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18 Cards in this Set
- Front
- Back
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Is "If the price of iPhones falls, a larger quantity of IPhones will be purchased." a positive economic statement?
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Yes
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Increasing opportunity cost is represented by a __________ production possibilities frontier.
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bowed out
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Is "the price of gasoline is too high." a normative economic statement?
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Yes
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The term property rights refers to?
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the ability to exercise control over owned property within the confines of the law.
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The Principle of opportunity cost is that
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the economic cost of using a factor of production is the alternative use of that factor that is given up.
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Without an increase in the supplies of factors of production, how can a nation achieve economic growth?
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through technological advancement which enables more output with the same quantity of resources.
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A tariff is a tax imposed by a government on
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imports
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NAFTA refers to a 1994 agreement that eliminated most tariffs among which countries?
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United States, Canada, and Mexico
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Assume that China has a comparative advantage in producing corn and exports corn to Japan. We can conclude that/
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China has a lower opportunity cost of producing corn relative to Japan.
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Which of the following is not a source of comparative advantage?
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low wages
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The market for energy drinks has grown rapidly over the past several years. One report predicts that energy drinks might replace coffee for the current generation of teens and young adults. This report implies that energy drinks and coffee are?
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substitutes
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The law of demand implies, holding everything else constant, that..
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as the price of bagels increases, the quantity of bagels demanded will decrease.
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Which of the following will shift the demand curve for a good?
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a decrease in the price of a complementary good.
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If an increase in income leads to in an increase in the demand for peanut butter, then peanut butter is...
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a normal good.
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If the price of automobiles was to increase, then...
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the demand for gasoline would shift to the left.
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During teh recession of 2007-2009, despite falling income levels, McDonald's experienced increased sales. The increase in demand for Big Macs despite the decline in income indicates that Big Macs are considered...
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inferior goods.
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A decrease in the price of GPS systems will result in...
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a smaller quantity of GPS supplies.
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In economics, choices must be made because we live in a world of....
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scarcity.
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