Kintz/Frat 1st Nine Weeks ECON REVIEW

Question 1

Drinking soda is found to cause baldness. What factor affects demand and how does it affect it?

Accepted Answer

taste and preference, decreas

Question 2

When do surpluses occur?

Accepted Answer

when quantity supplied is greater than quantity demanded

Question 3

Monopolistic competition has all the features of perfect competition EXCEPT?

Accepted Answer

identical products

Question 4

A maximum legal price that can be set by law is know as a.....

Accepted Answer

price ceiling

Question 5

Equilibrium price is the price at which the quantity supplied and the quantity demanded are

Accepted Answer

equal

Question 6

A market structure that has only a few sellers and many buyer .

Accepted Answer

oligopoly

Question 7

Any point on a PPC that does not land on the PPC curve is either ______ or _______.

Accepted Answer

unattainable, inefficient

Question 8

When demand or supply increases the whole demand/ supply curve shifts to the ______

Accepted Answer

right

Question 9

The most important function of a government in the marketplace is to

Accepted Answer

promote competition

Question 10

Price ceilings implemented by the government will often cause a ____

Accepted Answer

shortage

Question 11

A minimum legal price set by the government is known as a ______ and causes a____.

Accepted Answer

price floor, surplus

Question 12

What is the formula for total cost?

Accepted Answer

FC + VC = TC

Question 13

According to the law of supply, as price increases

Accepted Answer

quantity supplied increases

Question 14

What is known as the willingness and abilityof producers to offer goods and services for sale?

Accepted Answer

supply

Question 15

A business or firm that accepts the price set by the market (supply and demand) is known as a

Accepted Answer

price taker

Question 16

The price of Air Jordan's goes from $160 to $200. What happens to demand?

Accepted Answer

stays the same

Question 17

When there is a shortage,producers raise prices in an attempt to

Accepted Answer

equalize the quantitysupplied and demanded

Question 18

A monopoly that happens as a result of a patent or copyright is know as ______monopoly.

Accepted Answer

technological

Question 19

Economics is a social science that studies the decisions people must make based on this concept

Accepted Answer

scarcity

Question 20

The law of demand state that as prices go down, the quantity supplied goes up.

Accepted Answer

False

Question 21

Who ultimately determines the price of a good in a free-enterprise economy?

Accepted Answer

consumers

Question 22

Deciding to sleep in on a Friday morning instead of going to school is an example of a (n)

Accepted Answer

trade-off

Question 23

A market structure in which there is only one seller is known as (a )

Accepted Answer

monopoly

Question 24

Surfers flock to Hawaii for the huge waves on the southshore. What factor is affecting demand?

Accepted Answer

market size

Question 25

What government price limit will cause a surplus?

Accepted Answer

Price floor

Question 26

All of these are parts of the factors or production EXCEPT?

Accepted Answer

price

Question 27

What is the formula for profit?

Accepted Answer

TR-TC = Profit

Question 28

In which economic system do the private citizens own the factors of production?

Accepted Answer

capitalism

Question 29

All of these can change supply EXCEPT? (shifter of supply)

Accepted Answer

a change in demand

Question 30

The concept that there are limited resources competing with unlimited wants and needs

Accepted Answer

scarcity

Kintz/Frat 1st Nine Weeks ECON REVIEW

Questions 30

Kintz/Frat 1st Nine Weeks ECON REVIEW

Questions 30