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Senior
Economics
Exam
Review
:-P
100
The situation in which some necessities have little value and some non necessities have a high value is known as
What is paradox of value
100
the purpose of government in a command economy
What is make major economic decisions
100
for most products and services, increased price results in
What is demand for fewer products
100
consumers' willingness to replace a costly item with a cheaper one is
What is substitution effect
100
total cost is the sum of the
What is fixed and variable costs
200
manufactured goods needed to produce other goods and services are
What is capital goods
200
an example of a market economy
What is US
200
an increase in the price of milk causes a decrease in demand for cereal. they are
What is complements
200
the supply of a product normally decreases if
What is taxes on the product increase
200
in a market economy a high price is a signal for
What is producers to supply more and consumers buy less
300
to arrive at an economic decision, a decision making grid may be used to evaluate
What is alternative choices of action
300
which group of people ultimately determines the products that free enterprise system makes
What is consumers
300
advertising, fashion trends, serve to
What is create consumer demand
300
rent payments and property taxes can be counted as
What is fixed costs
300
at a given price, a surplus occurs
What is the qs is greater than qd
400
division of labor is a characteristic of
What is assembly line produciton
400
the US can be best described as having
What is modified private enterprise system
400
because of a modest price increase has little or no effect, demand is
What is inelastic
400
many businesses are engaging in ecommerce
What is fixed costs are minimal
400
when economic or political conditions are unstable
What is demand for gold increases
500
the study of economics is important..
What is increase consumption of consumer goods
500
the government's role in a mixed economy
What is regulator charged with preserving competition
500
a demand schedule shows
What is a listing of various qd at all prices in the market
500
prices enable market economy to adjust to unexpected events by
What is adjusting consumption and production
500
deficiency payments are part of a federal program to assist
What is farmers