Notesale: Turn your study into money

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According to the law
of supply, a higher
price causes:

an increase in
quantity supplied
...


Because the economy's
production possibilities
are unlimited they are
best represented by:

an infinite number of
points forming a
smooth curve
...


The __________ curve indicates
the __________ quantity that
buyers would be willing and
able to buy at a given price
...


an indeterminant
change, a decrease

highest price that buyers
The demand price is are willing and able to
pay for a given quantity
the:
of the good
...


Each bundle in a
production possibilities
schedule corresponds
with a point on the:

production
possibilities curve
...


Efficiency is:

obtaining the greatest
possible satisfaction of
wants and needs from a
given amount of resources

Every price on the
supply curve is:

a supply price
...


If the economy's production
possibilities curve shifts outward
due to an increase in the quantity
or quality of resources, then we
know that it has:

economic growth
...


An important
implication of the
scarcity problem is:

decisions about
which goods to
produce are needed
...


An increase in the supply of
housing caused by a reduction
in the price of lumber is an
example of the __________ supply
determinant
...


In terms of price and
range of prices and a
quantity, the supply
range of quantities
...


In terms of scarcity,
always wanting more
than you have is
captured by the phrase:

unlimited wants and
needs

Investment occurs
when:

there is an acquisition of
productive capital goods
that are used to expand
future production
...


A market imperfection that
prompts government action
because some costs or benefits
of a transaction affect people
outside of the market is:

externalities
...


One important role
played by assumptions
in economic analysis is
to:

break an analysis
into more easily
manageable parts
...


The primary source
of market inefficiency
is attributable to the:

fifth rule of
imperfection
...


The process of identifying
relevant information and
ignoring unimportant
details is termed:

abstraction
...


The term most
closely related to
opportunity cost is:

foregone alternative

The third rule of
inequality can be
summarized as:

resources, goods, and
wealth are not
distributed equally
...

buyers must have:
Unemployment is a
condition that exists
when:

some available resources
are not engaged in the
production of goods and
services
...

makes it possible to:
Which of the following is
NOT one of the four
elements of the scientific
method?

Subjectivity

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