Scarcity is defined as

when there are limited quantities to meet unlimited wants

If Apple reduces the cost of their MacBooks from $800 to $600, it will have this effect:

Movement along the curve, increasing QD

The E in GETSPAID stands for

Changes in Expected Producer Prices

Gatorade & Powerade are substitutes. If Gatorade prices go up, it

increases the demand for Powerade

The major difference between a corporation and other businesses is

Corporations are their own legal entity

The Law of Supply states

As the price of a product goes up, QS goes up

"Economics" is the study of

decisions regarding the use of scarce productive resources

A benefit of sole proprietorship is

Least regulated form of business

How is future price related to current demand?

If price will rise, current demand rises

Opportunity Cost can be defined as

The total cost involved in making one choice over another

Which is a way to increase production/ economic growth?

Increases in technological advances

An increase in supply of a product would most likely be caused by

a decrease in resource costs for production

If the demand for an item increased, it would have this effect on equilibriums

Price increases, Quantity increases

studbud

1st Quarter QCA Review

70 termsStudBud Administration455 plays

This quiz is designed to serve as a review for my students for the first quarter of my Economics course, which covers the different kinds of economies, the American Free Enterprise Capitalist System, Supply and Demand, Market Structures and Business Organizations

Flashcards70 cardsFPractice quizPHost liveL

Questions 70

Answers

1
A patent is an example of this kind of monopoly
Natural Monopoly
Technological Monopoly
Government Monopoly
Geographical Monopoly
2
Hot dogs & hot dog buns; salad & salad dressing; skis and ski equipment
Substitute Goods
Durable Goods
Capital Goods
Complimentary Goods
3
The power that consumers hold over the decision of what gets produced
Mixed Economy
Invisible Hand
Circular Flow
Iron Fist
4
Scarcity is defined as
the effort that people devote to a task
when producers can't offer goods at current prices
when there are limited quantities to meet unlimited wants
when supplies are suddenly unattainable
5
Laws of both Demand and Supply involve only 2 variables: Price and Quantity
True
False
6
The right to sell a good or service in an exclusive territory
Sole Proprietorship
Cartel
Franchise
Monopolistic Competition
7
OPEC members gather and set the price of a barrel of oil. This is an example of
Product Differentiation
Mediation
Diversification
Collusion
8
When the demand for a good rises, the demand for its complimentary good rises too
True
False
9
If Apple reduces the cost of their MacBooks from $800 to $600, it will have this effect:
Movement along the curve, increasing QD
Movement along the curve, decreasing QD
A shift of the curve and increase in demand
A shift of the curve and decrease in demand
10
The E in GETSPAID stands for
Changes in Expected Consumer Prices
Changes in Expected Producer Prices
Changes in Consumer Expectations
Changes in Expected Allowances
11
When 2 companies on differing levels of a supply chain join together, it is called this
Trade-Off
Vertical Merger
Hostile Takeover
Horizontal Merger
12
In the graph, point F represents
an unattainable production point
Underutilizing resources
maximum production
Efficiency
13
This kind of market structure has 4-8 firms who dominate the market.
Pure Competition
Monopoly
Oligopoly
Monopolistic Competition
14
What do we call the ingredients needed to produce a good?
Product
Efficient
Output
Input
15
Gatorade & Powerade are substitutes. If Gatorade prices go up, it
has no effect on Powerade
increases the demand for Powerade
increases the supply of Powerade
decreases the demand for Powerade
16
The major difference between a corporation and other businesses is
Corporations have no owners
Corporations are easy to start
Corporations cannot be taxed
Corporations are their own legal entity
17
This lasts 3 or more years when used on a regular basis
Service
Non-Durable Good
Durable Good
Capital Good
18
Which is NOT a basic principle of Free Enterprise?
Public Goods
Private Property Rights
Voluntary Exchange
Profit Motive
19
The major difference between market and mixed economies is this
Invisible Hand
Taxes
Public Goods
Government
20
The Invisible Hand is strongest in this kind of economy
Market Economy
Mixed Economy
Command Economy
Traditional Economy
21
An advantage of having prices determine the cost of items is that prices
Are Inflexible
Are Inefficient
Are Neutral
Favor Producers
22
This large business has at least 4 different product lines to mitigate risk
Corporation
Sole Proprietorship
Conglomerate
Monopoly
23
Which of the following is NOT a Factor of Production?
Investments
Land
Entrepreneur
Capital
24
What is the equilibrium price and quantity?
$4 & 40
$2 & 90
$3 & 70
$2 & 40
25
Why are U.S. firms moving manufacturing jobs overseas?
Lower competition from international markets
Greater # of skilled workers
Lower labor costs for workers
Unions are stronger abroad
26
The Law of Supply states
Movement causes shifts to the supply curve
As demand increases, supply decreases
As the price of a product goes up, QS goes up
As the price of a product goes up, QS goes down
27
If a general partnership fails, who is responsible for the debt?
The limited partner
Only the most senior partner
The general partner
All partners
28
"Economics" is the study of
how quickly businesses can produce products
how equally we share resources in American society
the distribution of goods and services in an the economy
decisions regarding the use of scarce productive resources
29
A benefit of sole proprietorship is
Least regulated form of business
Ease of obtaining financing/loans
Unlimited Liability
Ease of finding employees
30
The official document certifying and ownership stake in a corporation
Stock
Charter
Copyright
Patent
31
The Iron Fist is associated with which economy?
Traditional Economy
Command Economy
Mixed Economy
Market Economy
32
The intense negotiations between labor union representatives and company management is called
Cartel
Collective Bargaining
Mediation
Collusion
33
Demand is defined as
the ability to buy something
the desire to buy something
the willingness to buy something
All of the above
34
How is future price related to current demand?
Future price is not related to current demand
If price will rise, current demand will drop
If price will fall, current demand will rise
If price will rise, current demand rises
35
Economists turn to this market when assessing the stability economy
All of the Above
Oil Market
Gold Market
Stock Market
36
Opportunity Cost can be defined as
The total cost involved in making one choice over another
The risk associated with making a certain decision
Start-up costs for a new venture
Costs involved in business
37
Which is a way to increase production/ economic growth?
Increases in technological advances
Reduce the supply of resources
Workers strike
Labor shortage
38
A shortage would occur at what price?
$30
$40
$20
$60
39
QS>QD
Price Floor
Shortage
Equilibrium
Surplus
40
A way of organizing work so that each worker completes only one specific task
Mediation
Division of Labor
Specialization
Oligopoly
41
An increase in supply of a product would most likely be caused by
a decrease in resource costs for production
an increase in business taxes
an increase in government regulations
an increase in consumer income
42
As a manufacturer, if 1 of your machines breaks, your production output is
Inefficient
Efficient
A Service
Factor of Production
43
Barriers to entry are greatest in this kind of market structure
Sole Proprietorship
Monopoly
Oligopoly
Monopolistic Competition
44
Who determines the President of a corporation?
The owners
The Vice-Presidents
The stockholders
The Board of Directors
45
Increases in production costs have this effect on supply
increase in supply
No change in supply
change in quantity supplied
decrease in supply
46
Which of the following is responsible for a company's economic growth?
Increases in Productivity
Advances in Technology
All of the above
Population Growth
47
Which of the following is NOT a way to communicate prices and quantities supplied/demanded?
Demand Schedule
Supply Schedule
Demand Curve
Production Possibilities Curve
48
The McKinney Chamber of Commerce is which kind of nonprofit organization?
Business Organization
Government
Community Organization
Professional Organization
49
The change in quantity demanded b/c of a change in price that alters consumers’ income
Income Effect
Substitution Effect
Shift in Demand
Movement
50
If Lexus merged with Mercedes, it would be an example of this
Horizontal Merger
Hostile Takeover
Vertical Merger
Mediation
51
If the demand for an item increased, it would have this effect on equilibriums
Price increases, Quantity decreases
Price increases, Quantity increases
Price decreases, Quantity increases
Price decreases, Quantity increases
52
Better customer service is an example of
synergy
product differentiation
diversification
nonprice competition
53
In the Circular Flow diagram, households are responsible for __ & businesses for ___
payments, taxes
consumption, production
taxes, payments
production, consumption
54
The sum of people's skills, abilities, knowledge and motivation
Production Possibilities
Factors of Production
Human Capital
Labor Force
55
On a PPC, if a dot falls along the curve (A, B, C or D) it is
Efficient
Inefficient
An Opportunity Cost
Unrealized
56
Which is not an example of consumer preferences affecting Demand?
Advertising
Input Price Changes
Fashion Trends/Popularity
Changes of Season
57
Events rarely move the supply and the demand curves at the same time
False
True
58
The Law of Demand states
higher the price, lower the supply
higher the price, higher the quantity demand
higher the price, the higher the supply
higher the price, lower the quantity demanded
59
Which of the following is NOT a requirement of franchisees to provide franchisors?
Royalty Fee
Company Support
Standardized Store
Initial Investment Fee
60
The supply curve has
no slope
all of the above
negative slope
positive slope
61
Owners of sole proprietorships can have banks seize their personal property. This is called
Unlimited liability
Limited liability
Diversification
Interdependent Behavior
62
The C in the acronym "CHEAPsPc" stands for
Change in Consumer Preferences
Change in Productivity
Change in Consumer Income
Change in Consumer Population
63
What are the 3 main questions every society must answer?
For Whom, Why, and How to Produce
Why, What and Who to Produce
What, How and For Whom to Produce
Where, What and How to Produce
64
In order for an item to have value, it must also have this quality
Utility
Durability
Appreciability
Beauty
65
John Maynard Keynes, this sexy beast, came up with which of the following
Production Possibilities Curve
Supply & Demand Graphs
Circular Flow Diagram
Invisible Hand
66
When a producer has excess product and must lower their price
Surplus
Equilibrium Price
Inefficiency
Shortage
67
What kind of economy do we have in the United States?
Command Economy
Market Economy
Mixed Economy
Traditional Economy
68
The resources that companies use to provide all goods and services are called
Production Possibilites
Trade-offs
Factors of Production
Opportunity Costs
69
Advertising, Promotions, Giveaways, and new product features are examples of
Product Differentiation
Collusion
Diversification
Nonprice Competition
70
Another term for movement along the supply curve is
Supply Curve Shift
Demand Curve Shift
Change in quantity demanded
Change in quantity supplied

1st Quarter QCA Review Flashcards | StudBud

1st Quarter QCA Review

70 termsStudBud Administration455 plays

Flashcards70 cardsFPractice quizPHost liveL

Questions 70

Answers

1
A patent is an example of this kind of monopoly
Natural Monopoly
Technological Monopoly
Government Monopoly
Geographical Monopoly
2
Hot dogs & hot dog buns; salad & salad dressing; skis and ski equipment
Substitute Goods
Durable Goods
Capital Goods
Complimentary Goods
3
The power that consumers hold over the decision of what gets produced
Mixed Economy
Invisible Hand
Circular Flow
Iron Fist
4
Scarcity is defined as
the effort that people devote to a task
when producers can't offer goods at current prices
when there are limited quantities to meet unlimited wants
when supplies are suddenly unattainable
5
Laws of both Demand and Supply involve only 2 variables: Price and Quantity
True
False
6
The right to sell a good or service in an exclusive territory
Sole Proprietorship
Cartel
Franchise
Monopolistic Competition
7
OPEC members gather and set the price of a barrel of oil. This is an example of
Product Differentiation
Mediation
Diversification
Collusion
8
When the demand for a good rises, the demand for its complimentary good rises too
True
False
9
If Apple reduces the cost of their MacBooks from $800 to $600, it will have this effect:
Movement along the curve, increasing QD
Movement along the curve, decreasing QD
A shift of the curve and increase in demand
A shift of the curve and decrease in demand
10
The E in GETSPAID stands for
Changes in Expected Consumer Prices
Changes in Expected Producer Prices
Changes in Consumer Expectations
Changes in Expected Allowances
11
When 2 companies on differing levels of a supply chain join together, it is called this
Trade-Off
Vertical Merger
Hostile Takeover
Horizontal Merger
12
In the graph, point F represents
an unattainable production point
Underutilizing resources
maximum production
Efficiency
13
This kind of market structure has 4-8 firms who dominate the market.
Pure Competition
Monopoly
Oligopoly
Monopolistic Competition
14
What do we call the ingredients needed to produce a good?
Product
Efficient
Output
Input
15
Gatorade & Powerade are substitutes. If Gatorade prices go up, it
has no effect on Powerade
increases the demand for Powerade
increases the supply of Powerade
decreases the demand for Powerade
16
The major difference between a corporation and other businesses is
Corporations have no owners
Corporations are easy to start
Corporations cannot be taxed
Corporations are their own legal entity
17
This lasts 3 or more years when used on a regular basis
Service
Non-Durable Good
Durable Good
Capital Good
18
Which is NOT a basic principle of Free Enterprise?
Public Goods
Private Property Rights
Voluntary Exchange
Profit Motive
19
The major difference between market and mixed economies is this
Invisible Hand
Taxes
Public Goods
Government
20
The Invisible Hand is strongest in this kind of economy
Market Economy
Mixed Economy
Command Economy
Traditional Economy
21
An advantage of having prices determine the cost of items is that prices
Are Inflexible
Are Inefficient
Are Neutral
Favor Producers
22
This large business has at least 4 different product lines to mitigate risk
Corporation
Sole Proprietorship
Conglomerate
Monopoly
23
Which of the following is NOT a Factor of Production?
Investments
Land
Entrepreneur
Capital
24
What is the equilibrium price and quantity?
$4 & 40
$2 & 90
$3 & 70
$2 & 40
25
Why are U.S. firms moving manufacturing jobs overseas?
Lower competition from international markets
Greater # of skilled workers
Lower labor costs for workers
Unions are stronger abroad
26
The Law of Supply states
Movement causes shifts to the supply curve
As demand increases, supply decreases
As the price of a product goes up, QS goes up
As the price of a product goes up, QS goes down
27
If a general partnership fails, who is responsible for the debt?
The limited partner
Only the most senior partner
The general partner
All partners
28
"Economics" is the study of
how quickly businesses can produce products
how equally we share resources in American society
the distribution of goods and services in an the economy
decisions regarding the use of scarce productive resources
29
A benefit of sole proprietorship is
Least regulated form of business
Ease of obtaining financing/loans
Unlimited Liability
Ease of finding employees
30
The official document certifying and ownership stake in a corporation
Stock
Charter
Copyright
Patent
31
The Iron Fist is associated with which economy?
Traditional Economy
Command Economy
Mixed Economy
Market Economy
32
The intense negotiations between labor union representatives and company management is called
Cartel
Collective Bargaining
Mediation
Collusion
33
Demand is defined as
the ability to buy something
the desire to buy something
the willingness to buy something
All of the above
34
How is future price related to current demand?
Future price is not related to current demand
If price will rise, current demand will drop
If price will fall, current demand will rise
If price will rise, current demand rises
35
Economists turn to this market when assessing the stability economy
All of the Above
Oil Market
Gold Market
Stock Market
36
Opportunity Cost can be defined as
The total cost involved in making one choice over another
The risk associated with making a certain decision
Start-up costs for a new venture
Costs involved in business
37
Which is a way to increase production/ economic growth?
Increases in technological advances
Reduce the supply of resources
Workers strike
Labor shortage
38
A shortage would occur at what price?
$30
$40
$20
$60
39
QS>QD
Price Floor
Shortage
Equilibrium
Surplus
40
A way of organizing work so that each worker completes only one specific task
Mediation
Division of Labor
Specialization
Oligopoly
41
An increase in supply of a product would most likely be caused by
a decrease in resource costs for production
an increase in business taxes
an increase in government regulations
an increase in consumer income
42
As a manufacturer, if 1 of your machines breaks, your production output is
Inefficient
Efficient
A Service
Factor of Production
43
Barriers to entry are greatest in this kind of market structure
Sole Proprietorship
Monopoly
Oligopoly
Monopolistic Competition
44
Who determines the President of a corporation?
The owners
The Vice-Presidents
The stockholders
The Board of Directors
45
Increases in production costs have this effect on supply
increase in supply
No change in supply
change in quantity supplied
decrease in supply
46
Which of the following is responsible for a company's economic growth?
Increases in Productivity
Advances in Technology
All of the above
Population Growth
47
Which of the following is NOT a way to communicate prices and quantities supplied/demanded?
Demand Schedule
Supply Schedule
Demand Curve
Production Possibilities Curve
48
The McKinney Chamber of Commerce is which kind of nonprofit organization?
Business Organization
Government
Community Organization
Professional Organization
49
The change in quantity demanded b/c of a change in price that alters consumers’ income
Income Effect
Substitution Effect
Shift in Demand
Movement
50
If Lexus merged with Mercedes, it would be an example of this
Horizontal Merger
Hostile Takeover
Vertical Merger
Mediation
51
If the demand for an item increased, it would have this effect on equilibriums
Price increases, Quantity decreases
Price increases, Quantity increases
Price decreases, Quantity increases
Price decreases, Quantity increases
52
Better customer service is an example of
synergy
product differentiation
diversification
nonprice competition
53
In the Circular Flow diagram, households are responsible for __ & businesses for ___
payments, taxes
consumption, production
taxes, payments
production, consumption
54
The sum of people's skills, abilities, knowledge and motivation
Production Possibilities
Factors of Production
Human Capital
Labor Force
55
On a PPC, if a dot falls along the curve (A, B, C or D) it is
Efficient
Inefficient
An Opportunity Cost
Unrealized
56
Which is not an example of consumer preferences affecting Demand?
Advertising
Input Price Changes
Fashion Trends/Popularity
Changes of Season
57
Events rarely move the supply and the demand curves at the same time
False
True
58
The Law of Demand states
higher the price, lower the supply
higher the price, higher the quantity demand
higher the price, the higher the supply
higher the price, lower the quantity demanded
59
Which of the following is NOT a requirement of franchisees to provide franchisors?
Royalty Fee
Company Support
Standardized Store
Initial Investment Fee
60
The supply curve has
no slope
all of the above
negative slope
positive slope
61
Owners of sole proprietorships can have banks seize their personal property. This is called
Unlimited liability
Limited liability
Diversification
Interdependent Behavior
62
The C in the acronym "CHEAPsPc" stands for
Change in Consumer Preferences
Change in Productivity
Change in Consumer Income
Change in Consumer Population
63
What are the 3 main questions every society must answer?
For Whom, Why, and How to Produce
Why, What and Who to Produce
What, How and For Whom to Produce
Where, What and How to Produce
64
In order for an item to have value, it must also have this quality
Utility
Durability
Appreciability
Beauty
65
John Maynard Keynes, this sexy beast, came up with which of the following
Production Possibilities Curve
Supply & Demand Graphs
Circular Flow Diagram
Invisible Hand
66
When a producer has excess product and must lower their price
Surplus
Equilibrium Price
Inefficiency
Shortage
67
What kind of economy do we have in the United States?
Command Economy
Market Economy
Mixed Economy
Traditional Economy
68
The resources that companies use to provide all goods and services are called
Production Possibilites
Trade-offs
Factors of Production
Opportunity Costs
69
Advertising, Promotions, Giveaways, and new product features are examples of
Product Differentiation
Collusion
Diversification
Nonprice Competition
70
Another term for movement along the supply curve is
Supply Curve Shift
Demand Curve Shift
Change in quantity demanded
Change in quantity supplied