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BAM 223 BAM223 Exam 1 with Answers (CCU)


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If a graph has a line that shows the quantity of flat-screen televisions sold in the last five years, it is known as ________.

Let D= demand, S = supply, P = equilibrium price, and Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged?

What is a market failure?

Which of the following is an example of an activity undertaken by an entrepreneur?

If a demand curve shifts to the left, then ________.

Human capital refers to ________.

By definition, economics is the study of ________.

The efficient level of paper production will occur where the ________.

If a vineyard wants to raise funds to purchase a new bottling machine, it does so in the ________.

Vineyards can grow either red wine grapes or white wine grapes on their land. Which of the following would cause the supply of red wine grapes to decrease?

In economics, all of the following is counted as "capital" EXCEPT:

Which of the following is evidence of a shortage of chocolate?

Holding everything else constant, an increase in the price of MP3 players will result in ________.

The area ________ the market supply curve and ________ the market price is equal to the total amount of producer surplus in a market.

The ________ demonstrates the roles played by households and firms in the market system.

Using Richard Tedlow's "three phases of marketing," the premium bottled water industry is probably in ________.

The points outside the production possibilities frontier are ________.

Economic efficiency is achieved when there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and ________.

An example of a factor of production is ________.

The relationship between sales and revenue is ________.

Which of the following is an example of the U.S. government's use of a "command-and-control" approach to reducing pollution?

Comparative advantage means the ability to produce a good or service ________.

Tesla Motors manufactures its cars at a plant in Fremont, California. At this plant, Tesla is able to take advantage of the high level of technical training possessed by its American workers, but it also sacrifices the ability to pay lower wages had it chosen to open its plant in a low-wage country such as Mexico, India, or China. In deciding to open the Fremont plant, Tesla ________.

Arthur buys a new cell phone for $150. He receives consumer surplus of $150 from the purchase. What value does Arthur place on his cell phone?

The basic economic problem of ________ has always existed and will continue to exist.

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