What is the formula for total revenue ?

total revenue = quantity sold X average price

An economy controlled by private ownership of trade and production.

What does a supply schedule show?

how much sellers are willing to sell at various prices

Examples of Compliment in economics

An SD storage card for a digital camera

A demand shedule shows

a listing of various quantities demanded at paticular prices

what is a capital good

A good that is used to produce another good or service

What are labor unions?

An association of workers, often made to protect rights.

Command Economy Meaning?

one in which a central authority decides what goods will be produced

What is a Sole Proprietorship?

A business owned and run by one solo person.

What is the Law of Demand?

Lower price, higher quantity demanded

Person who takes risk to sell goods/service search of profit

what is the law of supply?

when the price rises the quantity increases.

In a market economy...

is directed by the people and focuses on increasing wealth.

what is a corporation?

a business that is registered by a state

Microeconomics focuses on...

how individual consumers and firms make decisions

What are fixed costs?

Costs that stay the same each month.

What are the four factors of production?

Land, Labor, capital, Entrepreneurship

What you give up to obtain something

Market Equilibrium is...

quantity consumer demands equals quantity producer supplies

What's a horizontal merger?

Two merging companies that produce a similar product or service.

What is Product Differentiation?

Having different characteristics to stand out among other products

Diminishing marginal utility means that, as you

consume more, the additional satisfaction from each unit tends to fall

What are the 2 reasons for a change in supply?

cost of production and related goods

In a traditional economy...

the focus is on subsistence living, bartering, and nature.

Theory of production is

Relationship between factors of production + output of goods and services

when there is not enough of something

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Economics Unit I

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Questions 34

Answers

1
What is the formula for total revenue ?
quantity / cost = total revenue
total revenue = quantity sold X average price
total revenue = fixed cost x variable cost
quantity sold = total revenue X average price
2
Capitalism
An economy controlled by government regulation of production.
A form of government.
An economy controlled by private ownership of trade and production.
The economic system that was used by the Soviet Union.
3
The fundamental problem in economics is
Supply and Demand
Capital
Scarcity
What to produce
4
What does a supply schedule show?
the price of a good
how much sellers are willing to sell at various prices
how much a trendy toy cost
how many goods are being sold
5
Which of these is NOT a form of the Three Stages of Production?
Negative Returns
Diminishing Returns
Increasing Returns
Decreasing Returns
6
Examples of Compliment in economics
Buy one shirt get the other half off
An SD storage card for a digital camera
Calling someone pretty
Putting ketchup and mustard on a hotdog
7
A demand shedule shows
change in supply.
an upward sloping demand curve.
a listing of various quantities demanded at paticular prices
long term change.
8
what is a capital good
A good meant for final use by a consumer
A good that lasts more than 3 years
A good that is used to produce another good or service
Goods found in the capital city of a state.
9
What are labor unions?
An association of workers, often made to protect rights.
Unions based around childbirth.
A political organization of people seeking a societal voice.
Job Unions based around manual work and difficult labor.
10
Command Economy Meaning?
one in which a central authority decides what goods will be produced
none of the above
one in which someones central authority
one in which someones central authoirty to an item
11
What is a Sole Proprietorship?
A business owned and run by one or more people.
A business owned and run by one solo person.
A business owned and run by one wild animal.
A business owned and run by one group of people.
12
What is the Law of Demand?
Lower price, lower quantity demanded
Higher price, higher quantity demanded
Higher price, same quantity demanded
Lower price, higher quantity demanded
13
Entrepreneur:
Authorized by law regardless of # of owner, share profit
1 owner who takes no risks & profit
Person who takes risk to sell goods/service search of profit
2 or more owners who share risks & profit
14
what is the law of supply?
the price decreases when the quantity increases.
when price and quantity both increase.
when the price rises the quantity increases.
none of the above
15
In a market economy...
Everyone knows their life goals at a young age.
only hamburgers are eaten as nourishment.
is usually more tribal in nature with no money system.
is directed by the people and focuses on increasing wealth.
16
what is a corporation?
a business that is registered by a state
an entity that does not pay taxes on earnings;
a corporation that is taxed like a partnership;
Nothing
17
Microeconomics focuses on...
how individual consumers and firms make decisions
there is no right answer
country, a continent, or even the whole world
studies an overall economy on both a national and international level
18
What are fixed costs?
The cost of setting up the business.
Costs that stay the same each month.
The cost of renovating and repairing your shop.
The cost of fixing customer problems.
19
What are goods?
Products that have value.
Shaggy's 10% power.
Activities provided for the satisfaction of others.
Things you can buy.
20
What are the four factors of production?
Land, Labor, Capital, Entertainment
Land, Liberty, Capital Entertainment
Land, Labor, capital, Entrepreneurship
Water, Air, Earth, Fire
21
Which of the following is an aspect of elastic demand
All of above
A luxury
High percent of income
Many substitutes
22
Opportunity cost
Wings'n'things with teriyaki sauce
What something costs
What something gives up to obtain you
What you give up to obtain something
23
Which is NOT an Economic or Social goal in an economic system?
Economic Freedom
Political Participation
Full Employment
Price Stability
24
Three basic questions of we ask in economics to produce are?
Money, Investments, Revenue
What, How and for whom
What, How and whatever
What, Capital and Land
25
Market Equilibrium is...
quantity producer demands is lower than consumer's
producer supply does not meet consumer demand
quantity consumer demands equals quantity producer supplies
consumer demand does not meet producer supply
26
What's a horizontal merger?
A service company buying a manufacturing company.
Two merging companies that produce a similar product or service.
There is no horizontal mergers. It's all fake.
North and South states
27
What is Product Differentiation?
Products have the same characteristics
Products have different characteristics
Consumers buy products
Having different characteristics to stand out among other products
28
Diminishing marginal utility means that, as you
consume more, the additional satisfaction from each unit tends to fall
hire more labor, the total amount produced begins to fall
consume more, the total satisfaction you obtain tends to fall
hire more labor, the marginal product begins to fall
29
Which of these is a durable good?
Twins tickets
football
ice cream
gum
30
What are the 2 reasons for a change in supply?
cost of production and related goods
Political and Environmental factors
Willing and Able
Increased productivity and profit
31
An example of a non-profit organization is...
Bexar County Food Bank
American Red Cross
Salvation Army
All of the above
32
In a traditional economy...
the focus is on acquisition of material possessions/wealth.
it is common to determine one's college at a young age.
the focus is on subsistence living, bartering, and nature.
people open businesses in urban and suburban areas.
33
Theory of production is
how people want the products they buy to be made
the theory of profit
what it costs to produce a product
Relationship between factors of production + output of goods and services
34
scarcity
a movie
the price
too much of something
when there is not enough of something

Economics Unit I Flashcards | StudBud