ECO 415 UOP Tutorial/UOPHELP

ECO 415 UOP Tutorial/UOPHELP

ECO 415 Final Exam Guide

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ECO 415 Final Exam Guide

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1. According to Figure 1.3, The Production Possibilities Curve. the point where only satellites are produced is:

2. According to Figure 1.3, at which point is it possible for the economy to produce more of both goods?

3. According to Figure 1.3, which point cannot be obtained without an increase in production technology?

4. The principle that the cost of something is what is sacrificed to get it, is known as the:

5. The opportunity cost of going to college:

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6. A demand curve is defined as the relationship between

7. The law of demand states that quantity demanded of a product increases as

8. The law of supply states that

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9. Figure 4.1 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is \$30, there is

10. Figure 4.1 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is \$50, there is

11. Figure 4.1 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is \$30, we would expect that

12. Judy demands more peanuts as her income increases. From this, we can conclude that

13. A normal good is defined as a good for which demand decreases when

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14. Two goods are complements if

15. Suppose that consumers expect the price of a product to decrease in the future. The result is that

16. Figure 4.2 illustrates the demand for guitars. An increase in the demand for guitars is represented by the movement from

17. Figure 4.2 illustrates the demand for guitars. A decrease in the demand for guitars is represented by the movement from

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18. An inferior good is defined as a good for which demand decreases when

19. When Mary's income increases, she purchases less hamburger. We can conclude that hamburger is

20. If a technological advance makes it...