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Economic -Prices, Business Orgs Ch#6 & 8 Flashcards | StudBud
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Economic -Prices, Business Orgs Ch#6 & 8
Economic -Prices, Business Orgs Ch#6 & 8
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This is a review of demand, supply, price signals, incentives, and elasticity
Flashcards
22 cards
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Questions
22
Answers
1
What would happen to the supply curve if all machinery stopped working?
Supply curve would shift to the right
The supply curve would stop working
Supply curve would shift to the left
Supply curve would stay where it is
2
If the price of a product increases by $100, what signal does this send to consumers?
You may buy, but be cautious
Heck, I don't know
Don't buy
Buy
3
Which business structure is easy to form?
Partnership
Franchise
Corporation
Sole Proprietorship
4
Which business structure usually has greater freedom AND very little government regulation?
Partnership
Franchise
Corporation
Sole Proprietorship
5
The apocalypse is here.You get to the store and there is one can of food left. Elasticity?
Unit (Perfectly) elastic
More elastic
What does it matter. Apocalypse-I'm dead
Less elastic
6
Which of the business structure typically is associated with brand names?
Sole Proprietorship
Partnership
Corporation
Franchise
7
Which business structure typically is made up of a lot of stockholders?
Partnership
Franchise
Sole Proprietorship
Corporation
8
You are thinking about getting new tires,but know that you don't need them soon. Elasticity?
Less elastic
More elastic
Unit (perfectly) elastic
9
Which business structure has divided responsibility?
Franchise
Sole Proprietorship
Partnership
Corporation
10
You just won the lottery! you decided to buy a sports car! Elasticity?
More elastic
Yeah right. Nobody wins the lottery
Less elastic
Unit (perfectly) elastic
11
There's a sale! You can BOGO free. What's the incentive?
That you get to go shopping
You can buy one, get one free
This sounds awful
There isn't an incentive
12
Which business structure has low start-up costs?
Franchise
Corporation
Sole Proprietorship
Partnership
13
You are offered two different jobs.One is offering you a signing bonus.What is the incentive?
You get to work two jobs
More money
Signing bonus
Choice between two jobs
14
You always buy Chevy.The price of the truck you want just went up 30%.(more or less elastic?)
More elastic
Obviously not this one
Less elastic
Unit (perfectly) elastic
15
Which business structure is usually taxed double?
Partnership
Franchise
Corporation
Sole Proprietorship
16
Which of the following is not a business structure?
Sole Proprietorship
Franchise
Stockholder
Partnership
17
If the price of a hamburger decreases by $0.25, what does this signal to the consumer?
You may not buy, but be cautious
Don't buy
Buy
You may buy, but be cautious
18
Which business structure allows all decisions to be yours?
Corporation
Partnership
Sole Proprietorship
Franchise
19
You decide that the brand of the truck you buy doesn't matter. More or less elastic?
Less elastic
More elastic
Nope.
Unit (perfectly) elastic
20
You want to go to a concert that is tomorrow night!What is the elasticity of demand for tickets
Less elastic
More elastic
Unit (perfectly) elastic
21
Which business structure has divided profits AND divided authority?
Partnership
Corporation
Franchise
Sole Proprietorship
22
Which of the following would NOT cause the Demand curve to shift?
Complementary good price decreases
Increase in consumer tastes
Change in price
Substitute good price increases
