Midterm/benchmark review

Front

What is a credit card?

Back

borrowed money that you will have to pay back with interest

Front

According to this paystub, how much sick time does Oliver have left available?

Back

90

Front

According to this paystub, how much was Oliver's gross (total) pay?

Back

$625.00

Front

Which of the following would cause the Production Possibilities Curve (PPC) to increase (shift outward)? A decrease in the unemployment rate, A natural disaster destroys factories, An increase in production technology

Back

An increase in production technology

Front

As more of a good or service is consumed, it’s extra benefit begins to decline. This concept is referred to as

Back

Diminishing marginal utility

Front

A factor that would cause the supply curve to shift to the right is: higher taxes, decrease in subsidies, increase in input costs, increase in the number of sellers

Back

increase in the number of sellers

Front

If coke goes ON SALE, then

Back

law of demand

Front

When prices become too high for consumers, they look for

Back

substitutes

Front

If demand is inelastic, then

Back

Buyers do NOT respond to a change in price

Front

When prices are above equilibrium price,

Back

supply is more than demand at that price