to the law of demand. The law of demand is based off a consumer's willingness to pay ______ as marginal units are consumed.
Negative Less
A supply curve has a ............... slope due to the Law of Supply . The Law of Supply states that supplies .............. as price increases .
Positive ; Increase
The Law of Demand states that as the price of a good increase, ceteris paribus, the ______ decreases. This can be shown graphically with ____________ demand curve or numerically in a table using a __________
Quantity demanded A downward - sloping Demand schedule
Holding all else equal , if the price of a digital camera rises , then we can expect
a decrease in the quantity demanded of digital cameras . .
Economics is divided into two broad fields of study : microeconomics and macroeconomics . Microeconomics studies while macroeconomics studies
a small piece of the overall economy ; the economy as a whole .
The definition of economics states that it is the study of how
agents choose to allocate scarce resources and the impact of those choices on society .
If people began to believe that SUVs were causing global warming , then the demand for the Toyota Rav4 SUV would
decrease ( shift left ) .
If people expect the price of SUVs to decrease in the future , then the demand for the Toyota Rav4 SUV would
decrease ( shift left ) .
If opportunity cost were to suddenly increase , total cost would
increase and net benefit would decrease .
The relationship that exists between these two variables can be described as
negatively related
When graphing the new total market supply and demand curves , these curves will be _____________ the individual countries ' demand curves , since these curves are derived by ____________
to the right of ; summing quantities at a given price .
