3rd Quarter Review

82 termsStudBud Administration182 plays

Imported from external platform

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Questions 82

Answers

1
What will happen to the SUPPLY of Tesla vehicles if the government passes a policy stating it must meet new regulations
Decrease
Increase
2
What will happen to DEMAND of Doritos if the cost of the Doritos increased
Decrease
Increase
3
Barriers of entry in Monopolistic Competition
Low
HIgh
NOne
COmplete
4
When multiple people go in on a business
Sole Proprietorship
Corporation
Partnership
Franchise
5
Goods used in place of one another
Inferior Goods
Substitute Goods
Complimentary Goods
Normal Goods
6
Happens without a central plan (Adam Smith)
Laissez Faire
Specialization
Consumer Soverignty
Invisible Hand
7
Barriers of entry in Oligopoly
HIgh
NOne
Low
COmplete
8
Growth happens as a result of innovation or if more resources become available
False
True
9
Disadvantage for a Sole proprietorship
100% liability
Strict Operating Standards
Double Taxation
Potential for Conflict
10
Disadvantage for a Corporation
Double Taxation
Strict Operating Standards
100% liability
Potential for Conflict
11
This is when there is more demand then supply
Shortage
Surplus
Equilibrium
12
Laiseez Faire is the doctrine that the lazy get what they need from the government
False
True
13
Off Brand Goods
Inferior Goods
Substitute Goods
Normal Goods
Complimentary Goods
14
Concentration of the productive efforts of individuals and businesses on a limited number of activities
Laissez Faire
Consumer Soverignty
Invisible Hand
Specialization
15
What will happen to DEMAND of Doritos if the number of consumers decreases
Increase
Decrease
16
Disadvantage for a Partnership
Potential for Conflict
Double Taxation
Strict Operating Standards
100% liability
17
Advantage of Partnership
Standardized Quality
Shared Decision Making
Full Control
More Potential For Growth
18
Which one is most likely to be a millionaire? (1st Hour)
Tynan Rhodes
Daniel Chavez
Christian De La Rocha
Haley Holness
19
consumers drive the decisions of business to provide goods and services
Laissez Faire
Invisible Hand
Consumer Soverignty
Specialization
20
Government controls it all
Market
Mixed
Traditional
Command
21
Motivating force in the free market
Competition
Entrepreneur
Market
Self Interest
22
The United States operates in the Free Market Economy
True
False
23
Something essential for survival
Wants
Services
Goods
Needs
24
The cost of producing one more unit
Total Costs
Marginal Costs
Fixed Costs
Variable Costs
25
Two goods bought and used together
Substitute Goods
Normal Goods
Complimentary Goods
Inferior Goods
26
Best Star Wars Movie
Episode 4: A New Hope
Episode 5: The Empire Strikes Back
The one with baby yoda
Episode 1: the Phantom Menace
27
Subsidies are government payments that support a business. They cause supply to decrease
False
True
28
Variety of Goods in a Monopolistic Competition
None
Some
29
Is something we desire but is not necessary for survival
Needs
Goods
Wants
Services
30
Advantage of Sole Proprietorship
Shared Decision Making
Full Control
More Potential For Growth
Standardized Quality
31
USA
Market
Mixed
Command
Traditional
32
Control over prices in a Monopolistic Competition
Little
Some
NOne
Complete
33
Ultimately, the question when making an Economic decision should be "can we afford it?"
True
False
34
YOU are da boss
Franchise
Corporation
Partnership
Sole Proprietorship
35
When you take all your costs together
Fixed Costs
Variable Costs
Total Costs
Marginal Costs
36
Wheat
Land
Labor
Capital
Entrepreneur
37
Advantage for a Franchise
Full Control
More Potential For Growth
Standardized Quality
Shared Decision Making
38
Advantage for Corporation
More Potential For Growth
Shared Decision Making
Standardized Quality
Full Control
39
Control over prices in a Perfect Competition
Some
Complete
NOne
Little
40
These costs rise or fall depending on how much is produced
Marginal Costs
Variable Costs
Total Costs
Fixed Costs
41
The owners don't run the business
Corporation
Sole Proprietorship
Franchise
Partnership
42
What will happen to DEMAND of Doritos if the cost of Takis increased
Increase
Decrease
43
The Grill at McDonalds
Entrepreneur
Land
Capital
Labor
44
Economics is that
Social Science
Scarce
Wants/Needs
Resources
45
People making your products
Capital
Land
Labor
Entrepreneur
46
This is when there is more supply then demand
Shortage
Surplus
Equilibrium
47
The perfect amount of supply meets the perfect amount of demand
Surplus
Shortage
Equilibrium
48
Vietnam in 1829
Market
Mixed
Traditional
Command
49
Through
Wants/Needs
Resources
Social Science
Scarce
50
Disadvantage for a Franchise
Strict Operating Standards
Potential for Conflict
Double Taxation
100% liability
51
Barriers of entry in Monopoly
Low
COmplete
NOne
HIgh
52
Variety of Goods in a Perfect Competition
None
Some
53
The US is a Mixed Economy
True
False
54
This is a semi-independent company that pays fees to a parent company
Corporation
Franchise
Partnership
Sole Proprietorship
55
The method used by a society to produce and distribute goods and services
Entrepreneur
Market
Competition
Self Interest
56
What will happen to the SUPPLY of Tesla vehicles if a new more efficient battery is developed
Increase
Decrease
57
That are
Wants/Needs
Relatively Scarce
Resources
Social Science
58
The opportunity cost is the least desirable thing given up to make a decision
True
False
59
In a free market economy there is freedom from government intervention
True
False
60
Old School economies based on traditions and habits
Mixed
Traditional
Market
Command
61
That studies how man obtains his
Scarce
Resources
Wants/Needs
Social Science
62
What will happen to the SUPPLY of Tesla vehicles if the cost of batteries increased
Increase
Decrease
63
# of firms in Perfect Competition
Two to four dominate
One
Many
64
Actions/Activities performed for another
Needs
Goods
Wants
Services
65
A price ceiling is the minimum price that can be legally charged for a good
False
True
66
Variety of Goods in a Oligopoly
Some
None
67
What will happen to the SUPPLY of Tesla vehicles if Tesla received a subsidy from the government
Decrease
Increase
68
Name Brand Goods
Normal Goods
Complimentary Goods
Substitute Goods
Inferior Goods
69
Control over prices in a Oligopoly
Little
Some
NOne
Complete
70
# of firms in Monopolistic Competition
Many
Two to four dominate
One
71
Variety of Goods in a Monopoly
Some
None
72
The natural resources
Entrepreneur
Land
Capital
Labor
73
What will happen to DEMAND of Doritos if Lebron James tweeted positively about them
Increase
Decrease
74
North Korea
Traditional
Command
Mixed
Market
75
# of firms in Oligopoly
One
Many
Two to four dominate
76
Barriers of entry in Perfect Competition
Low
HIgh
NOne
COmplete
77
Control over prices in a Monopoly
Some
Complete
NOne
Little
78
# of firms in Monopoly
One
Two to four dominate
Many
79
In a centrally planned economy, the government owns the land and the capital
False
True
80
Which is most likely to be a millionaire? (3rd Hour)
Noah Isaacson
Ritchie Joseph
Tiffany Nelms
Probably one of the Juniors
81
These costs you pay regardless of how much you produce
Variable Costs
Marginal Costs
Total Costs
Fixed Costs
82
Regulating force in the free market
Market
Competition
Entrepreneur
Self Interest

3rd Quarter Review Flashcards | StudBud

3rd Quarter Review

82 termsStudBud Administration182 plays

Imported from external platform

Flashcards82 cardsFPractice quizPHost liveL

Questions 82

Answers

1
What will happen to the SUPPLY of Tesla vehicles if the government passes a policy stating it must meet new regulations
Decrease
Increase
2
What will happen to DEMAND of Doritos if the cost of the Doritos increased
Decrease
Increase
3
Barriers of entry in Monopolistic Competition
Low
HIgh
NOne
COmplete
4
When multiple people go in on a business
Sole Proprietorship
Corporation
Partnership
Franchise
5
Goods used in place of one another
Inferior Goods
Substitute Goods
Complimentary Goods
Normal Goods
6
Happens without a central plan (Adam Smith)
Laissez Faire
Specialization
Consumer Soverignty
Invisible Hand
7
Barriers of entry in Oligopoly
HIgh
NOne
Low
COmplete
8
Growth happens as a result of innovation or if more resources become available
False
True
9
Disadvantage for a Sole proprietorship
100% liability
Strict Operating Standards
Double Taxation
Potential for Conflict
10
Disadvantage for a Corporation
Double Taxation
Strict Operating Standards
100% liability
Potential for Conflict
11
This is when there is more demand then supply
Shortage
Surplus
Equilibrium
12
Laiseez Faire is the doctrine that the lazy get what they need from the government
False
True
13
Off Brand Goods
Inferior Goods
Substitute Goods
Normal Goods
Complimentary Goods
14
Concentration of the productive efforts of individuals and businesses on a limited number of activities
Laissez Faire
Consumer Soverignty
Invisible Hand
Specialization
15
What will happen to DEMAND of Doritos if the number of consumers decreases
Increase
Decrease
16
Disadvantage for a Partnership
Potential for Conflict
Double Taxation
Strict Operating Standards
100% liability
17
Advantage of Partnership
Standardized Quality
Shared Decision Making
Full Control
More Potential For Growth
18
Which one is most likely to be a millionaire? (1st Hour)
Tynan Rhodes
Daniel Chavez
Christian De La Rocha
Haley Holness
19
consumers drive the decisions of business to provide goods and services
Laissez Faire
Invisible Hand
Consumer Soverignty
Specialization
20
Government controls it all
Market
Mixed
Traditional
Command
21
Motivating force in the free market
Competition
Entrepreneur
Market
Self Interest
22
The United States operates in the Free Market Economy
True
False
23
Something essential for survival
Wants
Services
Goods
Needs
24
The cost of producing one more unit
Total Costs
Marginal Costs
Fixed Costs
Variable Costs
25
Two goods bought and used together
Substitute Goods
Normal Goods
Complimentary Goods
Inferior Goods
26
Best Star Wars Movie
Episode 4: A New Hope
Episode 5: The Empire Strikes Back
The one with baby yoda
Episode 1: the Phantom Menace
27
Subsidies are government payments that support a business. They cause supply to decrease
False
True
28
Variety of Goods in a Monopolistic Competition
None
Some
29
Is something we desire but is not necessary for survival
Needs
Goods
Wants
Services
30
Advantage of Sole Proprietorship
Shared Decision Making
Full Control
More Potential For Growth
Standardized Quality
31
USA
Market
Mixed
Command
Traditional
32
Control over prices in a Monopolistic Competition
Little
Some
NOne
Complete
33
Ultimately, the question when making an Economic decision should be "can we afford it?"
True
False
34
YOU are da boss
Franchise
Corporation
Partnership
Sole Proprietorship
35
When you take all your costs together
Fixed Costs
Variable Costs
Total Costs
Marginal Costs
36
Wheat
Land
Labor
Capital
Entrepreneur
37
Advantage for a Franchise
Full Control
More Potential For Growth
Standardized Quality
Shared Decision Making
38
Advantage for Corporation
More Potential For Growth
Shared Decision Making
Standardized Quality
Full Control
39
Control over prices in a Perfect Competition
Some
Complete
NOne
Little
40
These costs rise or fall depending on how much is produced
Marginal Costs
Variable Costs
Total Costs
Fixed Costs
41
The owners don't run the business
Corporation
Sole Proprietorship
Franchise
Partnership
42
What will happen to DEMAND of Doritos if the cost of Takis increased
Increase
Decrease
43
The Grill at McDonalds
Entrepreneur
Land
Capital
Labor
44
Economics is that
Social Science
Scarce
Wants/Needs
Resources
45
People making your products
Capital
Land
Labor
Entrepreneur
46
This is when there is more supply then demand
Shortage
Surplus
Equilibrium
47
The perfect amount of supply meets the perfect amount of demand
Surplus
Shortage
Equilibrium
48
Vietnam in 1829
Market
Mixed
Traditional
Command
49
Through
Wants/Needs
Resources
Social Science
Scarce
50
Disadvantage for a Franchise
Strict Operating Standards
Potential for Conflict
Double Taxation
100% liability
51
Barriers of entry in Monopoly
Low
COmplete
NOne
HIgh
52
Variety of Goods in a Perfect Competition
None
Some
53
The US is a Mixed Economy
True
False
54
This is a semi-independent company that pays fees to a parent company
Corporation
Franchise
Partnership
Sole Proprietorship
55
The method used by a society to produce and distribute goods and services
Entrepreneur
Market
Competition
Self Interest
56
What will happen to the SUPPLY of Tesla vehicles if a new more efficient battery is developed
Increase
Decrease
57
That are
Wants/Needs
Relatively Scarce
Resources
Social Science
58
The opportunity cost is the least desirable thing given up to make a decision
True
False
59
In a free market economy there is freedom from government intervention
True
False
60
Old School economies based on traditions and habits
Mixed
Traditional
Market
Command
61
That studies how man obtains his
Scarce
Resources
Wants/Needs
Social Science
62
What will happen to the SUPPLY of Tesla vehicles if the cost of batteries increased
Increase
Decrease
63
# of firms in Perfect Competition
Two to four dominate
One
Many
64
Actions/Activities performed for another
Needs
Goods
Wants
Services
65
A price ceiling is the minimum price that can be legally charged for a good
False
True
66
Variety of Goods in a Oligopoly
Some
None
67
What will happen to the SUPPLY of Tesla vehicles if Tesla received a subsidy from the government
Decrease
Increase
68
Name Brand Goods
Normal Goods
Complimentary Goods
Substitute Goods
Inferior Goods
69
Control over prices in a Oligopoly
Little
Some
NOne
Complete
70
# of firms in Monopolistic Competition
Many
Two to four dominate
One
71
Variety of Goods in a Monopoly
Some
None
72
The natural resources
Entrepreneur
Land
Capital
Labor
73
What will happen to DEMAND of Doritos if Lebron James tweeted positively about them
Increase
Decrease
74
North Korea
Traditional
Command
Mixed
Market
75
# of firms in Oligopoly
One
Many
Two to four dominate
76
Barriers of entry in Perfect Competition
Low
HIgh
NOne
COmplete
77
Control over prices in a Monopoly
Some
Complete
NOne
Little
78
# of firms in Monopoly
One
Two to four dominate
Many
79
In a centrally planned economy, the government owns the land and the capital
False
True
80
Which is most likely to be a millionaire? (3rd Hour)
Noah Isaacson
Ritchie Joseph
Tiffany Nelms
Probably one of the Juniors
81
These costs you pay regardless of how much you produce
Variable Costs
Marginal Costs
Total Costs
Fixed Costs
82
Regulating force in the free market
Market
Competition
Entrepreneur
Self Interest