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Econ/PF Midterm Review Flashcards | StudBud
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Econ/PF Midterm Review
Econ/PF Midterm Review
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Units 1-4 Review
Flashcards
35 cards
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Practice quiz
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Host live
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Questions
35
Answers
1
J.K Rowling would most likely apply for this to legally protect her book,
Harry Potter.
Copyright
Benchmark
Trademark
Patent
2
All of the following are determinants, or shifters, of supply EXCEPT:
expectation of buyers
Price of related goods or services
Price of resources
government actions
3
On the graph, the blue line represents
supply
equlibrium
demand
shortage
4
The economic term for describing the satisfaction from consuming a product is
Positive Incentive
Cost
Utility
Benefit
5
After eating 2 slices of pizza, you buy a third slice. The additional money spent is your
cost
marginal benefit
marginal cost
expense
6
On the graph, the point where the supply and demand curves intersect is called______
Equity
Price
Equilibrium
Quantity
7
Most mixed economies are a mixture of these two economic systems:
Traditional and Command
Market and Command
None of the Above
Traditional and Market
8
Amounts paid for land, labor, capital and entrepreneurship used to produce goods and services
Price
Cost of doing business
Marginal Cost
Cost of Production
9
The amount consumers pay when they buy a good or service from a producer.
Price
Invoice
Cost
Premium
10
A government tax on coal companies to encourage a reduction in coal production is a(n):
income tax
excise tax
environmental tax
resource tax
11
The yellow McDonald’s arches and the Looney Tunes theme song are both protected by
Utility
Copyright
Patent
Trademark
12
The health, education, experience, training, skills and values of people.
Human Capital
Abilities
Ingenuity
Resume
13
The amount remaining when total costs are subtracted from total revenues.
Revenue
Income
Profit
Marginal Profit
14
On the graph, what is represented on the vertical axis?
Market Value
Quantity
Price
Cost
15
The five roles of Entrepreneurs include which of the following:
Finding new markets
Starting a business
Making a profit
Hiring labor
16
Who makes decisions about the production of goods and services in a market economy?
Consumers and producers
Congress
Central Authority
Government
17
On the graph, the shift of the demand curve to the right from D1 to D2 represents a(n)
decreased equlibrium price; increased equilibrium quantity
decreased equilibrium price; decreased equilibrium price
increased equilibrium price; increased equilibrium quantity
increased equilibrium price; decreased equilibrium quantity
18
People who start new businesses and develop innovative products and processes to make a profit.
Shark
Investor
Entrepreneur
Masseaur
19
According to the Law of Demand,
As price goes up, quantity demanded goes up.
None of the above
As price goes down quantity demanded goes up
The price and quantity demanded have no relationship.
20
A price ceiling set below the equilibrium price will likely result in
a recession
inflation
a surplus
a shortage
21
The effort, loss or sacrifice necessary to achieve or obtain something.
Labor
Price
Cost
Utility
22
All of the following are determinants, or shifters, of demand EXCEPT:
change in consumer income
change in consumer preference
expectation of buyers
government actions
23
A government payment to encourage farmers to grow and produce more corn is a(n)
bonus
handout
incentive
subsidy
24
Apple just released the iPhone X+1. Supply of the iPhone 7 will likely
increase because of consumer expectation
decrease because Apple will expect to make less money on it
decrease because of a change in consumer preference
increase because consumers will want a bargain phone
25
In order to create demand, a person must be ______ and ______ to buy a good good or service.
willing and able
ready and able
ready and willing
None of the above
26
In the picnic season, a sharp rise in the price of burgers may lead to an increased demand for
chicken
buns
relish
coleslaw
27
General Motors closes a large factory in Lansing Michigan. Demand for movie tickets in Lansing
will likely go down due to a drop in consumer incomes
will stay the same because demand for tickets is inelastic
will likely go up so people can escape their problems
will go up because demand for movie tickets is elastic
28
Price of blueberries skyrockets after drought destroys crops. Demand for blackberries will:
likely go up because they are substitutes
likely go down because they are substitutes
likely go down because they are compliments
likely go up because they are compliments
29
A penalty that discourages a behavior (e.g., library fine, parking ticket).
price
sacrifice
negative incentive
marginal cost
30
On the graph, what does the red line represent?
Surplus
Supply
Shortage
Demand
31
The market value of all final goods and services produced in a country in a calendar year.
Total Production
Gross Domestic Product
Complete Production
Total Disbursement
32
When you make a choice, your next best option that you give up is your______.
sacrifice
Price
Utility
opportunity cost
33
The amount by which the price per unit exceeds the cost per unit is the
Unit profit
Marginal Benefit
Profit Margin
None of the Above
34
On the graph, what does the horizontal axis represent?
Quality
Demand
Supply
Quantity
35
A massive flood that destroys the corn crop in Iowa is an example of a(n)
determinant of elasticity
determinant of demand
determinant of supply
none of the above
