The four factors of production are

Land, Labour, Capital & Entrepreneurship

In a free market, when there is market disequilibrium (a shortage or surplus), a(n)

Change in price results in equilibrium

Which of the following is not a ‘macroeconomic objective of government’

an appropriate balance of goods versus services

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Review of Y11 (Y12 Day 1)

21 termsStudBud Administration215 plays

A review of Year 11

Flashcards21 cardsFPractice quizPHost liveL

Questions 21

Answers

1
An example of a positive consumption externality is
health care
deodorant
education
all of the above
2
Inelastic PES and PED for primary commodities results in
price stability
none of the above
price volatility
all of the above
3
The English translation of the Latin phrase Ceteris Paribus is
Hannibal is at the gates!
Necessity is the mother of invention
All other things being equal
Act now! Supplies are limited.
4
(HL only) Ceteris paribus, firms in which market have the steepest demand curve
oligopoly
monopolistic competition
perfect competition
monopoly
5
(HL only) The extra or additional cost of producing one more unit of output is
total cost
marginal cost
all of the above
average cost
6
When real GDP is greater than potential GDP, the economy is in
an inflationary gap
a recessionary gap
7
Whenever there is an externality, there is ________, due to the misallocation of resources
overproduction
government regulation
underproduction
deadweight loss
8
Aggregate Demand equals
All of the above
The total spending of all consumers and firms
C+I+G+(X-M)
C+I+G+(M-X)
9
Assuming no market failure, taxes create more
total (community) surplus
producer surplus
consumer surplus
deadweight loss
10
Common pool resources are
Non-rivalrous and non-excludable
Rivalrous and excludable
Non-rivalrous and excludable
Rivalrous and non-excludable
11
The four factors of production are
Physical Capital, Human Capital, Natural Capital & Resources
Labour, Capital, Productivity & Efficiency
Land, Labour, Capital & Entrepreneurship
Land, Labour, Capital & Productivity
12
In a free market, when there is market disequilibrium (a shortage or surplus), a(n)
Automatic shift in demand & supply results in equilibrium
Change in price results in equilibrium
Change in demand results in equilibrium
Change in supply results in equilibrium
13
Assuming no market failure, taxes, subsidies and price controls cause
market disequilibrium
Artificial scarcity
shortages or surpluses
deadweight loss
14
When a small change in price results in a relatively large change in quantity demanded, PED is
inelastic
perfectly elastic
perfectly inelastic
elastic
15
The value of the next best alternative that must be given up in order to obtain something else.
ceteris paribus
sustainability
actual output
opportunity cost
16
The x-axis and y-axis for the business cycle are:
x-axis: rGDP; y-axis: Time
x-axis: Price Level; y-axis: rGDP
x-axis: Time; y-axis: rGDP
x-axis: rGDP; y-axis: Price Level
17
An effective price ceiling will result in
surplus
shortage
18
A minimum wage is an example of a
price ceiling
price floor
19
(HL only) Profit maximizing quantity can be found where
TC=TR
ATC=AR
MC=MR
All of the above
20
(HL only) The most common goal of firms is
growth maximization
profit maximization
Ethical and environmental concerns
revenue maximization
21
Which of the following is not a ‘macroeconomic objective of government’
a stable or gently rising price level
an appropriate balance of goods versus services
full employment
an equitable distribution of income

Review of Y11 (Y12 Day 1) Flashcards | StudBud

Review of Y11 (Y12 Day 1)

21 termsStudBud Administration215 plays

A review of Year 11

Flashcards21 cardsFPractice quizPHost liveL

Questions 21

Answers

1
An example of a positive consumption externality is
health care
deodorant
education
all of the above
2
Inelastic PES and PED for primary commodities results in
price stability
none of the above
price volatility
all of the above
3
The English translation of the Latin phrase Ceteris Paribus is
Hannibal is at the gates!
Necessity is the mother of invention
All other things being equal
Act now! Supplies are limited.
4
(HL only) Ceteris paribus, firms in which market have the steepest demand curve
oligopoly
monopolistic competition
perfect competition
monopoly
5
(HL only) The extra or additional cost of producing one more unit of output is
total cost
marginal cost
all of the above
average cost
6
When real GDP is greater than potential GDP, the economy is in
an inflationary gap
a recessionary gap
7
Whenever there is an externality, there is ________, due to the misallocation of resources
overproduction
government regulation
underproduction
deadweight loss
8
Aggregate Demand equals
All of the above
The total spending of all consumers and firms
C+I+G+(X-M)
C+I+G+(M-X)
9
Assuming no market failure, taxes create more
total (community) surplus
producer surplus
consumer surplus
deadweight loss
10
Common pool resources are
Non-rivalrous and non-excludable
Rivalrous and excludable
Non-rivalrous and excludable
Rivalrous and non-excludable
11
The four factors of production are
Physical Capital, Human Capital, Natural Capital & Resources
Labour, Capital, Productivity & Efficiency
Land, Labour, Capital & Entrepreneurship
Land, Labour, Capital & Productivity
12
In a free market, when there is market disequilibrium (a shortage or surplus), a(n)
Automatic shift in demand & supply results in equilibrium
Change in price results in equilibrium
Change in demand results in equilibrium
Change in supply results in equilibrium
13
Assuming no market failure, taxes, subsidies and price controls cause
market disequilibrium
Artificial scarcity
shortages or surpluses
deadweight loss
14
When a small change in price results in a relatively large change in quantity demanded, PED is
inelastic
perfectly elastic
perfectly inelastic
elastic
15
The value of the next best alternative that must be given up in order to obtain something else.
ceteris paribus
sustainability
actual output
opportunity cost
16
The x-axis and y-axis for the business cycle are:
x-axis: rGDP; y-axis: Time
x-axis: Price Level; y-axis: rGDP
x-axis: Time; y-axis: rGDP
x-axis: rGDP; y-axis: Price Level
17
An effective price ceiling will result in
surplus
shortage
18
A minimum wage is an example of a
price ceiling
price floor
19
(HL only) Profit maximizing quantity can be found where
TC=TR
ATC=AR
MC=MR
All of the above
20
(HL only) The most common goal of firms is
growth maximization
profit maximization
Ethical and environmental concerns
revenue maximization
21
Which of the following is not a ‘macroeconomic objective of government’
a stable or gently rising price level
an appropriate balance of goods versus services
full employment
an equitable distribution of income