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13 Cards in this Set

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  • Back
What are 6 things that will shift the demand curve?
1. Income of the population
2. Preference
3. Number of buyers
4. Availability (laziness factor)
5. Prices of Complements and substitutes
6. Future expectations (price, preference & income)
What are 6 things that will shift the supply curve?
1. Cost of Inputs
2. Number of firms
3. Taxes, subsidies and regulations
4. Prices of related goods
5. Changes in technology
6. Expectations of future relative price changes
Define Economics
The study of the Consumption, Production and Distribution of goods and services
Three questions of economics are _____
How to produce? (the production question)
What to produce? (the consumption question)
For Whom to produce? (the distribution question)
What are inputs?
Land, labor and capital
Inputs are also called...
Factors of Production.
Resources.
Outputs can also be called...
Products, goods and services, or the Guns and butter
(CLASS LECTURE 1A) Which of the following would be classified as a final good?


A. A TMC emergency room physician.
B. A set of wood planks from Brazil used to make Home Depot kitchen cabinets.
C. The projector found in your economics college classroom.
D. An automobile produced in South Korea.
D. An automobile produced in South Korea.
(CLASS LECTURE 2A) An economist at the University of Alaska at Anchorage has been asked to explain why the price of Alaskan crude oil has fallen recently. In order to develop a model, the professor should take which steps?

A. Gather data on crude oil prices and seemingly unrelated variables in order to look for associations, then formulate a hypothesis based on those unexpected associations.
B. Identify the problem, develop a model based on simplifying assumptions and test the model to formulate a conclusion.
C. None of these. The oil industry is controlled by a cartel; therefore price changes in the industry cannot be explained using economic theories.
D. Ask people in Alaska why they are not purchasing oil.
B
(CLASS LECTURE 3A) Adam Smith wrote that by following price signals and the pursuit of self interest, we will be led as if by an invisible hand to maximum economic well-being. This is an explanation of ___________, and the "invisible hand" is a metaphor for __________.




A. Radical Theory, scarcity
B. Liberal Theory, the market
C. Neoclassical Theory, the government
D. Classical Theory, the market
d
(CLASS LECTURE 3A): John Maynard Keynes was an advocate of




A. changing the entire social structure of capitalism.
B. government intervention.
C. All of the choices are correct
D. purely market-based approaches.
B. Government intervention
(CLASS LECTURE 5A) Which of the following will be most likely to cause the production possibilities curve for a country to shift inward?

A. Development of an improved technological method of production.
B. A decrease in the stock of physical capital
C. An increase in the labor force.
D. An increase in unemployment.
B
(CLASS LECTURE 6A) At a price of $5, Sam buys 10 units of a product; when the price increases to $6, Sam buys 8 units. Martha says Sam's demand has decreased. Is Martha correct?

A. No, Martha is incorrect. Sam's demand has increased.
B. No, Martha is incorrect. Sam's quantity demanded has decreased, and his demand has not changed.
C. Yes, Martha is correct. Sam's demand has decreased.
D. No, Martha is incorrect. Sam's quantity demanded has increased, and his demand has increased.
B