Chapter 16 - Introduction to Economics

Front

In the U.S., prices are established primarily through

Back

the forces of supply and demand

Front

When "thinking like an economist", one should accept an option when

Back

the benefits outweigh the costs

Front

A surplus typically indicates that

Back

the price is too high

Front

What forces people and nations to make economic choices?

Back

scarcity of resources

Front

Which of the following is an example of what to produce? Options: printing new textbooks, regulating air pollution caused by factories, hiring new workers, deciding where to drill for oil

Back

printing new textbooks

Front

Which of the following directly causes a change in demand? new technology, lower costs of production, number of producers, number of consumers

Back

number of consumers

Front

Which of these actions might explain a shift to the right of a demand curve?
Options:
The average income of consumers declines during a recession.
People are shopping for a hard to find toy during the holidays.
A surplus of oil hits the market.
The number of consumers in the market area decreases.

Back

People are shopping for a hard to find toy during the holidays.

Front

What is economics?

Back

the study of how people make decisions with limited resources

Front

Which of the following is an example of a resource? wood, deck, fence, house

Back

wood

Front

Supply and demand answer economic questions in a

Back

market economy