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Econ Final
| Question | Answer |
|---|---|
| Clothing, food, and shelter are examples of human | needs |
| The structures, buildings, machinery, and tools used in the production process are called | capital goods |
| This is the study of concepts and ideas that affect an entire economy | macroeconomics |
| Consumers choose what to | buy |
| The basic fact of economic life is | scarcity |
| People are forced to make decisions about how to use resources effectively because | resources are limited and wants are unlimited |
| You are in a clothing store. You see a pair of pants and a T-shirt that you like. However, you only have enough money for one item of clothing. If you decide to buy the pants, what is the opportunity cost of your choice? | the T- shirt |
| Ownership of private property is a characteristic of | free enterprise |
| This is the idea that government should not interfere in an economy | laissez-faire |
| All of the following are economic questions except | When to produce |
| Which speaker is discussing a traditional economy? | Speaker A: My economy resists technological change. For centuries we have used the plow, and I believe it will continue that way for hundreds of years. |
| Which speaker is describing a capitalist economy? | Speaker C: Competition drives our economy. It seems people are always getting a good deal, because a store offers a sale in order to gain more customers and then make more money. |
| Which speaker is describing a command economy? | Speaker B: The government runs our economy, and many times we wait in line for hours to buy different products. We also do not have much choice when it comes to choosing goods. |
| Which speaker is discussing a mixed economy? | Speaker D: I am glad government at least runs part of our economy. I do not believe private industries could do a good job when it comes to electricity, media, and health care. |
| The state would set the price of consumer goods in which of the following economies? | communism |
| The demand for _______ would be inelastic | surgeries |
| Hamburgers and hamburger buns are considered: | complementary products |
| Which of the following would be considered a fixed cost? | The amount a baker pays to rent a building |
| Profit is best defined as | Total revenue minus total production costs |
| A table showing the quantity supplied at different prices is known as a | supply schedule |
| Salt is a product that has an inelastic demand. How will a small increase in price affect the demand for salt? | It will have little effect |
| If the cost of a product represents a small portion of consumers’ income, that product will tend to have | inelastic demand |
| If new pollution controls are imposed on companies that make wrenches, the supply of wrenches wil | decrease |
| If consumers expect the price of beef to rise the next month, the demand for beef will | increase |
| If the price of jelly goes up, the demand for peanut butter will | decrease |
| If a pizza company purchases a faster oven, the supply of pizza will | increase |
| If there was a published study showing eating beef increased a person’s lifespan, using correct economic terms, which statement most accurately reflects what would probably take place? | There would be an increase in demand the curve would shift right |
| If a pizza company began paying an extremely high price for its cheese, using correct economic terms, which statement most accurately reflects what would probably take place? | There would be a decrease in supply, the curve would shift left |
| In this market there was: | an increase in demand and a decrease in supply |
| In this market, demand might have changed because | there was an increase in consumer income |
| In this market, supply might have changed because: | there was a tax cut |
| According to curve DD, at an original price of 4, consumers demanded an approximate quantity of | 6 |
| According to curve S’S’, suppliers supply an approximate quantity of _____ at a price of 4 | 2 |
| What is the approximate point of equilibrium price and quantity of DD and SS? | Quantity of 6, price of $ 4 |
| What is the approximate point of equilibrium price and quantity of D’D’ and S’S’? | Quantity of 6, price of $ 8 |
| When sellers secretly agree to set production levels or prices, it is called | collusion |
| To set their products apart from those of their competitors, sellers in a monopolistic market use product | differentiation |
| Competition in the field of agriculture best fits into what market structure? | perfect competition |
| Patents and copyrights are associated with what market structure? | technological monopoly |
| Which of the following is a market dominated by a few large sellers? | oligopoly |
| In the breakfast cereal market, three companies account for about 80 percent of sales. Why then are there so many different brands of cereal? | All of the above |
| For a period of time, most people considered Microsoft a | monopoly |
| Designer jeans and different fast food restaurants are part of what type of market structure? | monopolistic competition |
| The most common type of business organization in the United States is the | sole proprietorship |
| As a whole, these business organizations bring in the most money in the United States | corporations |
| In what business organization do two or more people often times enjoy equal decision- making authority? | partnership |
| The disadvantages of partnerships include | unlimited liability |
| Which of the following is a franchise? | Burger King |
| “An airline buys another airline.” This would be an example of a | horizontal merger |
| Liability is also known as | Being held accountable for a debt |
| “An airline buys oilfields and a fuel transportation network.” This would be an example of a | vertical merger |
| If you own a share, you actually own | part of a company |
| An example of a nonprofit organization is | The Girl Scouts of the U.S.A. |
| If you wanted to be guaranteed that you were in a union, you would be hired by this type of business | closed shop |
| Ideas and laws guaranteeing the representation of women and minorities in the workplace are associated with | affirmative action |
| “I felt good because I helped someone who had a problem.” This person experienced | an intrinsic reward |
| The numerical standards often used for employing women and minorities are known as | quotas |
| Which one of the following is a court order requiring workers to report back to work? | injunction |
| When a third party comes in and makes a legally binding decision, union and management have engaged in | arbitration |
| All of the following are weapons used by workers except: | lockouts |
| All of the following are weapons used by management except: | strikes |
| These are two benefits people experience when they save money | security and interest |
| The payment that financial institutions receive in return for making loans is called | interest |
| A certificate of deposit is an example of a | time deposit |
| Entertainment expenses are an example of | flexible expenses |
| The total cost of credit expressed as a yearly percentage is known as the | annual percentage rate |
| A nation’s bridges, roads, schools, and airports are part of its | infrastructure |
| Liquidity refers to the ability to quickly | turn an investment into cash |
| Choosing a variety of investments is known as | diversification |
| This is said to exist when many people are buying stock, and the Dow Jones Industrial Average rises steadily over a period of time | bull market |
| The construction of a shopping mall is an example of an item that would be included in which of the following four sectors that make up GDP? | private business investments |
| In which of the four sectors that make up GDP would the purchase of airplanes by the United States Air Force be included? | government purchase of goods and services |
| Which one of the following categories usually includes the largest percentage of the money included in the annual GDP? | consumer expenditures |
| Which phase of the business cycle is characterized by a slowdown in business? | contraction |
| Which phase of the business cycle is characterized by economic growth? | expansion |
| Which of the following factors influence the business cycle? | all of the above |
| A person who leaves a job to look for a better one is a percentage of those who are | frictionally unemployed |
| Full employment means | the unemployment rate is about five percent |
| During the winter months, many farmers and landscapers experience | seasonal unemployment |
| Serious recessions in 1974-75, 1980-82, 1990-91, and 2007-2009 were marked by high levels of | cyclical unemployment |
| If the inflation in a particular country is extremely high, it means that | money has little value, and goods are extremely valuable |
| The Law of Demand states that as price goes up: | quantity demanded goes down |
Created by:
migliorej
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