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TFN ECON FINAL REVIEW PART 2 Flashcards | StudBud
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TFN ECON FINAL REVIEW PART 2
TFN ECON FINAL REVIEW PART 2
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Answers
1
Market in which a large number of firms produce the same product and charge the same prices.
Oligopoly
Monopolistic Competition
Perfect Competition
Monopoly
2
Microsoft is considered a
Partnership
Corporation
Franchise
Sole-Proprietorship
3
When the quantity supplied is more than the quantity demanded.
Equilibrium
Surplus
Disequilibrium
Shortage
4
A cost that does not change no matter how much is produced.
Normal
Inferior
Variable
Fixed
5
A drought destroys much of the wheat crop in the U.S. what would happen to the price of wheat?
Price would raise
Stay the same
Price would lower
Go up, then go down
6
At what price was the last share of stock traded at:
10.89
11.71
25.38
26.27
7
The government places an extra tax on foreign steel, how will that affect the supply of cars.
Supply curve will move to the left
Demand curve will move to the right
Demand curve will move to the left
Supply curve will move to the right
8
The price of getting cable TV goes up what will happen to the market of Netflix subscriptions?
The Demand Curve will shift to the left for Netflix
The Supply Curve will shift to the right for Netflix
The Demand Curve will shift to the right for Netflix
The Supply Curve will shift to the left for Netflix
9
A cost that rises or falls depending on how much is produced.
Normal
Variable
Inferior
Fixed
10
What is the Market-clearing (equilibrium)
quantity
?
2 million gallons
3.5 million gallons
2.5 million gallons
3 million gallons
11
Price of bread increases, which is a complement of ham, which way will demand move for ham.
Supply curve will move to the right
Demand curve will move to the left
Supply curve will move to the left
Demand curve will move to the right
12
Amount of money a firm receives by selling goods or services.
Loss
Profit
Total Revenue
Wages
13
Taco Bell is considered a
Sole-Proprietorship
Corporation
Partnership
Franchise
14
A market in which goods are sold illegally.
Super Market
Flea Market
Black Market
Stock Market
15
What was the 52 week low for Nextel?
26.34
26.27
25.38
10.89
16
According to the graph there is a...
Surplus of 7 million gallons at a price of $3.00
Surplus of 4 million gallons at a price of $1.50
Surplus of 3 million gallons at a price of $2.00
Surplus of 3 million gallons at a price of $1.00
17
If the price of sugar increases, which way will the supply move for bubble gum?
Demand curve will move to the right
Demand curve will move to the left
Supply curve will move to the right
Supply curve will move to the left
18
A market that drops steadily over a period of time.
Bull Market
Bear Market
Black Market
Stock Market
19
Which of the following is NOT one of the conditions of Perfect Competition?
Very difficult for sellers to enter the market
Many buyers and sellers
Buyers and sellers are well informed about products
Sellers offer identical products
20
Price is increased from $10-$11 and quantity demanded goes from 20-30, total revenue goes from.
300 and 400
200 and 300
200 and 310
200 and 330
21
Easiest type of business to start up
Partnership
Franchise
Sole-Proprietorship
Corporation
22
The point at which quantity demanded and quantity supplied are equal.
Ceiling
Minimum
Floor
Equilibrium
23
When the quantity demanded is more than the quantity supplied.
Shortage
Surplus
Disequilibrium
Equilibrium
24
How many share shave currently been traded?
26.27
16,524,227
11.71
23,500
25
According to the graph there is a...
Shortage of 4 million gallons at a price of $1.50
Shortage of 3 million gallons at a price of $1.00
Shortage of 3 million gallons at a price of $2.00
Shortage of 2 million gallons at a price of $0.50
26
Heavy rain is forecasted for the Fourth of July, what happens to the market for umbrellas?
The Supply Curve will shift to the right
The Demand Curve will shift to the right
The Demand Curve will shift to the left
The Supply Curve will shift to the left.
27
Tendency of suppliers to offer more of a good at higher prices.
Law of Supply
Normal
Law of Demand
Income Effect
28
Most expensive type of business to start up
Partnership
Sole-Proprietorship
Corporation
Franchise
29
What was the 52 week high for Nextel?
26.27
26.34
25.38
10.89
30
What is the Market-clearing (equilibrium) price?
$2.00
$1.50
$2.50
$1.00
