MFS Midterm Review II Flashcards

1

The Consumer Price Index measures the price of what collection of items?

2

Prices increase because consumers want to buy more than producers supply. This is known as:

3

Producers raise their prices when the cost of creating their products increases. This is called

4

Setting the price of your product based on the prices of similar products is called:

5

You know how much your customer will pay. Which strategy will you use to set the price?

6

A measure of the efficiency with which things get done is known as:

7

A general increase in the price of things is known as:

8

A general decrease in the price of things is known as:

9

“A dollar today is worth more than a dollar tomorrow.” This concept is known as:

10

Saving as much as possible and spending only when necessary is known as:

MFS Midterm Review II