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Econ Semester 1 Review Flashcards | StudBud
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Econ Semester 1 Review
Econ Semester 1 Review
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#wilde #econ #economics #blake #semester #semesterreview
Flashcards
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Questions
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Answers
1
What is demand?
wanting something
Buying Something
Ability and desire to buy something
Consumer Sovereignty
2
Who pays royalties?
Franchisee
Stocks
Franchiser
Multinational Corporations
3
______ is a market that runs most efficiently when one firm provides all of the output
Natural Monopoly
Perfect Competition
Franchise
Oligopoly
4
What is a labor union?
A group of friends
A group of strikers
A group who lobbies for workers
All the CEO's from a type of firm
5
Phrase meaning Consumer goods and/or Defense spending
Ceteris Parabus
Cost/Benefit Analysis
Democrat or Republican
Guns or Butter
6
What is a fixed cost?
cost that changes based on production
cost that doesn't change based on production
additional income from selling a unit
additional costs of producing one unit
7
Which is not a factor of production?
Capital
Land
Labor
Goods
8
The USD, British Pound Sterling, and the Euro are examples of...
Fake News
Specie
Bartering
Fiat Money
9
What are the two types of corporations?
Closely Held & Individually Held
Publicly Held & Individually Held
Mine & Yours
Publicly Held & Closely Held
10
Which of the following is an example of a price floor?
Shortage
Surplus
Rent Control
Minimum Wage
11
If the demand for a product is high, what would be the amount for supply?
Low
None
High
Little
12
Marginal revenue is...
total costs divided by quantity produced
additional income from selling 1more unit of a good/service
total expenses for producing a good/service
additional costs for making 1 more unit of a good/service
13
Moving a particular job within a firm by hiring from another firm is an example of?
Outsourcing
Guest Workers
Derived Demand
Offshoring
14
The extra payment someone makes when purchasing consumer products
Sin Tax
Income Tax
Sales Tax
Property Tax
15
When income increases, normal goods seem to be _______
Superior
Inferior
more expensive
cheaper
16
Which of the following is NOT a characteristic of a Free Market Enterprise/System?
Specialization
Open Opportunity
Profit Motive
Consumer Soverignty
17
What is an example of a franchise?
Blake High School
Office Depot
Subway
Green Bay Packers
18
If the supply of lumber falls because of a forest fire, the supply curve would...
Movement along the supply curve down
Shift Down
Shift Right
Shift Left
19
Which is not one of the three main economic systems?
Barter System
Free Market
Traditional
Command
20
Which is an example of a 'means tested' program
Military
Medicaid
Medicare
Charities
21
True or False: Does the demand determine how much supply there is of a product?
IDK
Maybe?
True Dat
False
22
An outward shift in a production possibilities curve means...
Increase in Credit
Decrease in Stock Value
Banks loaning more capital
Increase in an economy's productive resources
23
Which market structure would price be the key factor when competing?
Avocado
Perfect Competition
Monopoly
Oligopoly
24
A trade-off demands...
Credit
Sacrifice
Money
Opportunity Cost
25
What do you need in order to grant you rights to operate a business?
A Patient
A patent
A license
A Franchise
26
Which of the following is NOT a feature of monopolistic competition?
Some Variety of Goods
High Barrier to Entry
Many Firms
Low Barrier To Entry
27
When measured elasticity is equal to 1
Unitary
Elastic
Inelastic
Plastic
28
Socialism is when...
central government controls all resources
Businesses/Firms control the government
wealth is evenly distributed
the people control the means of production
29
What are goods that can be used in place of another?
Substitutes
Normal Goods
Complements
Inferior Goods
30
What is the point in which a supply curve and demand curve are same?
Middleton
Middlepoint
Ceteris Parabus
Equilibrium
31
Similarities between sole proprietorships and partnerships include:
Liability is on employees
Liability is on the owners
Pay Personal Income Tax
Profits go to the employees
32
The Fed is ran by
The State
The Federal Government
Mr. Wilde
Board of Governors
33
The amount of a good or service that is available is known as...
Supply
Equilibrium
Demand
Surplus
34
This is an example of globalization
Scarcity
Unemployment
Offshoring
Specialization
35
A _____ is when less is supplied than is demanded
Inelastic
Elastic
Surplus
Shortage
36
To default on a home mortgage, the property would be put into...
Litigation
Auction
Witholding
Foreclosure
37
What is the opposite of a household?
A Factor Market
A homeless person living in an abandoned building
A Farm
Firm
38
What Economic System has no government involvement?
Free Market
Traditional
Centrally Planned
Command
39
Which one of the countries has a command economy?
China
Spain
USA
Nigeria
40
What does skilled labor demand?
Advanced abilities, skills, and education
Special Abilities to do a task (specialization)
For you to have swag
Mr. Wilde
41
True or False: A
Supply Schedule
shows the relationship between price and quantity demanded.
Always
Sometimes
False
True
42
Which is not one of the 3 basic economic questions?
What to Produce?
Where to Produce?
Who to Produce For?
How to Produce?
43
Movement of a company's operations, or resources of production, to another country is called __
Offguard
Outcasting
Outsourcing
Offshoring
