front 1 comparative advantage is related to | back 1 opportunity cost |
front 2 when each person specializes in producing the good in which he or she has a comparative advantage, total production in the economy.. | back 2 rises |
front 3 if a decrease in income increases the demand for a good, then the good is | back 3 an inferior good |
front 4 when we move along a demand curve | back 4 all nonprice determinants of demand are held constant |
front 5 when demand is elastic, a decrease in price will cause | back 5 an increase in total revenue |
front 6 a decrease in demand is represented by | back 6 leftward shift of demand curve |
front 7 the quantity demanded of a good is the amount that buyers are | back 7 willing and able to purchase |
front 8 two goods are substitutes when a decrease in the price of one good | back 8 decreases the demand for the other good |
front 9 on a downward sloping linear demand curve, total revenue reaches its maximum value at the | back 9 midpoint of the demand curve |
front 10 demand is inelastic if the price elasticity of demand is | back 10 less than 1 |
front 11 which of the following is not a determinant of the demand for a particular good | back 11 the prices of the inputs used to produce the good |
front 12 an increase in the price of a good will | back 12 decrease quantity demanded |
front 13 a decrease in the price of a good will | back 13 decrease quantity supplied |
front 14 The most obvious benefit of specialization and trade is that they allow us to | back 14 consume more goods than we otherwise would be able to consume |
front 15 the law of demand states that, other things equal, when the price of a good.. | back 15 falls, the quantity demanded for the good rises |
front 16 other things equal, the demand for a good tends to be more inelastic, the.. | back 16 fewer the available substitutes |
front 17 the opportunity cost of an item is | back 17 what you give up to get that item |
front 18 a production possibilities frontier is a straight line when | back 18 the rate of tradeoff between the two goods being produced is constant |
front 19 wheat is the main input in flour, if the price of wheat decreases, then we would expect the.. | back 19 supply of flour to increase |
front 20 the price elasticity of demand measures how much | back 20 quantity demanded responds to change in price |