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☆☆☆☆☆Cards in this guide (14)
What is a trade-off
A trade-off is an alternative that we sacrifice when we make a decision.
In order for a price decrease to increase revenue which of the following must be true A. Demand must be elastic B. Demand must be inelastic. C. Demand must be unit elastic D. Supply must be inelastic
A)
How did the existence of the baby boom generation change demand in the US
demand was raised for different goods with each age of the baby boomers reached.
When prices rise what happens to income
When prices rise, income buys less.
How can population changes affect demand for certain goods
immediate demand for a good will go up if it's price is expected to rise.
this is how population changes affect demand for certain goods.
What is the effect of the interaction of buyers and sellers on a market
agreement on the price and quantity traded
Which product would be likely to be bought in the same quantity even if it doubled in price
Salt
Government programs that protect people experiencing unfavorable economic conditions are
Safety Net!
In a traditional economy what are the economic decisions based largely on
Customs and traditions.
What is an example of scarcity rather than shortage
A person wants an endless supply of everything but cannot have it.
Should all college students be required to study abroad for a semester
Type
Which of the following is most important characteristic of an entrepreneur
hard work and patience
Which occurrence could cause the demand curve for cars in your city to the left
A layoff of 500 workers at the city's airport could cause the demand curve for cars in your city to the left.
What is the money multiplier formula
The money multiplier formula is the amount of new money that will be created with each demand deposit, calculated as 1 ÷ RRR.
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