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Econ/PF Midterm Review Flashcards | StudBud
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Econ/PF Midterm Review
Econ/PF Midterm Review
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Units 1-4 Review
Flashcards
35 cards
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Practice quiz
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Host live
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Questions
35
Answers
1
J.K Rowling would most likely apply for this to legally protect her book,
Harry Potter.
Trademark
Benchmark
Patent
Copyright
2
After eating 2 slices of pizza, you buy a third slice. The additional money spent is your
marginal benefit
expense
cost
marginal cost
3
Most mixed economies are a mixture of these two economic systems:
Traditional and Command
Market and Command
Traditional and Market
None of the Above
4
All of the following are determinants, or shifters, of supply EXCEPT:
Price of related goods or services
expectation of buyers
Price of resources
government actions
5
General Motors closes a large factory in Lansing Michigan. Demand for movie tickets in Lansing
will stay the same because demand for tickets is inelastic
will likely go down due to a drop in consumer incomes
will go up because demand for movie tickets is elastic
will likely go up so people can escape their problems
6
On the graph, what does the horizontal axis represent?
Quality
Demand
Quantity
Supply
7
When you make a choice, your next best option that you give up is your______.
Price
sacrifice
Utility
opportunity cost
8
People who start new businesses and develop innovative products and processes to make a profit.
Entrepreneur
Masseaur
Shark
Investor
9
The effort, loss or sacrifice necessary to achieve or obtain something.
Price
Utility
Labor
Cost
10
Amounts paid for land, labor, capital and entrepreneurship used to produce goods and services
Cost of Production
Marginal Cost
Cost of doing business
Price
11
The economic term for describing the satisfaction from consuming a product is
Cost
Positive Incentive
Benefit
Utility
12
The amount by which the price per unit exceeds the cost per unit is the
Profit Margin
Marginal Benefit
None of the Above
Unit profit
13
Price of blueberries skyrockets after drought destroys crops. Demand for blackberries will:
likely go up because they are compliments
likely go down because they are compliments
likely go down because they are substitutes
likely go up because they are substitutes
14
On the graph, what does the red line represent?
Shortage
Supply
Surplus
Demand
15
A price ceiling set below the equilibrium price will likely result in
inflation
a shortage
a surplus
a recession
16
A government payment to encourage farmers to grow and produce more corn is a(n)
handout
incentive
subsidy
bonus
17
The amount remaining when total costs are subtracted from total revenues.
Profit
Income
Revenue
Marginal Profit
18
A massive flood that destroys the corn crop in Iowa is an example of a(n)
determinant of supply
determinant of demand
determinant of elasticity
none of the above
19
The amount consumers pay when they buy a good or service from a producer.
Premium
Cost
Invoice
Price
20
A government tax on coal companies to encourage a reduction in coal production is a(n):
resource tax
environmental tax
income tax
excise tax
21
Who makes decisions about the production of goods and services in a market economy?
Government
Congress
Central Authority
Consumers and producers
22
On the graph, what is represented on the vertical axis?
Quantity
Market Value
Price
Cost
23
On the graph, the shift of the demand curve to the right from D1 to D2 represents a(n)
decreased equilibrium price; decreased equilibrium price
increased equilibrium price; decreased equilibrium quantity
decreased equlibrium price; increased equilibrium quantity
increased equilibrium price; increased equilibrium quantity
24
In the picnic season, a sharp rise in the price of burgers may lead to an increased demand for
buns
chicken
relish
coleslaw
25
A penalty that discourages a behavior (e.g., library fine, parking ticket).
price
sacrifice
marginal cost
negative incentive
26
The market value of all final goods and services produced in a country in a calendar year.
Complete Production
Gross Domestic Product
Total Disbursement
Total Production
27
The health, education, experience, training, skills and values of people.
Ingenuity
Resume
Human Capital
Abilities
28
On the graph, the blue line represents
shortage
supply
equlibrium
demand
29
Apple just released the iPhone X+1. Supply of the iPhone 7 will likely
increase because of consumer expectation
increase because consumers will want a bargain phone
decrease because Apple will expect to make less money on it
decrease because of a change in consumer preference
30
On the graph, the point where the supply and demand curves intersect is called______
Equilibrium
Equity
Price
Quantity
31
In order to create demand, a person must be ______ and ______ to buy a good good or service.
None of the above
ready and able
willing and able
ready and willing
32
The yellow McDonald’s arches and the Looney Tunes theme song are both protected by
Copyright
Utility
Patent
Trademark
33
According to the Law of Demand,
The price and quantity demanded have no relationship.
As price goes up, quantity demanded goes up.
None of the above
As price goes down quantity demanded goes up
34
All of the following are determinants, or shifters, of demand EXCEPT:
government actions
change in consumer income
expectation of buyers
change in consumer preference
35
The five roles of Entrepreneurs include which of the following:
Starting a business
Making a profit
Hiring labor
Finding new markets
