CP Econ Midterm Quiz!

Market Equilibrium occurs when the quantity consumers demand meets the quantity producers are wiling and able to sell.

What is supply?

What is Demand?

The law of supply states that as price increases supply increases and vice versa. They are positively related.

Which of the following is NOT a determinant of supply?

What is an economy of scale?

What is the elasticity of demand?

A traditional economy is one that is based on tradition and past practices and is rarely seen today.

Being able to make something using fewer resources than other producers require would give you a(n)

What does it mean when a product is perfectly inelastic?

Monetary policy involves

The United States is a great example of a traditional economy because we have existed as country for a long time.

What is the Production Possibilities Frontier (PPF)?

What is the usual reason that consumers pick substitutes over name brand items?

The Intellectual property rights of a song writer are protected by a...

A shift in the supply curve to the right means there is an increase in supply.

Which of these is an example of an exhaustable resource?

The most important economic decision maker in market (mixed) economies is...

In a pure market economy why do buinesses not sell public goods?

Which type of Economy typically produces the higest standard of living for its citizens?

The law of demand states that as price increases demand tends to decrease and vice versa. They are inversely related.

How can laws and regulations improve the private sector?

In a pure market economy, the government has a lot of control.

What is an example of a variable cost?

North Korea is usually seen as the worlds most recognizable _____________ economy.

What is a price ceiling?

The law of supply states that the quantity of a good supplied is usually directly related to its price.

As your income increases and you have more money, typically your demand for subsitiutes or cheap alternatives will fall.

What is the law of diminishing returns?

Which of these are considered an open access good?

The economy of the United States can be described as what kind of economy?

Which of the following is considered a private good?

What is an example of a fixed cost?

The law of comparitive advantage helps explain...

What is the difference between tme price and money price?

Which of the following is a monetary policy action used to combat a recession?

What are the two major overarching ideas that we study in Econ?

Laws that reduce anitcompetitive behavour and promote competition in the market are called antitrust laws.

In economic terms, what is taste?

What is a major problem with command economies?

What is marginal cost?

A cost that you have already paid and cannot recover is known as a

Utility, in economic terms, is the measure of happiness, satisfaction, or well being of households or consumers.

What is marginal cost?

A study that examines how price and output are determined in the market for specific brand of cereal would involve...

China, a command economy moving more towards a mixed economy, is a great example of a transitional economy.

The opportunity cost of a chosen item or activity is

Government spending on fixing roads or paying fire fighters is considered a public good.

The term quantity supplied refers to the amount offerd for sale at a specific price point for a product.

Transistional economies are in the process of getting rid of private property.