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Chapters 1-8 quiz quiz Flashcards | StudBud
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Chapters 1-8 quiz quiz
Chapters 1-8 quiz quiz
50 terms
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Mathew Rhodes Pd.2 Ethan Morrison Pd.2 Jacob Haynes Pd.4 Danny Hernandez Pd.4
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Questions
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Answers
1
A trade in which the parties involved anticipate that the benefits will outweigh the cost.
Capitalism
laissez faire
competition
Voluntary exchange
2
What is minimum wage?
Legal minimum amount that an employer must pay for work
Legal minimum price that buyers must pay for a product
Illegal buying or selling in violation of price controls
legal maximum price that sellers may change for a product
3
In a market economy you not are free to choose what to buy and sell. True or false
False
True
4
What is marginal product?
when hiring new workers causes marginal product to decreases
having a worker focus on a particular aspect of production
when hiring new workers causes marginal product to increases
the change in total output brought about adding more workers
5
What type of economy is the US?
Market economy
Command economy
Communism
Traditional economy
6
All modern economies are mixed economies. True or false
False
True
7
Fixed costs, variable costs, total cost, and marginal cost are all apart of?
Production costs
Profit maximizing
Labor affects
Marginal product
8
Which of the following is not a type of economy?
Socialism
Market
Traditional
Command
9
Which of the following is a type of command economy?
Authoritarian
Centrally planned economy
Traditional
Market
10
How would you get exclusive property rights to an invention?
Nonprice competition
Product differentiation
Monopolistic competition
Patent
11
Entrepreneurship is a combination of different things to make and run a business. True or false
False
True
12
What is a mixed economy?
Any place or situation in which people buy and sell resource
An economic system that has the elements of all 3 economies
An economic system that is based on private ownership
The market for goods and services
13
What is scarcity?
When there are not enough resources to meet human wants
Study of how people choose to use scarce resources
Are things such as food, clothing, and shelter
a person who makes goods or provides services
14
what is the black market?
legal maximum price that sellers may charge for a product
illegal buying or selling in violation of price controls
legal minimum amount that an employer must pay for a product
legal minimum amount that an employer must pay for work
15
How is a public good paid for?
None of the above
Corporations
Taxes collected by the government
Big businesses
16
How does competition effect prices of goods and services?
Prices will stay the same
Equilibrium price
Prices will rise
Prices will lower
17
Whats a Price floor?
legal minimum amount that an employer must pay for work
legal maximum price that sellers may charge for a product
illegal buying or selling in violation of price controls
Legal minimum price that buyers must pay for product
18
What is Monopolistic competition?
using factors other than low price.
When many sellers offer similar, but not standard, produces.
the effort to distinguish a product from similar products.
moderated discussion with small groups of consumers.
19
What is Specialization?
when hiring new workers causes marginal product to decrease
a worker focus on a particular about adding one more worker
when hiring new workers causes marginal product to increase
change in total output brought about adding one more worker
20
Labor productivity is amount of goods and services that a business can produce in a given time
True
False
21
What are physical objects that can be purchased, such as food, clothing, and furniture?
Needs
Goods
Wants
Services
22
In the united states, there are thousands of _____ Who grow corn.
consumers
producers
farmers
sellers
23
What is supply?
Is the desire and ability to produce and sell a product.
how much a market is able to pay.
24
What is a situation in which people concentrate their efforts in the areas in which they thrive
Capitalism
Consumer sovereignty
Profit
Specialization
25
The United States is not considered to be which of the following?
Free enterprise system
Open opportunity
Capitalist
26
How many types of monopolies are there?
2
4
5
6
27
What is a regulation?
designs monopolies and gives government power to ControlThem
Firms combined in order to reduce competition in an industry
occurs when businesses work together.
rules or laws designed to control control business behavior.
28
What are the four factors of production?
Goods, services, consumers and producer
Land, labor, capital and entrepreneurship
None of the above
Want, needs, scarcity and economics
29
Which of the following is the desire to have some good/service and the ability to pay for it?
Supply
Law of demand
Demand curve
Demand
30
What are inferior goods?
Goods that consumers demand more of when their income rise
Goods that consumers demand less of when their income rise
31
How many different types of economies are there?
5
1
3
4
32
What is economics?
Desires that can be satisfied by consuming a good or service
Study of how people use scarce resources to get their wants.
How individuals and societies choose to use scarce resources
When there is not enough resources to meet human needs
33
Which of the following is not a factor of change in supply?
Technology
Labor productivity
Input costs
Change in quantity supplied
34
What are the two types of elasticity of supply?
Elastic and inelastic
Technology and excise tax
Input costs and output costs
None of the above
35
What is the least competitive market structure?
Cartel
Barrier to entry
Monopoly
Price maker
36
What is Diminishing returns?
change in total output brought about adding one more worker
having a worker focus on a particular aspect of production
when hiring new workers causes marginal product to increases
When hiring new workers causes marginal product to decrease
37
What is increasing returns
when hiring new workers causes marginal product to decrease
change in total output brought about adding one more worker
having a worker focus on a particular aspect of production
When hiring new workers causes marginal product to increase
38
A side of effect of a transaction that affects someone other than the producer or the buyer is?
Negative externality
Positive externality
Externality
Infrastructure
39
A free rider is someone who benefits from a public good but does not pay for it. True or false
False
True
40
Monopoly occurs when...
makes it hard for a new business to enter.
there is only one seller of a product that has no close subs
a firm that doesn't have to consider competitors.
a group acts together to set prices and limit output.
41
What is Rationing
illegal buying or selling in violation of price controls
legal maximum price that sellers may charge for a product
legal minimum amount that an employer must pay for a product
government system for allocating goods and services
42
The equilibrium price is when the quantity demanded and quantity supplied are unequal.
False
True
43
How would businesses increase the demand for their goods or services?
Increase supply
Increase prices
Higher more workers
Decrease prices
44
A subsidy is a positive externality. True or false
False
True
45
What is price ceiling?
Legal maximum price that sellers may charge for a product
legal minimum amount a employer must pay for one hour
Legal minimum price that buyers must for a product
illegal buying or selling violation of price controls
46
Wage rates are influenced by?
All of the above
Government actions
Discrimination
Supply and demand
47
What is a Market Structure?
Market Structure is the ideal model of a market economy.
Is an economic model of competition among businesses.
a product that consumers consider identical.
48
As prices go up quantity demanded goes up and as prices go down quantity demanded goes down.
False
True
49
When the use of one product increases the use of another product The two products are called...
Substitutes
Complements
Rivals
Consumer Tastes
50
Which is an example of capital?
machinery
Goods
Land
Labor
