Price WHAT?
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Beginners...
100
The degree to which changes in price cause changes in quantity demanded.
What is elasticity?
100
Though not officially affiliated with the Federal Government, this is the central bank of the USA.
What is The Federal Reserve?
100
In a market economy, this is what causes economic actors to produce goods.
What is the profit motive? (also acceptable: incentives)
100
This is an example of a service in a market economy.
What is haircutting?
100
The study of economics helps people do this
What is A. become better informed citizens. B. evaluate political candidates. C. understand how an economy works.
200
This change in supply results in a price decrease.
What is the quantity supplied increases?
200
The United States operates under this economic system.
What is capitalism?
200
This is an example of a human resource.
What is a worker?
200
When there is a surplus of a product, then we know this.
What is, the equilibrium price is below the current price? OR What is, supply exceeds demand?
200
This English economist is the namesake behind the economic theory of Keynesianism.
Who is John Maynard Keynes?
300
According to the law of demand, as the price of an item increases, consumers will buy
What is less of that item?
300
This entails the government spending more money, lowering taxes, or both
What is Fiscal Policy?
300
A demand curve shows the relationship between these economic factors.
What is price and quantity demanded?
300
Banks use the money that is put into savings accounts by consumers to do this.
What is make loans to business, other banks, etc?
300
In a **traditional** economic system, decisions are based on these.
What are customs?
400
The total of the fixed and variable costs of making a product
What is total cost?
400
The concept of Adam Smith's "invisible hand" states this.
What is, government control of the economy is not needed?
400
A production possibility frontier is used to show this.
What is the maximum amount of any two goods, given a production function?
400
This is an example of a transfer payment
What is social security?
400
Economists study this
What is the production, distribution and consumption of goods and services. (also acceptable: any answer that includes "incentives")
500
If the price of a product goes up, all else equal, producers will supply...
What is supply more of the product?
500
Businesses in capitalist system would choose to buy a new machine if it would:
What is lower their cost and increase their profits?
500
This describes the relationship between tax rate and tax revenue, and suggests an optimal tax rate.
What is the Laffer Curve?
500
In cities that have high levels of air pollution, people with asthma have increased medical costs. This is an example of:
What is a negative externality?
500
This is a basic economic problem facing all societies.
What is scarcity of resources?
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