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