CLEP Microeconomics
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CLEP Microeconomics
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25 Questions

1. Limited quantities of resources to meet unlimited wants

2. Determines and classifies the relationship between income and demand for a good or service.

3. Marginal Cost

4. Divisions of the economy that specialize in certain goods or services

5. A change in demand that is show by drawing a new demand curve

6. The total amount of money a firm receives by selling goods or services

7. Factors other than price that determine the quantities supplied of a good or service.

8. Average Fixed Cost

9. A situation in which quantity supplied is greater than quantity demanded

10. Describes demand that is very sensitive to a change in price

11. Total Variable Cost

12. As supply increases - prices go down; as supply decreases - prices go up.

13. Average Fixed Costs (Declines as output increases.)

14. Those things which make our lives more comfortable but are not needed for survival

15. Describes demand that is not very sensitive to a change in price

16. A change in supply that is shown by drawing a new supply curve

17. When the last unit produced costs the same as the benefit recieved by consumers

18. A movement along the demand curve that occurs in response to a change in price

19. The price that balances quantity supplied and quantity demanded

20. The more you produce the less it costs and the cheaper the product is for the consumer.

21. Things that are required in order to live

22. A cost that requires an outlay of money.

23. Free Market - Traditional - Command - Mixed Markets.

24. A model that shows the flow of goods and services and the interaction among households - businesses - and banks

25. As successive units of a variable input are added to a fixed input - beyond some point the marginal product declines

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