Econ Chapter One

human capital

In economics, the accumulated skills and training that workers have is known as

An automobile

Which of the following is not considered a service?

a smaller quantity of GPS systems supplied.

A decrease in the price of GPS systems will result in

is a table that shows the relationship between the price of a product and the quantity of the product supplied.

A supply schedule

The demand curve for traditional camera film shifts to the left.

How does the increasing use of digital cameras affect the market for traditional camera film?

increase the demand for the Gear S2.

If the Apple Watch and the Samsung Gear S2 are considered substitutes, then, other things equal, an increase in the price of the Apple Watch will

The supply curve shifted to the left

In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian Sea. What happened in the market for caviar in the United States?

D1 to D2.

Refer to Figure 3-1. An increase in population would be represented by a movement from

B to A

Refer to Figure 3-1. An increase in the price of the product would be represented by a movement from

D2 to D1.

Refer to Figure 3-1. If the product represented is an inferior good, an increase in income would be represented by a movement from

A to B

Refer to Figure 3-2. An increase in price of inputs would be represented by a movement from

S1 to S2

Refer to Figure 3-2. An increase in the number of firms in the market would be represented by a movement from

The quantity of bagels demanded will decrease.

The law of demand implies, holding everything else constant, that as the price of bagels increases

physical capital.

The machines workers have to work with are considered

shows the relationship between the price of watches and the quantity of watches supplied.

The supply curve for watches

to the unemployed person and his/her family, to the economy as a whole, in terms of the production possibilities curve

Unemployment causes harm

An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve.

What is the difference between an "increase in demand" and an "increase in quantity demanded"?

An "increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price.

What is the difference between an "increase in supply" and an "increase in quantity supplied"?

an increase in the price of the good

Which of the following will not shift the demand curve for a good?

An increase in the price of an input used to produce MP3 players

Which of the following would shift the supply curve for MP3 players to the left?

the highest valued alternative that must be given up to engage in an activity.

Opportunity cost is defined as

A to B

Refer to Figure 3-2. An increase in the price of the product would be represented by a movement from

63 lbs

Refer to Table 3-1. The table above shows the demand schedules for loose-leaf tea of two individuals (Sunil and Mia) and the rest of the market. At a price of $5, the quantity demanded in the market would be

unlimited wants exceed limited resources.

Scarcity refers to the situation in which