Which of the following words and phrases best captures the notion of equality?

Which of the following is a principle concerning how people interact?

A company that formerly produced software went out of business because too many potential customers bought illegally-produced copies of the software instead of buying the product directly from the company. This instance serves as an example of

Market power refers to the

Which of the following is an important cause of inflation in an economy?

An economic theory about international trade that is based on the assumption that there are only two countries trading two goods

A model can be accurately described as a

Refer to Figure 1.  Julio buys a new pair of shoes at a shoe store.  To which of the arrows does this transaction directly contribute?

When an economy is operating inside its production possibilities frontier, we know that

Refer to Figure 2.  It is possible for this economy to produce

Which of the following is an example of a normative, as opposed to positive, statement?

If Shawn can produce more donuts in one day than Sue can produce in one day, then

Table 1

Assume that Aruba and Iceland can switch between producing coolers and producing radios at a constant rate.

	Labor Hours Needed to Make 1
	Cooler	Radio
Aruba	2	5
Iceland	1	4

Refer to Table 1.  Aruba’s opportunity cost of one cooler is 

Table 2

Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate.

	Labor Hours Needed to Make 1 Pound of		Pounds Produced in 40 Hours
	Meat	Potatoes	Meat	Potatoes
Farmer	10	2	4	20
Rancher	4	8	10	5

Refer to Table 2.  Which of the following combinations of meat and potatoes could the rancher not produce in 40 hours?

Refer to Table 2.  The farmer has an absolute advantage in the production of

Table 3

Assume that England and Spain can switch between producing cheese and producing bread at a constant rate.

	Labor Hours Needed to Make 1 Unit of		Number of Units Produced in 40 Hours
	Cheese	Bread	Cheese	Bread
England	1	4	40	10
Spain	4	8	10	5

Refer to Table 3. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities frontier for Spain.  If we were to do this, measuring bread along the horizontal axis, then

Refer to Table 3.  If England and Spain each spends all its time producing the good in which it has a comparative advantage and the countries agree to trade 2 units of bread for 6 units of cheese, then England will consume

Refer to Figure 3.  Suppose Bolivia decides to increase its production of emeralds by 2.  What is the opportunity cost of this decision?

Figure 4

Bob’s Production Possibilities Frontier	Enid’s Production Possibilities Frontier

     

Refer to Figure 4.  If the production possibilities frontier shown for Bob is for 100 hours of production, then how long does it take Bob to make one burrito?

Refer to Figure 5.  If the production possibilities frontiers shown are each for one day of work, then which of the following combinations of pies and tarts could Maxine and Daisy together make in a given day?

Refer to Figure 6.  If Bintu and Juba both spend all of their time making bowls, then total production is

Refer to Figure 6.  The opportunity cost of 1 cup for Bintu is

The forces that make market economies work are

The law of demand states that, other things equal,

The following table contains a demand schedule for a good.

Price	Quantity Demanded
$10	100
$20	X

If the law of demand applies to this good, then “X” could be

A market demand curve shows how the total quantity demanded of a good varies as

If buyers today become more willing and able than before to purchase larger quantities of Vanilla Coke at each price of Vanilla Coke, then

Refer to Figure 7.  The graphs show the demand for cigarettes.  In Panel (a), the arrows are consistent with which of the following events?

The supply curve for a good is

Refer to Table 3.  If these are the only four sellers in the market, then the market quantity supplied at a price of $4 is

A rightward shift of a supply curve is called

A movement downward and to the left along a supply curve is called

A decrease in the price of a good will

If there is a shortage of farm laborers, we would expect

Refer to Figure 8.  At a price of $12, which of the following is correct?

Consider the market for new DVDs.  If DVD players became cheaper, buyers expected DVD prices to fall next year, used DVDs became more expensive, and DVD production technology improved, then we could safely conclude that the equilibrium price of a new DVD would

Equilibrium quantity will unambiguously increase when