Mac Econ Final Exam Review

This product is most likely to have inelastic demand?

Demand elasticity key determinants include _________.

This will result in US companies reducing their prices.

Price changes can cause a change in __________.

______ will cause a change in demand.

Which FOP is responsible for the other FOP's?

FICA includes deductions for _________.

________ taxes impact lower income citizens at a higher rate than higher income.

A sin tax would be placed on which of following purchases?

Which is most likely to depreciate in value?

Which type of business structure benefits from limited liability?

Menards offers 11% back via a mail in __________.

Communist countries are most often associated with __________ economies.

If a company has a shortage of product available for consumers, the price was ____.

At what stage in the production process does a company always maximize profits?

Inadequate competition can occur through ___________

Which goals are highly important in the US economy?

A stock market with an actual trading floor, and, live traders making face to face deals is?

Product differentiation is most important in what economic environment?

____ will cause a change in supply.

Which is not a variable cost for a business?

What is typically the #2 source of revenue for state governments?

What type of merger has two companies joining that produce similar goods or services?

Which is an example of a non-banking financial intermediary?

Who is typically in charge of rationing?

What is a proper formula for Total Cost, TC?

Through a Production Possibility Frontier, a company can measure ___.

Utility is a measure of....

A company that produces ____ or more unrelated products is known as a conglomerate.

Which is least likely to be a fixed cost for a typical American?

At what stage in production process does marginal production become negative?

Which is not a term used to describe one of the three phases of production.

A credit union is an example of a ____ cooperative.

Amish communities are typically as close as an American may get to a ____ economy.

Where supply and demand intersect one will find ___________.

Identical products, informed consumers, freedom to enter/exit, large # of sellers exists in....

In the circular flow, businesses hire people in the ________.

This market imperfection impacts places like North Dakota more than others.

The second largest source of revenue for local governments typically is _____.

The law of variable _____ says if you change one input you will change output.

The _____ of a product may likely be different for consumer A compared to consumer B.

In economic terms, your second choice is known as the/a ____________.

In which nation are you most likely to find a market economy?

What type of competitive environment is interdependent behavior most common?

What's the coupon of a 5%, 10 year, $20,000 bond purchased for $9900?

Companies convince consumers their good is superior to the competitions via ......

To calculate cash flow, you need to _______ depreciation expenses to/by your total net income.

The NASDAQ is an example of a ________.

A monopoly given to a company that has been granted a patent is an example of a ___ monopoly

At what stage in production is both total product and marginal product increasing?