ECON 201 Exam 1 MSU
Jeremiah
Terms in this set (10)
Absolute advantage Who can produce the most of the good
Comparative advantage Who has a lower opportunity cost
Positive Statement A true statement, a fact
Normative An opinion
Raclette is a popular wintertime dish in An increase in demand for new potatoes
Switzerland. It is essentially melted
Raclette cheese over boiled new potatoes.
If the price of Raclette cheese decreased,
we would expect to see...
Which of the following is not a determinant consumer tastes
of supply?
Difference between price consumers want to pay and what producers want to
Quota Rent
receive
Quota Wedge difference in price paid by buyer and price received by seller
Average tax rate What percent of your income your taxes are
Marginal tax rate The highest rate you pay on the final portion of income
https://quizlet.com/36749776/econ-201-exam-1-msu-flash-cards/ 1/1
Jeremiah
Terms in this set (10)
Absolute advantage Who can produce the most of the good
Comparative advantage Who has a lower opportunity cost
Positive Statement A true statement, a fact
Normative An opinion
Raclette is a popular wintertime dish in An increase in demand for new potatoes
Switzerland. It is essentially melted
Raclette cheese over boiled new potatoes.
If the price of Raclette cheese decreased,
we would expect to see...
Which of the following is not a determinant consumer tastes
of supply?
Difference between price consumers want to pay and what producers want to
Quota Rent
receive
Quota Wedge difference in price paid by buyer and price received by seller
Average tax rate What percent of your income your taxes are
Marginal tax rate The highest rate you pay on the final portion of income
https://quizlet.com/36749776/econ-201-exam-1-msu-flash-cards/ 1/1
