Mac Econ Final Exam Review

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

Which goals are highly important in the US economy?

Which FOP is responsible for the other FOP's?

Utility is a measure of....

The NASDAQ is an example of a ________.

FICA includes deductions for _________.

What is a proper formula for Total Cost, TC?

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

Where supply and demand intersect one will find ___________.

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

What type of competitive environment is interdependent behavior most common?

A credit union is an example of a ____ cooperative.

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

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

Price changes can cause a change in __________.

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

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

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

Which type of business structure benefits from limited liability?

This will result in US companies reducing their prices.

This product is most likely to have inelastic demand?

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

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

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

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

Who is typically in charge of rationing?

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

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

____ will cause a change in supply.

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

Menards offers 11% back via a mail in __________.

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

Which is most likely to depreciate in value?

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

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

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?

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

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

Inadequate competition can occur through ___________

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

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

Product differentiation is most important in what economic environment?

______ will cause a change in demand.

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

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

Demand elasticity key determinants include _________.

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

Communist countries are most often associated with __________ economies.

Which is not a variable cost for a business?