Eco 1

Front 1

Law of demand

Back 1

Price and quantity demanded are negatively related

Front 2

Law of supply

Back 2

Positively related

Front 3

Opportunity cost

Back 3

The best alternative forgone in order to produce or consume something

Front 4

Economics deals with

Back 4

Scarcity

Front 5

T o F. Any point on the production possibilities curve represents full employment.

Back 5

False

Front 6

T o F. Pure capitalism is characterized by private ownership and govt economic decision making

Back 6

False

Front 7

Public good characteristics

Back 7

Indivisible. Nonrivalrous. Nonexcludable.

Front 8

Elastic demand

Back 8

Changeable demand

Front 9

Reasons us incarceration rates have increased

Back 9

Mandatory sentences for drugs. Three strikes and your our. Truth in sentencing.

Front 10

12 or older who acknowledged illicit drug use

Back 10

22%

Front 11

Largest increase in spending is prisons. T o F

Back 11

True

Front 12

Expenditures on criminal justice system have no effect on education. T o F.

Back 12

False

Front 13

Represents a regulation that is more likely to encourage research into new technologies

Back 13

Performance standard

Front 14

Pollution causes

Back 14

Inefficient resource allocation

Front 15

Air pollution tax

Back 15

Emissions fee

Front 16

Marketable pollution permits

Back 16

Allow producers to buy and sell permits. Minimize the costs of pollution control. Utilize the marketplace.

Front 17

Why is overallocation of resources to a particular market a problem?

Back 17

Society values other products produced by these scarce resources more than it values the product produced where overallocation occurs

Front 18

Economists vs environmentalists

Back 18

Env-want to eliminate pollution

Front 19

Most petroleum use?

Back 19

United States

Front 20

Both positive and negative externalities cause inequity and inefficiency. T o F

Back 20

True

Front 21

Education spillover benefits, private market will

Back 21

Underallocate resources to education

Front 22

Which percent of the population age 25 or older has a highschool diploma?K-1

Back 22

30%

Front 23

K-12 Funding

Back 23

Local govt

Front 24

K-12 financing problem

Back 24

Property tax

Front 25

No child left behind arguments

Back 25

Can penalize schools. Neglects areas or learning outside of reading and math. Studying just for tests.

Front 26

Improve productivity of peopleth

Back 26

Human capital

Front 27

Theory of investment in Human Capital indicates graduates should

Back 27

Go to college if increased earnings from college are greater than sum of direct and indirect education

Front 28

Spillover benefit derives

Back 28

A childhood vaccinations. Education tuition provided by employers. Your education.

Front 29

Population age 25 with bachelor’s degree

Back 29

20%

Front 30

Age 25 with Ph.D

Back 30

3%

Front 31

Best example of the indirect costs of college education

Back 31

Forgone earnings from attending school instead of working

Front 32

T o F. Public and secondary ed have substantial spillover benefits

Back 32

True