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Midterm Review
Midterm Review
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#Economics #Midterm Review #Microeconomics
Flashcards
32 cards
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Questions
32
Answers
1
Economic
value
where the goal is allocating resources the most productively
Economic Efficiency
Economic Security
Economic Equity
Economic Freedom
2
Laissez-faire became his fundamental philosophy
Mrs. Wymore
Adam Smith
Karl Marx
John Maynard Keynes
3
The quantity demanded, is greater than the quantity supplied at a given price.
Shortage
Price Floor
Price Ceiling
Surplus
4
All of the following are Inferior Goods except:
Off Brands
Top Ramen
Gushers
Used Cars
5
All of the following have inelastic demand except:
Healthcare
Giants tickets
Milk
Bread
6
An economic system where the economic activity stems from ritual, habit, or custom
Command
Mixed
Market
Traditional
7
Change in quantity demanded is inversely related to price.
Law of Supply
Supply
Demand
Law of Demand
8
Price Ceilings usually create
Shortage
Surplus
Shift in Supply
Shift in Demand
9
Stockholders who get the right to vote on corporate matters
Common Stock
Preferred Stock
10
People carry on their economic affairs freely but are subject to some government intervention
Command
Market
Traditional
Mixed
11
PG&E institutes rolling blackouts
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
12
Requires a government document that gives permission to operate
Partnership
Corporation
Sole Proprietorship
13
A recurring theme in economics is people have...
unlimited wants with unlimited resources
limited resources with their unlimited wants.
limited wants with unlimited resources.
limited resources with their limited wants
14
In a market economy, a high price is a signal for…
Producers to offer less and consumers to buy more
The government to step in and protect consumers.
Producers and consumers to buy more
Producers to supply more and consumers to buy less
15
Increasing Government Regulations have the same effect on supply as an increase in
Costs of the Factors of Production
Technology
Demand
Productivity
16
People and firms act in their own best interest to answer the what, how, and for whom questions
Traditional
Market
Mixed
Command
17
The purpose of an economic system is to answer all of the following except:
When to produce
What to produce
For whom to produce
How to produce
18
Which of the following is not a characteristic of Capitalism?
Competition
Private Property
Profit Motive
Equity
19
The Strength of a command system is that it can create change in a relatively short time.
True
False
20
High Gas Prices lead more people driving hybrids
Negative Externality
Positive Externality
21
A modest price increase has little effect on demand for local telephone service, the demand is
Inverse
Inelastic
Complementary
Elastic
22
A “bull market” is a term to describe market performance that…
Moves up.
Moves down.
23
American Airlines now charges $25 a bag
Oligopoly
Monopolistic Competition
Monopoly
Perfect Competition
24
The great majority of stocks in the United States are traded on
the Pacific Stock Exchange.
the New York Stock Exchange
the American Stock Exchange
the over-the-counter market.
25
Subsidies lower the cost of production, encouraging current producers to remain in the market.
False
True
26
Minimum Wage is an example of a law that supports which economic goal?
Economic Equity
Full Employment
Economic Growth
Economic Efficiency
27
There has been major crop damage because of a storms in Hawaii
Supply of Pineapples shifts left
Supply of Rice shifts right
Demand for Rice shifts right
Demand for Pineapples shifts left
28
The capacity to be useful to someone
Utility
Equity
Opportunity Cost
Trade off
29
The tools, equipment, and factories used in production.
Entrepreneurship
Capital
Labor
Land
30
Generally, in which direction will the demand curve shift if a consumer’s income rises?
Downward.
No change.
To the right.
To the left.
31
The government plays all of the following roles in the American economy except:
Central planner deciding what is produced
Protector of consumers
Consumer of product
Regulator of business
32
Most common form of business
Partnership
Sole Proprietorship
Corporation
