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Mid Term Quiz Ch 1-7 Flashcards | StudBud
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Mid Term Quiz Ch 1-7
Mid Term Quiz Ch 1-7
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Questions
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Answers
1
When we add variable costs and fixed costs we get....
Total revenue
Marginal costs
Total costs
Profit
2
What happens to the equilibrium price when the supply curve shifts to the right?
Fluctuates greatly
Increases
Stays the same
Decreases
3
What is it called when the government puts a minimum on how much someone can buy wheat for?
Price wall
Price ceiling
Price basement
Price floor
4
The type of unemployment that occurs when in January everyone that had Christmas jobs loses them is what?
Frictional unemployment
Structural unemployment
Unemployment
Seasonal unemployment
5
What is the value of something that we get compared to something that we gave up?
Underutilization
Trade off
Cost benefit analysis
Value
6
If I were to go to work at Taco Bell I would be considered what?
seasonal unemployed
underemployed
fully employed
unemployed
7
What word is associated with demand?
Consumers
Producers
Freedom
Market
8
What is pro of a command economy?
No Popeyes
Rich get richer
No one is poor
resources are mishandled
9
What is the initial capital spent when opening a new business?
Barrier to entry
Exiting capital
Start up cost
Profit margain
10
Which of the following is a factor or production?
Food
Entrepreunirship
Computers
Ownership
11
If the demand curve shifts to the left equilibrium price will....
Greatly fluctuate
Stay the same
Decrease
Increase
12
Which of following is a example of the law of diminishing marginal utility?
Using a pencil for the first time but over time not having as much fun
How we judge other people's purchases
Enjoying a summer day in August
What suppliers look at when determining prices
13
When a group of companies agree to sell something at a certain price what is this called?
Cartel
Overlords
Trust
Monopoly
14
What happens to the equilibrium price when the demand goes up?
Increases
Decreases
Fluctuates
Stays the same
15
What happens when the quantity demanded and quantity supplied are equal?
No fun
Market equilibrium
Equilibrium price
Market equality
16
What is it called when the government stops controlling businesses like they did in the 1970's with the airlines?
Letting go
Laissez Faire
Free Market
Deregulation
17
What kind of market has one seller who controls the product being sold?
Monopoly
Oligopoly
Capitalism
Communism
18
When in increase in wages is the cause of inflation, and then prices go up to offset the new increase creating a cylce
minimum wage inflation
cyclical inflation
wage-price spiral
apple inflation
19
When you have too much of something it is considered a.....
Good times
Shortage
Less
Surplus
20
What is a legal situation in which everyone has the same economic rights?
Open opportunity
Cash
Equality
Free contract
21
Another name for the poverty threshold is what?
poverty trap
poverty index
poverty line
poverty lake
22
What kind of has many sellers that sell similar products that are only slightly differentiated from one another?
Mononpoly
Perfect Market
Oligopoly
Monopolistic
23
What federal agency is in charge making sure the enviroment is not destroyed by greedy corporations?
FTC
FCC
EPA
SEC
24
Going to trade school and going through the process of apprenticeship to journeyman to master is an example of....
Teaching
A journey
Wasting time
Specialization
25
What do we call a company's income from its sales?
Profit
Total revenue
Marginal revenue
Income
26
If a product is elastic when the demand changes the price
Stays the same
No clue
Whatever Mr Bewley says it does
Changes
27
What is it when the government regulates a good and says it cannot be priced above a certain number?
Price basement
Price floor
Price wall
Price ceiling
28
Which of the following is a way to determine if a product is elastic?
Government action
Input costs
Proportion of Income
Technology
29
When people want a product that is illegal they go to the....
Red Market
Black Market
Corner Alley
Super Market
30
What is a way society uses its scarce resources to fulfill it's needs?
Command Economy
Market Economy
Economic System
Dream Economy
31
A good that people buy less of when their income increases?
Inferior
Normal
Lesser
Luxury
32
What is underutilization?
Using all the resources available
When resources are not used to their full potential
Freedom
Free market
33
Which of the following is a way to determine if a product is elastic?
Normal goods v inferior goods
Consumer taste
Market size
Necessities v Luxuries
34
When people make more money they are able to purchase more this is a result of....
Economic effect
Effect effect
Income effect
Substitute effect
35
Which of the following is NOT a reason that the supply of a product can change?
Market size
Technology
Labor productivity
Government action
36
When we use science to better our production of our company we are using....
Stone Age methods
Magic
Technology
Typewrites
37
What is the additional cost of using one more unit?
Marginal benefit
Marginal cost
Marginal
No fun
38
What federal agency is in charge of making sure that food (other than meat) and drugs are labeled correctly?
SEC
FDA
EPA
FCC
39
What do we call the money that a company makes after paying all expenses
Total Cost
Profit
Marginal revenue
Total revenue
40
What is it called when goods can be used in place of each other?
Substitutes
Luxury
Lou Williams
Complementary
41
Market driven is another term for a market that is....
Interesting
Flexible
Neutral
Laissez Faire
42
What is the key word in the definitions for demand and supply?
Wish
Ability
Good
The
43
The type of employment that is part of the business cycle and is unavoidable is what?
seasonal unemployment
cyclical unemployment
frictional unemployment
structural unemployment
44
What is a listing of how much all people are willing to purchase at each price?
A market
Demand curve
Market Demand Schedule
Demand chart
45
What is con of a Command Economy?
The government has all the power
All wants are fulfilled
Nothing
The people get what they want
46
When we cannot predict how much shipping will cost from months to month it would be considered....
Total costs
Marginal costs
Variable costs
Fixed costs
47
Taxes are used too ______________ the supply of a product
Decrease
Increase
Control
48
Which of the following is not one of the main economic systems?
Socialism
Marvelism
Communism
Capitalism
49
When inflation starts with producers such as car manufacturers raising prices due to steel increase this is called.
producer inflation
demand-pull inflation
cost-push inflation
consumer inflation
50
What is it called when the buyer can shop wherever they want?
Factor market
Great Lakes Mall
Consumer sovereignty
Consumer choice
51
What is the market that neither favors the buyers or sellers?
Flexible
Market driven
Neutral
Reverse
52
Which of the following is not a type of monopoly?
Natural
Technological
Scholastic
Geographical
53
What do we call the materials, effort, and anything else that goes into making or product or service?
Outputs
Inputs
Mediumputs
Huh?
54
Which of the following is a factor or production?
Need
Want
Ideas
Land
55
Every month the news gives us an update on the percentage of people that are jobless but looking, this is called.
poverty line
unemployment rate
Inflation rate
poverty threshold
56
Nationalize means to have the government take it over what is the opposite of that?
Militarize
Normatize
Privatize
Monetize
57
When we are always curious about how much money someone had years ago and how much it is in today's money This is due to
CPI
PPI
Inflation
wage-price spiral
58
When inflation occurs due to demand greatly exceeding supply it is called.
center-push inflation
cost-push inflation
water-push inflation
demand-pull inflation
59
Which of the following is NOT a factor that can change demand?
Consumer expectations
Market share
Market Size
Consumer Tastes
60
When there is not enough of something it is considered a shortage?
True
False
61
What kind of market as a few sellers but many buyers and is hard to break into?
Perfext
Oligopoly
Monopoly
Monopolistic
62
What do we call it when people not part of the market's interaction but still benefits from it?
Market weirdness
Market fluctuations
Market fun
Market failure
63
Who is considered the father of Communism?
President Trump
Karl Marx
Thomas Moore
Mr Bewley
64
What is a market?
Any place where goods and services are sold
Lincoln Electric
On the west side
down town
65
When hiring new workers causes a marginal product increase, what do we call it?
Marginal returns
Diminishing returns
Total returns
Increasing return
