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1st Six Weeks Test Review Ch. 4 & 5 Flashcards | StudBud
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1st Six Weeks Test Review Ch. 4 & 5
1st Six Weeks Test Review Ch. 4 & 5
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Answers
1
a chart that lists how much of a good a supplier will offer at various prices
demand schedule
supply chart
supply schedule
market supply schedule
2
a payment to the government on the production or sale of a good
subsidy
excise tax
lien
income tax
3
the way that a change in price determines whether or not consumers buy goods
elastic demand
law of demand
buying tendencies
consumer demand
4
a good that replaces another demanded good
complement
inferior good
substitute
normal good
5
the change in output from hiring one additional unit of labor
marginal product of work
labor force
labor formula
marginal product of labor
6
What kind of changes would be expected in the demand of a country that has a growing population
a rise in the demand for shelter
a shift in the demand for high-quality food
a rise in the demand for recreation
7
a level of production in which the marginal production decreases with new investment
diminishing marginal returns
decreasing quantity supplied
deficit production
decreasing marginal returns
8
a good that is always used with another good
complement
substitute
normal good
partner
9
the additional income from selling one more unit of a good
variable revenue
partial revenue
marginal revenue
revenue
10
Which of the following is a fixed cost for a store?
advertising
short- term workers
rent
inventory
11
What is the basic principle of the law of demand?
everyone has a limited income that they will spend
When a good's price is lower, people will buy more of it
The higher the price, the more people will want the good
12
a government payment that supports a business or market
revenue
subsidy
margin
substitute
13
Which factor has the greatest influence on elasticity/ inelasticity of supply?
financing
profit
time
labor
14
the amount of money a company receives by selling goods or services
marginal amount
goods revenue
marginal revenue
total revenue
15
When a consumer is able and willing to buy a good or service, he or she creates what?
elasticity
consumption
demand
allocation
16
a chart listing the amount of goods all suppliers will offer at different prices
supply inventory
supply shock
market supply schedule
supply schedule
17
What is a company's total revenue?
the amount of goods a company can expect to sell
the price of a company's goods
the amount a company receives for selling its goods
18
a measure of the way a quantity supplied reacts to a change in price
elasticity of supply
inelastic supply
elastic supply
increasing supply
19
What determines the price and the quantity produced of most goods?
the availability of substitutes for the goods
the interaction of supply and demand
the consumer's perception of necessity
20
How is future price related to current demand?
if the price is expected to rise, current demand will drop
if the price is expected to fall, current demand will rise
if the price is expected to rise, current demand will rise
21
What determines how a change in prices will affect total revenue for a company?
the company's pricing policy
consumers' incomes
values of elasticity
the elasticity of demand
22
Which of the following is the best example of the law of supply?
a food producer grows more wheat to supply a milling company
Subway makes more sandwiches each day as the price increases
a catering buys a new dishwasher to make their work easier
23
a graphic representation of a demand schedule
frontier
demand graph
demand curve
demand chart
24
a measure of how consumers change their buying patterns when prices change
elasticity of demand
elastic demand
inelastic
inelasticity of demand
25
a good that consumers will demand more of when their income increases
inferior goods
normal goods
all goods
great value goods
26
consumers reacting to an increase in a goods price by consuming less of it, and more of others
substitution effect
ceteris paribus
income effect
substitute
27
the cost of producing one more good
variable cost
marginal cost
costs
marginal production
28
Ceteris paribus
, assuming all other things held constant, has what effect on a demand schedule?
it considers the effects of all possible changes on demand
it is accurate no matter what changes occur
it takes only prices into account
29
the tendency of suppliers to offer more of a good at a higher price
supply efficiency
law of supply
subsidy
supply
30
What does it mean when demand for a good is inelastic?
a price increase has no real impact on buying habits
people won't buy any more of the good when the price goes up
customers are sensitive to the price of the good
31
How did the existence of the baby boom generation change demand in the U. S.?
people became poorer as they had more kids, lowering demand
demand was raised for different goods as they aged
After they became teens, they no longer affected demand
32
Which good below would likely be bought in the same quantity even if the price doubled?
pencils
shoes
telephones
computers
