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Mid Term Quiz Ch 1-7 Flashcards | StudBud
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Mid Term Quiz Ch 1-7
Mid Term Quiz Ch 1-7
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Answers
1
What kind of market as a few sellers but many buyers and is hard to break into?
Perfext
Monopoly
Oligopoly
Monopolistic
2
What is a market?
down town
Any place where goods and services are sold
On the west side
Lincoln Electric
3
Which of the following is a way to determine if a product is elastic?
Necessities v Luxuries
Consumer taste
Normal goods v inferior goods
Market size
4
What do we call the materials, effort, and anything else that goes into making or product or service?
Huh?
Mediumputs
Outputs
Inputs
5
What is it called when the government stops controlling businesses like they did in the 1970's with the airlines?
Laissez Faire
Letting go
Free Market
Deregulation
6
What is a listing of how much all people are willing to purchase at each price?
Demand curve
Market Demand Schedule
Demand chart
A market
7
When hiring new workers causes a marginal product increase, what do we call it?
Marginal returns
Diminishing returns
Increasing return
Total returns
8
When we are always curious about how much money someone had years ago and how much it is in today's money This is due to
Inflation
CPI
wage-price spiral
PPI
9
What is pro of a command economy?
Rich get richer
resources are mishandled
No one is poor
No Popeyes
10
The type of unemployment that occurs when in January everyone that had Christmas jobs loses them is what?
Frictional unemployment
Structural unemployment
Seasonal unemployment
Unemployment
11
What is a way society uses its scarce resources to fulfill it's needs?
Dream Economy
Command Economy
Market Economy
Economic System
12
When you have too much of something it is considered a.....
Surplus
Shortage
Good times
Less
13
When people make more money they are able to purchase more this is a result of....
Substitute effect
Economic effect
Effect effect
Income effect
14
What is the market that neither favors the buyers or sellers?
Neutral
Reverse
Flexible
Market driven
15
What do we call the money that a company makes after paying all expenses
Profit
Total revenue
Total Cost
Marginal revenue
16
Which of the following is a way to determine if a product is elastic?
Proportion of Income
Input costs
Technology
Government action
17
What happens to the equilibrium price when the demand goes up?
Fluctuates
Stays the same
Decreases
Increases
18
What word is associated with demand?
Consumers
Market
Producers
Freedom
19
Which of the following is not a type of monopoly?
Technological
Scholastic
Natural
Geographical
20
If the demand curve shifts to the left equilibrium price will....
Decrease
Greatly fluctuate
Increase
Stay the same
21
A good that people buy less of when their income increases?
Inferior
Luxury
Normal
Lesser
22
When we cannot predict how much shipping will cost from months to month it would be considered....
Total costs
Marginal costs
Fixed costs
Variable costs
23
When inflation starts with producers such as car manufacturers raising prices due to steel increase this is called.
cost-push inflation
producer inflation
consumer inflation
demand-pull inflation
24
Market driven is another term for a market that is....
Laissez Faire
Flexible
Interesting
Neutral
25
When we use science to better our production of our company we are using....
Magic
Technology
Typewrites
Stone Age methods
26
Which of following is a example of the law of diminishing marginal utility?
Using a pencil for the first time but over time not having as much fun
How we judge other people's purchases
Enjoying a summer day in August
What suppliers look at when determining prices
27
What is the additional cost of using one more unit?
Marginal
Marginal benefit
No fun
Marginal cost
28
When we add variable costs and fixed costs we get....
Total costs
Marginal costs
Total revenue
Profit
29
What federal agency is in charge making sure the enviroment is not destroyed by greedy corporations?
FTC
SEC
FCC
EPA
30
If a product is elastic when the demand changes the price
Changes
Whatever Mr Bewley says it does
Stays the same
No clue
31
What is it called when the buyer can shop wherever they want?
Factor market
Consumer sovereignty
Great Lakes Mall
Consumer choice
32
What is underutilization?
Freedom
Free market
When resources are not used to their full potential
Using all the resources available
33
Who is considered the father of Communism?
Thomas Moore
Karl Marx
Mr Bewley
President Trump
34
Going to trade school and going through the process of apprenticeship to journeyman to master is an example of....
Teaching
Wasting time
Specialization
A journey
35
Another name for the poverty threshold is what?
poverty lake
poverty line
poverty trap
poverty index
36
What kind of market has one seller who controls the product being sold?
Monopoly
Capitalism
Oligopoly
Communism
37
What do we call it when people not part of the market's interaction but still benefits from it?
Market fun
Market fluctuations
Market failure
Market weirdness
38
What kind of has many sellers that sell similar products that are only slightly differentiated from one another?
Monopolistic
Oligopoly
Mononpoly
Perfect Market
39
When there is not enough of something it is considered a shortage?
False
True
40
If I were to go to work at Taco Bell I would be considered what?
seasonal unemployed
unemployed
fully employed
underemployed
41
Nationalize means to have the government take it over what is the opposite of that?
Privatize
Normatize
Militarize
Monetize
42
What is the initial capital spent when opening a new business?
Start up cost
Barrier to entry
Exiting capital
Profit margain
43
Which of the following is a factor or production?
Entrepreunirship
Ownership
Computers
Food
44
The type of employment that is part of the business cycle and is unavoidable is what?
seasonal unemployment
cyclical unemployment
frictional unemployment
structural unemployment
45
What federal agency is in charge of making sure that food (other than meat) and drugs are labeled correctly?
FDA
FCC
SEC
EPA
46
When people want a product that is illegal they go to the....
Red Market
Corner Alley
Black Market
Super Market
47
Which of the following is a factor or production?
Land
Need
Ideas
Want
48
Taxes are used too ______________ the supply of a product
Control
Increase
Decrease
49
What is it called when the government puts a minimum on how much someone can buy wheat for?
Price floor
Price ceiling
Price wall
Price basement
50
Which of the following is not one of the main economic systems?
Communism
Socialism
Capitalism
Marvelism
51
What happens to the equilibrium price when the supply curve shifts to the right?
Fluctuates greatly
Decreases
Stays the same
Increases
52
What is a legal situation in which everyone has the same economic rights?
Cash
Open opportunity
Free contract
Equality
53
What is the value of something that we get compared to something that we gave up?
Cost benefit analysis
Value
Trade off
Underutilization
54
What happens when the quantity demanded and quantity supplied are equal?
No fun
Market equality
Market equilibrium
Equilibrium price
55
When a group of companies agree to sell something at a certain price what is this called?
Trust
Monopoly
Cartel
Overlords
56
Which of the following is NOT a factor that can change demand?
Market share
Market Size
Consumer Tastes
Consumer expectations
57
What is con of a Command Economy?
The government has all the power
All wants are fulfilled
The people get what they want
Nothing
58
What is it when the government regulates a good and says it cannot be priced above a certain number?
Price wall
Price basement
Price floor
Price ceiling
59
Every month the news gives us an update on the percentage of people that are jobless but looking, this is called.
poverty line
unemployment rate
Inflation rate
poverty threshold
60
When in increase in wages is the cause of inflation, and then prices go up to offset the new increase creating a cylce
minimum wage inflation
wage-price spiral
apple inflation
cyclical inflation
61
What is it called when goods can be used in place of each other?
Luxury
Substitutes
Complementary
Lou Williams
62
Which of the following is NOT a reason that the supply of a product can change?
Government action
Market size
Technology
Labor productivity
63
What do we call a company's income from its sales?
Marginal revenue
Total revenue
Profit
Income
64
When inflation occurs due to demand greatly exceeding supply it is called.
cost-push inflation
demand-pull inflation
center-push inflation
water-push inflation
65
What is the key word in the definitions for demand and supply?
Wish
The
Good
Ability
