Econ Midterm Review

Econ Midterm Review

Assessment

Flashcard

Business

University

Practice Problem

Hard

Created by

Adedayo Ade

FREE Resource

Student preview

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27 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Sarah's choice: concert vs. overtime.

Back

Opportunity cost

2.

FLASHCARD QUESTION

Front

Tax on sugary drinks to reduce consumption is an example of:

Back

Incentive

3.

FLASHCARD QUESTION

Front

A farmer grows wheat; another focuses on dairy. They benefit from exchanging goods. This shows:

Back

Comparative advantage

4.

FLASHCARD QUESTION

Front

City policy caps rent at $1,000, while market equilibrium is $1,200.

Back

Shortage of apartments

5.

FLASHCARD QUESTION

Front

Effect of milk price increase on demand:

Back

Price elasticity of demand

6.

FLASHCARD QUESTION

Front

Marginal product of the second worker when 1 worker produces 100 kg and 2 workers produce 120 kg.

Back

20 kg

7.

FLASHCARD QUESTION

Front

Rise in movie ticket prices leads to lower popcorn sales. These goods are:

Back

Complements

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