why do small businesses often become more efficient when they add workers

workers specialize and divide tasks

Which item shows all fixed costs

business license, insurance, mortgage

which statement best explains why demand for gasoline is inelastic

there is no widely available substitute fuel for cars

the government uses excise taxes to

decrease supply of products it doesn't want people to use

Which of the following describes a demand curve

slopes downward from left to right

How is total revenue calculated

multiply price by quantity sold

which of the following is most likely to have an inelastic supply

contractor that builds highways

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Econ Unit 2

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Questions 25

Answers

1
why do small businesses often become more efficient when they add workers
they're not small anymore
people concentrate better in groups
workers specialize and divide tasks
more workers get more done
2
according to law of demand, what is the relationship between quanity demanded and price
a complementary relationship
an orderly relationship
an inverse relationship
it's complicated
3
according to law of supply, when price increases
supply increases
quantity supplied increases
quantity demanded increases
demand increases
4
sales of digital cameras and photo printers increase. what factor is affecting demand
consumer expectation
consumer taste
complements
substitutes
5
What do various points on a demand curve represent
change in quantity demanded
change in marginal utility
change in elasticity
change in demand
6
Which item shows all fixed costs
insurance, resources, utilities
mortgage, shipping, wages
business license, insurance, mortgage
business license, mortgage, shipping
7
marginal revenue equals
marginal cost
total profit
product price
total cost
8
which of the following is most likely to improve labor productivity
hiring more workers
providing training for workers
providing bonuses to workers
firing less experienced workers
9
what is the most likely outcome when the number of producers of a particular product rises
rise in price
decrease in competition
increase in supply
decrease in supply
10
how does a business calculate total profit
total revenue plus marginal cost
total revenue minus total cost
total revenue plus total cost
total revenue minus marginal cost
11
which of the following is a fixed cost for a steel mill
electricity runs stamping machines
the CFO is paid a salary
mill workers get paychecks
iron ore purchased to make steel
12
the desire and ability to produce and sell a product
demand
production
profit
supply
13
which is an examle of an inferior good
fast food
blue jeans
used CD
casual shirt
14
What do the different points along a supply curve show
changes in supply
changes in quantity supplied
changes in cost
changes in productivity
15
which statement best explains why demand for gasoline is inelastic
gasoline uses a small portion of person's income
gasoline prices are currently very high
people have already cut back their driving to a minimum
there is no widely available substitute fuel for cars
16
An actress sets a craze for wearing camo clothing among fans. What factor is affecting demand
complements
consumer taste
substitutes
consumer expectation
17
What do business owners use to gather information for a market demand schedule
substitution effect
income effect
marginal utility
market research
18
According to the law of demand, what happens when prices go down
quantity demanded increases
demand decreases
demand increases
quantity demanded decreases
19
Which economic concept is defined as the measure of how responsive consumers are to price chang
decreasing marginal utility
consumer taste
elasticity of demand
consumer expectation
20
the change in total output that results from hiring one additional worker is called
marginal cost
marginal labor
marginal product
marginal revenue
21
the government uses excise taxes to
discourage businesses from importing too many resources
encourage businesses to invest in new technology
increse supply of products it does want people to use
decrease supply of products it doesn't want people to use
22
What term is defined as goods that consumers demand more of when their incomes rise
complementary goods
substitute goods
inferior goods
normal goods
23
Which of the following describes a demand curve
slopes downward from left to right
horizontal line
slopes downward from right to left
it is bow shaped
24
How is total revenue calculated
multiply price by quantity sold
multiply change in price by quantitiy sold
multiply price by change in demand
multiply change in price by change in quantity demanded
25
which of the following is most likely to have an inelastic supply
beauty salon and manicurist
contractor that builds highways
roadside popcorn vendor
custom t shirt shop

Econ Unit 2 Flashcards | StudBud