This graph indicates:

an increase in demand, increase in price, increase in the Q supplied

A person who earns a higher wage for doing work that is dangerous or undesirable is being paid

a compensating wage differential

one-fifth of a country's population

Which one of the following best describes the Lorenz Curve

a measurement of income/wealth equality in a country

Who is responsible for paying a payroll tax

its paid by both employer and employee

Which scenario best fits this graph?

If wheat farmers produce 50% more wheat than usual, bread prices will fall

All of the following are key features of a market economy EXCEPT:

There is no role for government in a market economy

Which one of the following is NOT a macroeconomic topic

Home buying strategies for young couples in Pittsburgh

Which scenario best fits this graph?

As prices rise more will be produced

Which scenario best fits this graph?

As gas prices fall more gas will be consumed

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Honors Economics Midterm Review

37 termsStudBud Administration316 plays

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Flashcards37 cardsFPractice quizPHost liveL

Questions 37

Answers

1
A single buyer of labor is called
a monopoly
a bilateral monopoly
a grifter
a monopsony
2
This graph illustrates
a change in demand
change in supply
the law of supply
The law of demand
3
The percentage change in quantity demanded divided by percentage change in the price is the formula to determine
cross-price elasticity
price elasticity of demand
midpoint elasticity
price elasticity of supply
4
Opportunity costs and trade offs are illustrated on a
Lorenz curve
Production Possibilities curve
Gini Coefficient Index
supply and demand graph
5
At W3 (Wage 3) which effect dominates
the effects cancel each other out
substitution
income
ceteris paribus
6
Which one of the following is deducted from one's gross income when filing federal income tax?
tax refunds
interest on credit cards
exemptions
grocery receipts
7
In Economics, when a choice is made, the next best alternative is
a marginal cost
derived demand
an trade off
an opportunity cost
8
Point A on this graph indicates
underutilization of resources
market price
trade offs
overutilization of resources
9
This graph indicates:
a decrease in the quantity supplied
a decrease in the quantity demanded
an increase in demand, increase in price, increase in the Q supplied
a decrease in demand, decrease in price decrease in the quantity supplied
10
The knowledge and skills that a worker possesses is called
know how
human capital
a jack of all trades
a skill set
11
A person who earns a higher wage for doing work that is dangerous or undesirable is being paid
combat pay
an alternative salary arrangement
a compensating wage differential
hazard pay
12
A quintile refers to
the annual GDP
marginal product of labor
one-fifth of a country's population
marginal revenue product of labor
13
Oversimplifications of complicated economic concepts are called
models
theories
conjectures
assertions
14
Which one of the following best describes the Lorenz Curve
measurement of job opportunity in a country
a measurement of income/wealth equality in a country
a measurement of gender equality in a country
a measurement of racial equality in a country
15
Prices that are set above the market equilibrium are called
price ceilings
clearing prices
price floors
price controls
16
In this graph price
Cannot be determined
decreases
increases
stays constant
17
EITC stand for
Energy Intiative Transportation Costs
Economic Incentives for Taxation and Commerce
Earned Income Tax Credit
Environmental Investment Taxation Costs
18
If the ratio between the percentage change in quantity demanded and the percentage change in price is greater than 1
the demand is inelastic
supply is inelastic
the demand in unit elastic
the demand is elastic
19
Changes in demand or supply is brought about by any factor other than:
future consumer confidence
productivity
price
seasonal conditions
20
Who is responsible for paying a payroll tax
the employer
only part time workers
the employee
its paid by both employer and employee
21
The conversion of the product of each additional worker into the revenue associated with each additional worker is:
cross price elasticity
marginal product
diminishing marginal utility
marginal revenue product
22
Which one of the following is a means tested social program
medicare
medicaid
none of these
social security
23
This demand curve is
perfectly elastic
unit elastic
perfectly inelastic
imperfectly symetrical
24
Which scenario best fits this graph?
When snow is predicted more snow shovels will be purchased
If wheat farmers produce 50% more wheat than usual, bread prices will fall
As demand increases for hybrid automobiles, prices will fall
As the price of any goods decreases, the quantity supplied will decrease
25
A traditional economy is characterized by
a strong involvement of government in economic decisions
high levels of industrialization
producers and consumers setting prices
self-sufficency
26
All of the following are key features of a market economy EXCEPT:
There is no role for government in a market economy
Private property rights are protected
No restriction on trade in domestic or foreign markets
prices are freely determined
27
Output per worker per hour is the definition of
production
productivity
wages
salary
28
Which one of the following is NOT a macroeconomic topic
U.S. inflation rate
U.S. unemployment rate
The U.S. trade deficit with China
Home buying strategies for young couples in Pittsburgh
29
The central issue in economics is the problem of
the value of money
scarcity of resources
shortage of goods and services
surplus of goods and resources
30
Which scenario best fits this graph?
As prices fall more will be consumed
As prices rise consumers will buy less
As prices rise more will be produced
As prices rise more will be consumed
31
A ___________ indicates a willingness on the part of consumers to pay sellers higher prices
dead weight loss
surplus
shortage
scarcity
32
This graph illustrates:
a decrease in supply
a decrease in demand
increase in demand
an increase in supply
33
This graph illustrates
an increase in demand
an increase in the quantity demanded
a decrease in demand
an increase in supply
34
The ceteris paribus assumption means
buyer beware
one must produce in order to consume
all other things being equal
one cannot assume that local prices reflect the entire market
35
This demand curve is
unit elastic
imperfectly elastic
perfectly elastic
perfectly inelastic
36
Using this tax table, what is the marginal tax (in dollars) for someone earning $12,000
$4,800
$2575
$6,200
$5,000
37
Which scenario best fits this graph?
cannot be determined given the information on the graph
As more gas is produced more gas will be sold
As gas prices fall more gas will be consumed
As more oil is discovered, gas prices will fall

Honors Economics Midterm Review Flashcards | StudBud

Honors Economics Midterm Review

37 termsStudBud Administration316 plays

Imported from external platform

Flashcards37 cardsFPractice quizPHost liveL

Questions 37

Answers

1
A single buyer of labor is called
a monopoly
a bilateral monopoly
a grifter
a monopsony
2
This graph illustrates
a change in demand
change in supply
the law of supply
The law of demand
3
The percentage change in quantity demanded divided by percentage change in the price is the formula to determine
cross-price elasticity
price elasticity of demand
midpoint elasticity
price elasticity of supply
4
Opportunity costs and trade offs are illustrated on a
Lorenz curve
Production Possibilities curve
Gini Coefficient Index
supply and demand graph
5
At W3 (Wage 3) which effect dominates
the effects cancel each other out
substitution
income
ceteris paribus
6
Which one of the following is deducted from one's gross income when filing federal income tax?
tax refunds
interest on credit cards
exemptions
grocery receipts
7
In Economics, when a choice is made, the next best alternative is
a marginal cost
derived demand
an trade off
an opportunity cost
8
Point A on this graph indicates
underutilization of resources
market price
trade offs
overutilization of resources
9
This graph indicates:
a decrease in the quantity supplied
a decrease in the quantity demanded
an increase in demand, increase in price, increase in the Q supplied
a decrease in demand, decrease in price decrease in the quantity supplied
10
The knowledge and skills that a worker possesses is called
know how
human capital
a jack of all trades
a skill set
11
A person who earns a higher wage for doing work that is dangerous or undesirable is being paid
combat pay
an alternative salary arrangement
a compensating wage differential
hazard pay
12
A quintile refers to
the annual GDP
marginal product of labor
one-fifth of a country's population
marginal revenue product of labor
13
Oversimplifications of complicated economic concepts are called
models
theories
conjectures
assertions
14
Which one of the following best describes the Lorenz Curve
measurement of job opportunity in a country
a measurement of income/wealth equality in a country
a measurement of gender equality in a country
a measurement of racial equality in a country
15
Prices that are set above the market equilibrium are called
price ceilings
clearing prices
price floors
price controls
16
In this graph price
Cannot be determined
decreases
increases
stays constant
17
EITC stand for
Energy Intiative Transportation Costs
Economic Incentives for Taxation and Commerce
Earned Income Tax Credit
Environmental Investment Taxation Costs
18
If the ratio between the percentage change in quantity demanded and the percentage change in price is greater than 1
the demand is inelastic
supply is inelastic
the demand in unit elastic
the demand is elastic
19
Changes in demand or supply is brought about by any factor other than:
future consumer confidence
productivity
price
seasonal conditions
20
Who is responsible for paying a payroll tax
the employer
only part time workers
the employee
its paid by both employer and employee
21
The conversion of the product of each additional worker into the revenue associated with each additional worker is:
cross price elasticity
marginal product
diminishing marginal utility
marginal revenue product
22
Which one of the following is a means tested social program
medicare
medicaid
none of these
social security
23
This demand curve is
perfectly elastic
unit elastic
perfectly inelastic
imperfectly symetrical
24
Which scenario best fits this graph?
When snow is predicted more snow shovels will be purchased
If wheat farmers produce 50% more wheat than usual, bread prices will fall
As demand increases for hybrid automobiles, prices will fall
As the price of any goods decreases, the quantity supplied will decrease
25
A traditional economy is characterized by
a strong involvement of government in economic decisions
high levels of industrialization
producers and consumers setting prices
self-sufficency
26
All of the following are key features of a market economy EXCEPT:
There is no role for government in a market economy
Private property rights are protected
No restriction on trade in domestic or foreign markets
prices are freely determined
27
Output per worker per hour is the definition of
production
productivity
wages
salary
28
Which one of the following is NOT a macroeconomic topic
U.S. inflation rate
U.S. unemployment rate
The U.S. trade deficit with China
Home buying strategies for young couples in Pittsburgh
29
The central issue in economics is the problem of
the value of money
scarcity of resources
shortage of goods and services
surplus of goods and resources
30
Which scenario best fits this graph?
As prices fall more will be consumed
As prices rise consumers will buy less
As prices rise more will be produced
As prices rise more will be consumed
31
A ___________ indicates a willingness on the part of consumers to pay sellers higher prices
dead weight loss
surplus
shortage
scarcity
32
This graph illustrates:
a decrease in supply
a decrease in demand
increase in demand
an increase in supply
33
This graph illustrates
an increase in demand
an increase in the quantity demanded
a decrease in demand
an increase in supply
34
The ceteris paribus assumption means
buyer beware
one must produce in order to consume
all other things being equal
one cannot assume that local prices reflect the entire market
35
This demand curve is
unit elastic
imperfectly elastic
perfectly elastic
perfectly inelastic
36
Using this tax table, what is the marginal tax (in dollars) for someone earning $12,000
$4,800
$2575
$6,200
$5,000
37
Which scenario best fits this graph?
cannot be determined given the information on the graph
As more gas is produced more gas will be sold
As gas prices fall more gas will be consumed
As more oil is discovered, gas prices will fall