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Economic Final
Economic Final
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1
A cost that does not change
fixed cost
fixed expense
marginal cost
marginal expense
2
The fact that people with higher incomes get to consume more goods and services addresses the ________ question.
where
how
for whom
when
3
Which is not a type of supply?
Accessories
Capital items
Components and supplies
Employees
4
The fact that people with higher incomes get to consume more goods and services addresses the ________ question.
For whom
what
when
why
5
An agreement among members of an oligopoly to illegally set prices and production levels is a
Oligopoly
Monopoly
Cartel
Collusion
6
What is food security
Enough food to support a healthy life
All the food you need is provided you
All the food you want
7
Overtime worked by a JCPenney associate is considered ________ and earns ________.
labor; wages
human capital; interest
entrepreneurship; profit
labor; profit
8
The price of food is determined by what factors? Pick all that apply
population
Quantity
income
Government subsidies
9
How is pricing determined?
The consumer
Both producer and consumer
The producer
10
A market structure with many companies selling similar products is a(n)
Monopolisitic
Franchise
Oligopoly
11
A single seller in a market is a(n)
Oligopoly
Monopoly
Cartel
12
What factors would cause a shift the in the demand curve?
income, taste preference, willingness to pay
Style, cost, income
income, willingness to pay, style
13
A balanced market is created when what happens?
When consumer wants and production meet or are equal
When supply is equal to what can be produced
When demand is equal to what is wanted
14
What is Bennett's law
income determines the amount of starchy foods consumed
income determines the amount spent on food
income determines your likes and dislikes
15
Opportunity cost means?
the accounting cost minus the marginal cost
the accounting cost minus the marginal benefit
the monetary costs of an activity
the highest-valued alternative forgon
16
Which is NOT one of the six major economic goals
Money
Stability
Equity
Growth
17
Who determines supply?
Sellers
Buyers
18
What term or terms would be associated with the cost to produce one more of something.
Law of demand
Equilibrium
Marginal cost
Excess demand
19
What determines the food that is grown.?
Price
Education
Cost
Location
20
Refers to peoples economic well-being
Standard of Living
Economic level of living
finacial security
Income level
21
Cuba is what type of a mixed economy
Capitalism
Authoritarian Ssocialism
Democratic Socialism
Communism
22
What term means a cost that would change depending on production
variable cost
movable cost
Fixed cost
23
What is Self-interest
fullfilling your own wants and needs
Wanting something
Liking what someone else has
selling something for profit
24
Economic Rivalry
short term debt
Discount
long term debt
Competition
25
What term is used to describe a balance between supply and demand
law of Demand
Excess demand
Equilibrium
Fixed cost
26
A market structure with a few large firms is a(n)
Monopoly
Collusion
Cartel
Perfect Competition
27
When supply increases, demand also increases
False
True
28
What term would mean when supply and demand are NOT equal
excess
disequilibrium
equilibrium
29
How is pricing determined?
By the producer
By both the consumer and the producer
By the consumer
30
The analysis of the behavior of individual decision-making units is the definition of
make choices to cope with scarcity
choose abundance over scarcity
attain wealth
use their infinite resources
31
What is not a economic system?
Mixed
Command
Market
Normal
32
What group has three items that would cause a change in price
demand, cost, supply
demand, cost, time of year
supply, quantity, time of year
33
The term used to emphasize that making choices in the face of scarcity involves a cost is
opportunity cost
accounting cost
substitution cost
utility cost
34
A business owned by one person is a ____.
Corp.
Sole Proprietorship
Cartell
Partnership
35
What item is not a Economic incentive?
lower taxes
lower prices
greater unemployment
better selection
36
What is the role of pricing
Price changes demand
Price can change both supply and demand
Price changes supply
37
The term that means there is more available than wanted
Variable supply
excess supply
balanced supply
38
Sweden is an Authoritarian Socialism
True
False
39
What is subsitution?
When there is a choice to make based off of price
Replacing one item with a like item
When only one object is exceptable
Having two different items
40
What does Engels law state?
The richer your are the more starchy foods you eat.
The more you make the smaller % of income is spent of food.
The poorer you are the more fruit and vegetables you eat.
41
When was the fed created
1953
1903
1933
1913
42
What factors would cause a shift in the demand curve? Pick all that apply
Taste preference
Supply
Income
Willingness to pay
43
Are able to decide how to spend their incomes
consumers
socialist
investors
opportunist
44
How many people do you need to start a partnership?
1
3
6
2
45
Taiwan is said to have what type of an economy?
Capitalistic
Market
Democratic Socialism
Autoritarian Sosialism
46
Economics is best defined as the study of how people, businesses, governments, and societies
choose abundance over scarcity
use their infinite resources
attain wealth
make choices to cope with scarcity
47
What is the role of pricing
Price changes supply
Price changes demand
Price can change both supply and demand
48
A FORMAL organization of producers that agree to coordinate prices and production is a(n)
Ologopoly
Cartel
Group
Monopoly
49
What does a Demand Curve Look Like?
Slope Down from right to left This is a wrong answer
Slope Up from Left to Right
Slope Down from Left to Right
Horizontal line
50
Which has three of the four items that would cause a shift in the demand curve.
change in population, cost, supply
cost, income, change in taste
income, change in population, change in locatio
51
Are free to open new business
Consumers
Workers
Investors
Bussiness people
52
Why would the demand for items change
income,supply, taste
taste, supply, desire
desire, income, want
53
The term that is used to describe when the market wants something that is not supplied
law of demand
demand
fixed supply
supply
54
What is a supply
People giving away
How much there is in a shop
How much people want
Getting a box and make a store
55
When more is wanted than can be provided
excess demand
marginal demand
excess supply
law of demand
56
What is the correct name for the FED?
First Reserve System
Federal Reserve System
First Restricted Service
Federal Restricted Service
57
Which is not an economic actor
consumer
supplier
producer
government
58
Refers to the efforts to increase the goods and services
raising the standards
ecconomic growth
lowering sandards
economic demand
59
Who determines demand?
Sellers
Buyers
60
What is the term used to describe when a desire and ability to have something
equilibrium
marginal cost
fixed demand
law of demand
61
Goods owned by individuals and businesses rather than the government
Non taxable
Government interest
Private property
62
What term would mean when supply and demand are NOT equal
excess
equilibrium
disequilibrium
63
When firms in an economy start producing more computers and fewer televisions, they are answering the ________ question.
for whom
where
when
what
