Econ Skinny Midterm

Front

For the law of demand, as price rises, what happens to quantity demanded?

Back

it goes down

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Back

demand

Front

When the demand curve has shifted to the right, this suggests demand has

Back

increased

Front

The point where supply and demand are balanced is?

Back

Equilibrium

Front

What event in the midwest would shift the supply curve for corn to the left? Options: an influx of new low-wage workers, a thunderstorm with large hail, evidence that corn improves athletic ability, a study stating that corn causes heart disease

Back

a thunderstorm with large hail

Front

Definition of opportunity cost: What is the definition of opportunity cost?

Back

The value of the next best alternative that is given up when a decision is made.

Front

Which of these is NOT one of the three economic questions? What goods should be produced? How goods should be produced? Whom will goods be produced for? Where shall goods be produced?

Back

Where shall goods be produced?

Front

Which definition best defines scarcity?

Back

Demand for a good/service that is greater than the availability of that good/service

Front

All of these are examples of scarcity EXCEPT: land, water, trash, housing

Back

trash

Front

A farmer chooses to plant wheat over corn. What is this an example of?

Back

opportunity cost