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AP Economics final review
Poverty rate
In Monopsony?
AP Economics final review
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1
In Monopsony?
the employer is the "wage taker"
wage rate paid varies directly with the number of employees
each forms employs a small portion of the labor supply
the work force is highly mobile
2
Poverty rate
measure of who has what
percentage of individuals with income below poverty level
is directly correlated to high school drop out rate
function of GDP vs Spending
3
"dollar votes" are
how economists are elected to government positions
the amount demanded to be supplied by consumers
the amount demanded by consumers
by purchase consumers vote for the production of goods
4
Inclusive unionism is practiced mostly by?
professional and semi professional employees
craft unions
industrial unions
small unions comprised of skilled workers
5
guiding function of prices?
the increase in marginal costs due to price changes
is derived from profit
determines sales tax rates
effect of change of prices on demand and supply
6
wage differentials can arise from
the demand side of the labor market only
neither the demand or labor side of the labor markets
both demand side and supply side of the labor markets
the supply side of the labor market only
7
each of the following contribute to income inequality except
government transfers
differences in ability and training
differences in job tastes
differences in wealth ownership
8
Normal profit is?
cash profit only
payment made by a firm to obtain entrepreneurial ability
profit minus overhead
profit before taxes
9
Real wages in the U.S. are?
relatively high, but not the highest
higher than nominal wages
much higher than out put per worker
the highest in the world
10
capitalism
government assistance in economic affairs
knowing the state capitals
factor of production
privately owned property and markets with competition
11
The definition of self interest is?
what each firm, individual believes what is best for itself.
being selfish
dedicated to profit only
is the only motivating factor in economics
12
Scarcity
the lack of resources or product to meet demand
the difficulty in the production process
rare
how hard something is to find
13
A monopsonistic employer:
has marginal labor rates less than wage rates
has marginal labor costs that is greater than wage rates
has a perfectly elastic labor supply curve
is necessary a monopsonist in the product market
14
which of the following is a non cash transfer
a payment to a divorced mother
unemployment compensation benefits
food stamps
social security payment to a retiree
15
Wealth
refers to accumulated financial assets only
refers to accumulated private assets only
is a flow concept only
refers to accumulated real and financial assets
16
creative destruction
the hypothesis that new products destroy old monopolies
the imploding of a building
how downturns happen in the market
is short selling in the market
17
critics of minimum wage argue ?
undermines incentives to work
keeps inefficient producers in business
is deflationary
reduces employment
18
Specialization
doing one part well of a larger whole production process
owning factors of the production process
is one of the four factors of production
only producing one product through till completion at a time
19
public debt
is the total of deficits accrued over the years
the the amount we annually spend more than we receive
the total of deficits minus the surpluses accrued over years
is the total we spend
20
the driving force in capitalism
greed
selfishness
profit
empathy
