Economic Concepts

Front

Opportunity cost for returning a library book without finishing

Back

Reading a different book

Front

Scenario illustrating the law of diminishing marginal utility

Back

A new toy is less exciting to a child with many toys

Front

Comparative advantage in weeding gardens means Jen's opportunity cost for weeding is lower than Julian's.

Back

True

Front

Specialization example: An assistant in a tailoring shop only replaces zippers.

Back

True

Front

In the circular flow model, a factor payment example is the monthly mortgage on a house.

Back

False

Front

Quantity demanded moves along the demand curve in response to changes in price.

Back

True

Front

Specialization increases efficiency by focusing on a specific task or product.

Back

True

Front

A mixed economy combines elements of market and command economies.

Back

True

Front

Economic interdependence can lead to increased efficiency and productivity.

Back

True

Front

A rise in the price of a complementary good can affect the demand for related goods.

Back

True