Economics

Economics

Assessment

Flashcard

Other

University

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

Which of the following is NOT a central problem of an economy? What to produce, How to produce, When to produce, For whom to produce

Back

When to produce

Answer explanation

When to produce

2.

FLASHCARD QUESTION

Front

What happens when the price of a product increases (assuming all else remains constant)?

Back

Demand decreases

3.

FLASHCARD QUESTION

Front

Which factor does NOT affect demand? Consumer income, Price of related goods, Consumer preferences

Back

Production costs

4.

FLASHCARD QUESTION

Front

If the price elasticity of demand for a product is greater than 1, it is considered:

Back

Elastic

5.

FLASHCARD QUESTION

Front

A leftward shift of the supply curve indicates:

Back

A decrease in supply

6.

FLASHCARD QUESTION

Front

Total cost is the sum of: Fixed cost + Variable cost, Fixed cost + Marginal cost, Variable cost + Marginal cost, Implicit cost + Explicit cost

Back

Fixed cost + Variable cost

7.

FLASHCARD QUESTION

Front

What happens at the break-even point?

Back

Total revenue = Total cost

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