which of the following is part of structural unemployment?

a bank teller who is replaced by ATM machines

which o' the following events could cause the demand curve for sports magazines to shift right?

a star basketball player interests thousands in sports

In regards to the no. of firms, which of the following is the best example of an oligopoly?

two firms producing 70-80% of the output

what is a company's total revenue?

the amount a company receives for selling its goods

what is the basic principle of the law of demand?

when a good's price is lower, people will buy more of it

Will,a sprinter on the track team, has inelastic demand for sports drinks.The price was raised.

He bought 10bottles@$1, 10bottles@$1.50

In response to rising traffic,demand for bicycles has increased.The new equilibrium point shows

more bicycles sold, but at a higher price

what is the major difference between a corporation and other kinds of business?

it has a separate entity from owners/workers: stockholders

What happens when a person makes a purchase using a credit card?

card issuer pays the store/cardholder assumes debt+interest

the price of Mr. Pibb drops, what will happen to the price and quantity of Dr. Pepper?

price decrease, quantity increase

if butter and margarine are considered to be substitutes; price of butter increases?

P of m. increases, Q of m. increases

what is the difference between a recession and a depression

depression is more severe and lasts longer, a depression is really deep recession with high unemployment

what is monopolistic competition?

many companies selling similar but not identical products

which of the following best describes the ideal level of output?

marginal revenue is equal to marginal cost

recent government closed 45% of forest land to lumber co's. what happens 2 P & Q of furniture?

price increases, quantity decreases

which of the following is an example of cyclical unemployment?

an autoworker loses her job during the recession

a demand curve shows the relationship between?

P of a good & Q of that good consumers are willing 2 buy

Tech advances reduce cost to make MP3. What will happen to P & Q of MP3 players in the market?

more MP3 players will be sold at a lower price

Which of the following is the best example of the law of supply?

sandwich shop increases no. of sandwiches when the $ goes up

The price of gas goes up to $5/gal. What happens to P & Q of electric cars?

price increase, quantity increase

how is current demand for a good related to its future prices?

if the price is expected to drop, current demand will fall

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ECONOMICS_FINALREVIEW_Part2

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Questions 31

Answers

1
which of the following is part of structural unemployment?
construction worker can't find work bc of depressed mkt
an autoworker retires at age 66
a baseball player who does not work in the off season
a bank teller who is replaced by ATM machines
2
which o' the following events could cause the demand curve for sports magazines to shift right?
a star basketball player interests thousands in sports
price of a computer game magazine rises from $2.95 to $3.95
a local library buys a subscription to the magazine
a publisher cuts the prices from $3.50 to $2.50
3
In regards to the no. of firms, which of the following is the best example of an oligopoly?
two firms producing 70-80% of the output
eight firms producing 70% of the output
one firm producing 95% of the output
ten firms producing 90% of the output
4
what is a company's total revenue?
the price of a company's goods
the amount of goods a company can expect to sell
the amount of profit a company can expect to make
the amount a company receives for selling its goods
5
what is the basic principle of the law of demand?
when a good's price is lower, people will buy more of it
everyone has a limited income that they will spend
services are of interest in the same way that goods are
the higher the price, the more people will want the good
6
Will,a sprinter on the track team, has inelastic demand for sports drinks.The price was raised.
He bought 15 bottles@$1, 20bottles@$1.5
He quits buying sports drinks
He bought 10bottles@$1,5bottles@$1.5
He bought 10bottles@$1, 10bottles@$1.50
7
In response to rising traffic,demand for bicycles has increased.The new equilibrium point shows
more bicycles sold, but at a lower price
more bicycles sold, but at a higher price
fewer bicycles sold, but at the same price
fewer bicycles sold, but at a lower price
8
an example of a nondurable good is
a paperback book
a new car
a washing machine
a used car
9
what is the major difference between a corporation and other kinds of business?
it has a separate entity from owners/workers: stockholders
its much larger than other businesses
its not responsible for debts if it fails
it has officers who are responsible for the business
10
What happens when a person makes a purchase using a credit card?
$ is immediately deducted from their account
vendor gets paid ONLY if the cardholder has the funds
amount purchased is deducted from a prepaid account
card issuer pays the store/cardholder assumes debt+interest
11
the price of Mr. Pibb drops, what will happen to the price and quantity of Dr. Pepper?
price decrease, quantity decrease
price decrease, quantity increase
price increase, quantity increase
price increase, quantity decrease
12
a shift in the demand curve means which of the following?
a change in demand at every price
a rise in prices
a change in consumer income
a decrease in both price and quantity demanded
13
any situation in which quantity supplied exceeds quantity demanded
is a price floor
is a surplus
is a price ceiling
is equilibrium
14
when a consumer is able and willing to buy a good or service, she's counted in?
supply
allocation
elasticity
demand
15
if butter and margarine are considered to be substitutes; price of butter increases?
P of m. increases, Q demanded of m. decreases
P of m. decreases, Q of m. decreases
P & Q remain unchanged
P of m. increases, Q of m. increases
16
what is the benefit of a price ceiling?
it starts with equilibrium
it happens in the free market
it causes a surplus
it places a limit on prices
17
what is the difference between a recession and a depression
depression is more severe and lasts longer
unlike recession, depression has high inflation levels
a depression is really deep recession with high unemployment
a recession = growth, depression = contraction
18
what is monopolistic competition?
many companies selling similar but not identical products
a very few companies selling identical products
one company selling the identical product under diff. names
one co. selling several diff. products under diff. names
19
which of the following best describes the ideal level of output?
marginal revenue is equal to marginal cost
marginal revenue is more than marginal cost
marginal revenue is more than total cost
marginal revenue is less than total cost
20
if the price of sugar increases, what happens to P&Q of soda?
P increases, Q will decrease
P decreases, Q will decrease
P decreases, Q will increase
P increases, Q will increase
21
recent government closed 45% of forest land to lumber co's. what happens 2 P & Q of furniture?
price increases, quantity decreases
price increases, quantity increases
price decreases, quantity decreases
price decreases, quantity decreases
22
Good Wireless&Better Wireless merge. The federal gov watches closely for signs/evidence of a:
horizontal merger
vertical merger
monopoly
conglomerate
23
which of the following is an example of cyclical unemployment?
a computer programmer quits to move to California
an autoworker loses her job during the recession
a toymaker worked for a company that closed
a construction worker loses his job every winter
24
a demand curve shows the relationship between?
the income of consumers and the Q of a good they'll buy
the income of consumers & Q of a good they'll sell
P of a good & Q of that good consumers are willing 2 buy
P of a good & Q that producers R willing 2 sell
25
Tech advances reduce cost to make MP3. What will happen to P & Q of MP3 players in the market?
fewer MP3 players will be sold at the same price
more MP3 players will be sold at a higher price
fewer MP3 players will be sold at a higher price
more MP3 players will be sold at a lower price
26
all of the following are examples of a variable cost except?
rent
heat
labor
electricity
27
which best describes why the price of wheat rises following a poor wheat harvest?
the demand for wheat increased
the demand for wheat decreased
the supply of wheat increased
the supply of wheat decreased
28
Which of the following is the best example of the law of supply?
a milling co builds a new factory to process flour
sandwich shop increases no. of sandwiches when the $ goes up
a catering company buys a new dishwasher to make work easier
food produces increases the no. of acres of wheat for a mill
29
The price of gas goes up to $5/gal. What happens to P & Q of electric cars?
price decrease, quantity increase
price increase, quantity decrease
price decrease, quantity decrease
price increase, quantity increase
30
how is current demand for a good related to its future prices?
if the price is expected to drop, current demand will rise
current demand is not related to future prices
if the price is expected to drop, current demand will fall
if the price is expected to rise, current demand will fall
31
a government mandated minimum price that is paid for a good or service
rationing
a price ceiling
a price floor
a shock

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