Emma Econ Quiz

Which creates a price ceiling?

The portion of corporate profits paid out to stockholders?

A decrease in supply or demand would be shown by a shift to the _____

How does law of demand relate to price and quantity?

The monthly payment of a loan is determined by?

When supply decreases with no change in demand, price will _____, and quantity will _____.

What are 5 things that make a PPC curve shift out (right)?

How do you determine the available credit on a card?

Demand for a normal good is positively related to income. Demand for inferior good is negatively related to income.

A prediction of how likely you are to pay your bills and impacts how you borrow money

How does the law of supply relate to price and quantity?

Taxes, subsidies, and regulations

What is the relationship between risk and return?

What is for profit, open to public?

Same product is sold, some control over price.

Two goods are substitutes if an increase in the price of one causes and increase in demand for the other.

What does a rational decision mean?

An agreement which the borrower receives something of value, money, and agrees to repay by a date?

What does having full responsibility or liable for anything mean?

Whatever is produced can only be sold at one price. Multiple sellers, identical product.

A legal max on the price at which a good can be sold.

A legal minimum on the price at which a good can be sold.

What are the determinants of supply (GREAT)

How are the economic systems influenced?

Anything that causes a shift in tastes toward a good will demand for that good and shift its demand curve to the right.

Which creates a binding price floor?

When a market is in equilibrium, what is true about quantity demanded and quantity supplied at the equilibrium price?

What is the basic problem of economics for all nations, rich or poor?

A mutual fund with the objective to match investment performance to large stock or bond?

An example: an event in Middle East lead to expectations at higher oil prices.

Identical or similar product, significant control over price.

A firm combines with another that operate in same industry, similar product?

An increase in supply or demand would be shown by a shift to the _____

What does opportunity cost mean?

Who is most at risk for unmimited liability?

What is non-profit, member owned?

What is human capital?

Determines how much inputs are required to produce a unit of output, new investment in technology is a higher input.

Why does a free market need government involvement?

What can a corporation do to raise money?

Granting someone access to sell under a name with some control?

What is an example of opportunity cost that doesn't involve money?

Availability of raw material can impact the amount of a product. A fall in cost makes production profitable.

One single seller of a product, total price control.

What must you do to avoid paying finance charges on a credit card? *2 answers

An example of two goods that are compliments if an increase in the price of one causes a fall in demand for the other.

Two or more companies provide different supply chain for common good? Firms buys suppliers.

What is considered an excellent credit score on the FICO scale?

Why are patents important to market activity?

Interest earned on both principal amount and other interest earned?

What are 5 things that make a PPC curve shift in (left)?

How is price determined for a product in a market-based economy?

What are 3 main economic systems?

What is the maximum amount of money you can spend on your credit card called?

How many firms would dominate the market in an oligopoly?

What is a public good, and how do we pay for them?

What are 4 factors of production?

What makes up the majority of your credit score? *2 answers

What are examples of 4 factors of production?

An increase in the # of sellers increases the quantity of price, shifts the S curve to the right.

Numbers of buyers increase, quantity demanded shifts demand curve to the right.

Interest paid or earned based on the principal only of a loan or account?

When demand decreases with no change in supply, price will _____, and quantity will _____.

What does marginal analysis mean?

What is the primary incentive for a manufacturer to make and sell products?

When demand increases with no change in supply, price will _____, and quantity will _____.

When supply increases with no change in demand, price will _____, and quantity will _____.

What is specialization in relation to efficiency?