Apply economic questions

What does the law of demand state?

• As the price of a good increases, quantity demanded increases.

• As the price of a good decreases, quantity demanded increases

Which of the following is not considered a factor of production?

• land

• labour

• money

Define opportunity cost.

• • Opportunity cost is the value of the next best alternative that is foregone when making a decision.

  • What

• opportunity cost is the acguired amount of time reguired

• all the time spend

When demand for a good increases and supply remains constant, the price of that good is likely to (a)  

A (a)   occurs when a government spends more money than it collects in revenue

How do international trade and globalization affect local economies?

What is the term for a market structure characterized by a single seller?

• Oligopoly

• Monopoly

• Perfect competition

What are the key differences between microeconomics and macroeconomics?

Inflation can erode purchasing power because it leads to a general increase in (a)   levels.

Fiscal policy primarily involves changes in (a)   and spending to influence the economy.