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Econ Unit 1/2 Review Flashcards | StudBud
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Econ Unit 1/2 Review
Econ Unit 1/2 Review
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Flashcards
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Questions
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Answers
1
The point outside of the PPC curve represents
economic growth
efficiency
economic failure
inefficiency
2
Price ceilings
Create supplies for demanders
Create a shortage & below the equilibrium
Create demanders for supplies
Create a surplus & above the equilibrium
3
Factors that determine shifts in demand
All of the above
Tastes/Preferences
Disposable Income
Expectations
4
Government receives its money from
The resource market
Households and business taxes
Transfer payments
The product market
5
Corporation means
Owning a business with a partner & shared liability
Owning a business alone & all liability is on you
Owning several businesses with people
Owning a business with a group & shared liability
6
A monopolistic competition
Single firm and major blockage to entering the market
Many firms and fairly easy to enter the market
Many firms and very easy to enter the market
A few firms with some barriers to entering the market
7
When demand increases
Price increases; quantity decreases
Price and quantity decrease
Price and quantity increase
Price decreases; quantity increases
8
When supply increases
Price decreases; quantity increases
Price and quantity increase
Price and quantity decrease
Price increases; quantity decreases
9
The point below the PPC curve represents
economic failure
economic growth
efficiency
inefficiency
10
A pure/perfect competition
Many firms and fairly easy to enter the market
Many firms and very easy to enter the market
Single firm and major blockage to enter the market
A few firms and has barriers to entering the market
11
The resource market
Trades FOP for products
Barters FOP for products
Receives FOP from business and offers it to households
Receives FOP from households and offers it to business
12
Price floors
Create demanders for supplies
Create a shortage & below the equilibrium
Create supplies for demanders
Create a surplus & above the equilibrium
13
Partnership means
Owning a business with a partner & you guys share liability
Owning several businesses with people
Owning a business alone & all the liability is on you
Owning a business with a group & share liability
14
Sole proprietorship means
Owning a business alone & all liability is on you
Owning several businesses with other people
Owning a business with a group & you share liability
Owning a business with a partner & you guys share liability
15
An oligopoly has
Many firms and very easy to enter the market
Single firm and major blockage to entering the market
A few firms and barriers to entering the market
Many firms and fairly easy to enter the market
16
Factors that determine a shift in supply
Wages
All of the above
Prices
Productivity
17
The points on the PPC curve represent
inefficiency
economic failure
economic growth
efficiency
18
A pure monopoly has
Many firms and fairly easy to enter the market
Many firms and very easy to enter the market
A few firms and barriers to entering the market
Single firm and major blockage to entering the market
19
The product/goods market
Receives G & S from business and sells to households
Gives G&S to resource market
Receives G & S from households and sells to business
Gives G&S to Government
20
To reach a point of economic growth on the PPC graph there needs to be
increased technology
increased workers
decreased workers
decreased technology
