{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Prac Test 1 p1 - Exam 1 Review 1 2 3 4 5 6 7 8 9 10 11 12...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam 1 Review September 22, 2008 1. __________________ The study of choice under conditions of scarcity. 2. __________________ The labor, capital, and land that are used to produce goods and services. 3. __________________ Anything (including a resource) used to produce a good or service. 4. __________________ Resource allocation decisions of individual firms and consumers 5. __________________ Resource allocation decisions of economic aggregates (governments, central banks, economies) 6. __________________ There are many buyers and sellers, none of whom individually can set the price 7. __________________ Agent has the ability to individually influence price a. An example of this is: ______________ 8. __________________ A good for which an increase in income causes an increase in demand 9. __________________ A good for which an increase in income causes a decrease in demand 10. __________________ Where quantity demanded = quantity supplied 11. __________________ What is given up when making a choice or taking an action 12. __________________ A method of production in which each person concentrates on limited number of activities. 13. __________________ The ability to produce a good or service using fewer resources than other producers use. 14. ___________________The ability to produce a good or service at a lower opportunity cost than other producers. 15. ___________________ A curve showing all combinations of two goods that can be produced with the resources and technology currently 16. ___________________ A good that can be used in place of some other good and that fulfills more or less the same purpose 17. ___________________ A good that is used together with some other good 18. ___________________ A list showing the quantities of a good or service that firms would choose to
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern