stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Microeconomic Concepts Flashcards | StudBud
Explore
/
Microeconomic Concepts
Microeconomic Concepts
20 terms
·
StudBud Administration
·
398 plays
Microeconomic concepts based on standards SSEMI1 - SSEMI4
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
A maximum set by government that may cause a shortage
Price Floor
Price Ceiling
2
How do you calculate total revenue?
Total Revenue - Total Costs
Price x Output
Fixed Costs + Variable Costs
TSM v C9
3
Investor gives money to corporation in exchange for money plus interest at the maturity date
Stock
Dividend
Insurance
Bond
4
What is the main function of money in economics?
medium of exchange
taxation
artificial stock
for barter
5
What are examples of "inelastic supply"?
Toys
Consumables
Coal
Bananas
6
This economic actor is in the middle of the circular flow and taxes households and businesses
What are firms?
What is government?
What is product market?
What is the Federal Reserve?
7
When workers become more efficient, the curve shifts right. When unmotivated, it shifts right
Relates to Technology
Relates to Price Extremum
Relates to Productivity
Relates to Shortage
8
The area above equilibrium price and below the demand curve is
aggregate demand
aggregate supply
consumer surplus
producer surplus
9
What results from implementation of taxes by government?
Producer Surplus
Consumer Surplus
Counter-charge
Deadweight Loss
10
A minimum set by government that may cause a surplus
Price Ceiling
Price Floor
11
The area below equilibrium price and above the supply curve is
aggregate demand
producer surplus
aggregate supply
consumer surplus
12
What is a dividend?
payment issued to stockholders of a corporation
business expenses that do change with output
part ownership in a corporation
legal document organizing a corporation
13
Which structure has price makers?
Perfect Competition
Pure Monopoly
Monopolistic Competition
Sole Proprietorship
14
According to the Law of Demand...
As price decreases, quantity demanded decreases
As price increases, demand increases
As price decreases, demand increases
As price increases, quantity demanded decreases
15
What are disadvantages of a sole proprietorship?
Unlimited liability and limited life
double taxation, expense of a charter, more regulations
fixed costs
Variable Costs
16
An increase of technology will
shift economic curves right
Not effect any curves
shift economic curves left
17
What is the relationship (slope) between price and quantity supplied?
negative
linear
exponential
positive
18
Which structure has price takers?
Oligopoly
Perfect Competition
Pure Monopoly
Monopolistic Competition
19
Hey, this isn't jeopardy! What diagram was shown in the previous question (involves 3 actors)?
Circular Flow Diagram
Federal Reserve Heirarchy
Medium of Exchange
Income and Output Flow Model
20
What is unlimited liability?
when owner dies, firm may die as well
if the firm fails, owner must pay off all debts
partial ownership in a corporation
job allocation within a corporation
