What best describes scarcity

As price goes up, quantity supplied increases. This is what?

Price and quantity demanded are inversely related. This describes the law of demand. What does this mean?

England can produce 10 units of what in 2 hours. Portugal can produce 20 units of wheat in 2 hours. With regard to wheat production, Portugal has what...?

When calculating comparative advantage between two countries you are determining what?

Coke and Pepsi are considered what?

If the price for Coke goes up significantly, the demand for Pepsi will likely do what?

Peanut butter and jelly can be considered what?

Assuming that Oreos and milk are compliments; if the price of Oreos goes down significantly, the demand for milk will likely do what

The Law of Demand relates to how _________ affects quantity demanded.

The price for margarine (a butter substitute) goes down. The demand curve for butter will do what?

There is a baby boom in a country. How would this affect the demand for diapers.

If population were to decrease. the demand curve for goods and services would likely do what?

If refinery costs for oil production increase, the supply curve for oil will do what?

When your income goes up demand for things that are of poor quality typically go down. These types of goods and services are considered what?

If quantity demanded is greater than quantity supplied you will have a what?

If the price of a good is currently set above the equilibrium price you will have a ________ until price goes down and/or demand increases.

A change or shift in supply would occur in all of the following market conditions except what?

Unions were started to combat poor working conditions for employees after the onset of the industrial revolution. Which of the following makes the most sense.

Taxes do which of the following?

These Economic systems typically have market inefficiencies and low worker productivity.

A tribe in the Amazon forest that pays people with raccoon pelts probably has what type of economy?

Canada and the United States have what type of economy?

Term to describe a "hands-off" approach by the government towards the economy.

Another term for a market economy

Households provide all of the following to the economy except...

Exports contribute positively to a country's GDP

Real GDP excludes rising prices

The largest component of GDP

If a firm produces inside the border of the U.S. it is...

The U.S. has a negative trade balance. This means what?

GDP = C+I+G+(X-M); what does G stand for?

A business that has two or more owners with little government regulation

The most you can lose is your investment. This would characterize what type of business.

If you have a business but had to pay a fee to a "parent" corporation in to obtain the rights to own and operate it you probably own a...

The shape of supply curve in the long run

The total demand for all goods and services

Reasons the total demand curve slopes down and to the right.

If interest rates go down, then interest rate sensitive spending will do what?

An example of interest rate sensitive spending

The stock market is an example of a _______ _______.

The CPI is a _______ _______, which measures inflation.

The most important Coincident indicator which measures economic growth.

Two main assumptions we make when discussing business cycles and GDP growth

If consumer confidence increases, what will happen to the aggregate demand curve

What is the relationship between inflation and unemployment in the long run.

We always have some level of unemployment, usually between 4% and 6%. According to economics, why?