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EPF -- Economics --Final EXAM Flashcards | StudBud
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EPF -- Economics --Final EXAM
EPF -- Economics --Final EXAM
38 terms
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#lessons1-40 #EPFfinalexam
Flashcards
38 cards
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Questions
38
Answers
1
no substitutes for goods & services
Oligopoly
Topology
Monopoly
Perfect Competition
2
Store sells 40 prs of shoes in 1wk. Add a salesperson, it can sell 44 prs. 4 prs=marginal cost
true
false
3
Price of rye bread increases 5% resulting in quantity demanded decreasing by 10%. Rye bread is
all of the above
an inelastic good
an elastic good
a luxury good
4
Buyers paid $50 per concert ticket, but would pay $80. The $30 difference represents
positive incentive
consumer surplus
inelastic good
negative incentive
5
Property rights
allow people to use their goods, regardless of the law
provide incentives for people to exchange goods & services
discourage ownership
are mainly enforced by the private sector
6
Rent control -example of __. It sets price of rent _ equilibrum price & results in ___ of apts.
price ceiling, below, shortage
price floor, above, surplus
price floor, below, shortage
price ceiling, above, surplus
7
few sellers
Topology
Monopoly
Perfect Competition
Oligopoly
8
identical products
Topology
Perfect Competition
Monopoly
Oligopoly
9
A price ceiling is
A legally imposed maximum price
A legally imposed minimum price
Private Price+ External Price
10
features the most competition
Perfect Competition
Monopoly
Oligopoly
Topology
11
Full employment is found at the:
Contraction
Trough
Peak
Expansion
12
The individuals and government make all the economic decisions in a ___ economy.
command
market
mixed
traditional
13
homogeneous or slightly differentiated products
Monopoly
Topology
Oligopoly
Perfect Competition
14
Capital goods refer to the cash used to buy inputs for production
true
false
15
Entrepreneurs are people who...
produce all the country's guns and butter
help settle labor disputes
work at the stock exchange
put together land. labor, and capital to create businesses
16
Occurs when someone produces goods & services at a lower opportunity cost than their competitor
comparative advantage
absolute advantage
specialization
voluntary exchange
17
The government makes all the economic decisions in a ___ economy.
market
mixed
traditional
command
18
Private sector does not provide necessary goods & services because it is not profitable.
market failure
consumer surplus
government failure
property right
19
Occurs when a business focuses on producing one thing
comparative advantage
absolute advantage
specialization
voluntary exchange
20
___ occurs when both buyer and sellers are willing to participate in transactions
absolute advantage
comparative advantage
specialization
voluntary exchange
21
What does Fiscal Policy control?
Government Spending and Taxation
Taxation and Interest Rates
Exchange Rates and Inflation
Government Spending and Exchange Rate
22
Economics is
how choices are made under the condition of scarcity
all of the above
how individuals make choices
how societies make choice
23
factors of production are
assets, labor, capital, liabilities
land, labor, capital, entrepreneurship
land, management, capital, entrepreneurship
land, labor, capital, management
24
Contractionary Monetary Policy results in:
Increased Money Supply
AD shifts to the right
Reduced Money Supply
MD increases
25
Who organizes and controls Monetary Policy?
U.S. Mint
The FED
The President
Congress
26
Firms buy resources frm ? mkt, sell goods in a ? mkt. Households buy these goods in a ?mkt.
product, consumer, factor
factor, demand, supply
factor, product, consumer
consumer, factor, product
27
Who determines fiscal policy?
The Executive & Judicial branches
The Judicial & Legislative branches
The Federal Reserve Bank
The Executive & Legislative branches
28
inferior good
a good where an decrease in income leads to a decrease in quantity demanded
a good where a decrease in income leads to an increase in quantity demanded
29
The individuals and firms make all the economic decisions in a ___ economy.
market
mixed
command
traditional
30
Steel is use to make cars. If the price of steel increases & everything else remains the same
none of the above
then the supply of cars will stay the same
then the supply of cars will increase
then the supply of cars will decrease
31
gross domestic product
products used in the production of final goods
the dollar value of all final goods and services produced...
intermediate foods
twenty dollar bill
32
State govt. receives most funding from personal income taxes, sales taxes & property taxes
true
false
33
Successful Entrepreneurs are of the following except:
multi-skilled and have leadership skills
willing to take on a challenge
lack initiative
innovative and risk takers
34
Adam Smith believed in free mkt & viewed the main factors of production-land, labor, capital.
true
false
35
Gloves & mittens = substitutes. If the price of gloves increase & everything else remains same
the demand for mittens does not change
none of the above
the demand for mittens decreases
the demand for mittens increases
36
Increase in human cap result in higher lifetime salaries, more busines profit& benefits society
false
true
37
Unintended Consequences are
effects that occur due to an action that were not planned for
always planned
always avoidable
the cost of the next unit
38
Consumer sovereignty is illustrated by which of the following?
The military purchases new tanks.
The government allocating more funds to social security.
Apple creating more iPhones due to consumer demand.
The government decides to national health care.
