stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Microeconomics Review Flashcards | StudBud
Explore
/
Microeconomics Review
Microeconomics Review
24 terms
·
StudBud Administration
·
12,767 plays
Microeconomics review #microeconomics
Flashcards
24 cards
F
Practice quiz
P
Host live
L
Questions
24
Answers
1
Unlike perfect competition, monopolistic competition features ______.
Freedom for buyers and sellers
product differentiation
Independent buyers and sellers
Well informed buyers and sellers
2
Where do individuals spend the money they earn?
Households
Factor Market
Product Market
Super Market
3
One advantage of operating as a partnership would include???
Being able to raise capital through shares of stock
Greater power than a sole trader for decision making
Limited liability for all partners
Specialization of the partners in needed areas
4
Which sentence describes market conditions at equilibrium/market clearing price?
Supply and demand are equal
Supply is greater than demand
Demand is greater than supply
There is no supply or demand
5
Interdepence and price wars between a few firms are characteristics of which market structure?
Oligopoly
Monopoly
Perfect Competition
Monopolistic Competition
6
Which of the following is considered a negative side effect of a high minimum wage (above equilibrium)?
full employment
Increased unemployment due to a surplus of labor
increased interest rate
Failure to meet production
7
The flow of goods and services from business to households primarily takes place in the???
product market
factor market
financial market
intermediary good market
8
What is the basic unit of study in microeconomics? (hint: think circular flow)
total consumer spding and saving
individual businesses and households
government taxes and spending
employment and unemployment figures
9
What is the economic term that describes the situation where there is more demand than supply?
Equilibrium
Shortage
Surminus
Surplus
10
What problem does a price ceiling below equilibrium create?
Surplus
Minimum Wage
Profits
Shortage
11
A large number of independent buyers and sellers who exchange identical products is known as
Monopolistic Competition
Monopoly
Oligopoly
Perfect Competition
12
In the circular flow model, what do individuals SELL to businesses
Resources
Products
Goods and Services
Revenue
13
A market structure that features a unique product and total price control by the firm is a ???
Monopoly
Corporation
Sole Proprietorship
Monopolistic Competition
14
At what price would there be a surplus on this graph?
$6
$2
$5
$4
15
At what price would there be a shortage on this graph?
$7
$10
$3
$5
16
The law of supply states that
the lower the price the greater quantity producers will supply
the higher the price the more consumers will buy
the higher the price the greater quantity producers will supply
the lower the price the more consumers will buy
17
What is it called when you have more supply than demand?
Shortage
Buttload
Surextra
Surplus
18
If Ed bought $800 in Verizon stock and then it went bankrupt, how much would he be liable for?
Limited liability, he will only lose the $800 he invested
Partial liability, he will use savings to pay company debt
Unlimited liability, having to sell stuff to pay the debt
Limited liability, he will be remibursed the $800
19
What would cause the following shift shown in the graph?
A new health report says yogurt makes you sick
A new health report says that yogurt keeps you health
Yogurt prices fall to milk surplus
Yogurt prices rise due to milk shortage
20
Buyers help determine price in a market economy by
How they are taxed
How much they produce as households
How much they value the dollar over other currencies
How much they demand a product and are willing to spend
21
What is shown in the graph below?
A decrease in supply
An increase in quantity supplied
An increase in supply
A decrease in demand
22
Moving from 6 dollars to 9 dollars would lead to a
Decrease in quantity demanded
Increase in quantity demanded
Increase in demand
Decrease in <br>demand
23
Amy opened a new business. She has unlimited liability but can make all the decisions.This is a
franchise
corporation
partnership
sole proprietorship
24
Which market is C,E,L,L sold in?
Product Market
Flea Market
Black Market
Factor market
