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Microeconomics CDA
Microeconomics CDA
30 terms
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Flashcards
30 cards
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Questions
30
Answers
1
Where are human resources exchanged for wages?
Resource Market
Households
Business
Product Market
2
More competition = ...
lower prices
higher prices
3
Which of the following is a disadvantage for a sole proprietorship?
Conflict
Limited Liability
Unlimited Liability
Double Taxation
4
Few firms run the market (i.e. Coke and Pepsi)
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
5
This is the main disadvantage for sole propreitorship.
hard to start
double taxation
conflict among partners
unlimited liability
6
A tornado destroys a wheat field, what will happen to the price of wheat?
it will stay the same
tornado's can't destroy wheat fields
it will increase
it will decrease
7
The more sellers of a product...
price doesn't matter
the lower the price
the higher the price
the less competition
8
What is the equilibrium price and quantity?
$3, Q= 100
$3, Q=70
$2, Q= 70
$4, Q= 80
9
Producers will make less and consumers will buy more when...
price is low
no change in price
price is high
10
All of the following can shift demand,
EXCEPT:
cost of inputs
income
consumer taste
government regulation
11
What is this called?
Circular Flow of Money
A chart
Circular Flow of Goods and Services
A Circle
12
What is the study of microeconomics?
the entire economy
individual countries
individual businesses
microorganisms
13
What is the #1 reason to start your own business?
Profit
headaches
being your own boss
14
Many businesses that sell similar products.
Oligopoly
Perfect Competition
Monopoly
Monopolistic Competition
15
PRICE MAKER
Oligopoly
Monopoly
Monopolistic Competition
Perfect Competition
16
Burger King, McDonalds and Chick-Fil-A are all considered to be this type of market structure.
Monopolistic Competition
Oligopoly
Perfect Competition
Monopoly
17
What is the Law of Demand?
P↑ QD ↑
P↑ QD ↓
18
Price ceilings result in...
who knows
surplus
shortage
nothing
19
Who can set a price floor or price ceiling?
Wal-Mart
buyers and sellers
the government
Mrs. Mathis
20
What would make a supply curve shift to the right?
decrease in technology
increase in the # of consumers
increase in technology
increase in consumer taste
21
Stock holders are responsible for this type of business.
Partnership
Monopoly
Sole Propreitorship
Corporation
22
What would cause the shift to the left?
decrease in income
increase in technology
decrease in taxes
increased government regulation
23
What is it called when buyers and sellers agree on a price and quantity?
Equilibrium
Market connection
The price
Market Clearing Price
24
If someone wanted to buy a coke, where would they buy it?
The government
Product Market
Resource Market
Households
25
At what price would there be a shortage?
$9.00
$1.50
$6.00
$7.50
26
What is it called when a company produces too much and there is little demand?
oops
shortage
monopoly
surplus
27
A minimum price that a business can charge is called a
elastic
inelastic
price floor
price ceiling
28
What price is equilibrium?
$4.50
$3.00
$1.50
$6.00
29
If Delta increases prices, what will happen to the demand for American Airlines?
shift to the right
no change
shift to the left
30
Double taxation is a disadvantage for which of the following types of businesses?
Corporation
Partnership
Monopoly
Sole Propreitorship
