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Economics 1 pre comp review Flashcards | StudBud
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Economics 1 pre comp review
Economics 1 pre comp review
25 terms
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Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
there is no fixed costs in the long run
True
False
2
What are the Impacts on price and quantity when supply increases?(on price , on quantity)
decrease, decrease
decrease, increase
increase,decrease
increase,increase
3
what are the 4 factors of production
land,production,income,oppurtunity cost
Land, Labor, Capital, Enterprise
salaries, products, labor , scarcity
enterprise, supply, cost of production, taxes
4
what is the meaning of specialization
a person does every step of the production
Each person does one job to not waste time
a person learns multiple skills and does each one in a work line
5
Which of the following countries best defines a command economy
United states
zimbabwe
North Korea
switzerland
6
ceteris paribus, a supply shift to the left means
producers are supplying a lower quanity at each price point
producers are buying a lower quantity at each price point
consumera are buying a higher quantity at each price point
7
What does a Price ceiling do to quantity demand
reduces it
increases it
stays the same
8
What does p stand for in PINTSWC(supply)
population
price
public good
productivity
9
Opportunity cost is defined as
excess demand for a good
unlimited resources and wasnts
a comparitive advantage in the production of a good
the value of the next best alternative when an activity is pursued
10
All of the following causes a rightward shift in the demand schedule except
an increase in the price of a substitue good
a decreace in the price of a complementary good
a decrease in the price of the good
an increase in the consumers income
11
What does point A mean on this graph
impossible to reach
you are productively efficient
You are productively inefficient
none of the above
12
What does a Price ceiling do to quantity supplied
reduces it
stays the same
increases it
13
What is Adam Smith's Book called
capitalize
wealth of nations
specialization
invisble hand
14
Buissnesses always want to produce the quantity of a good to which of the following statements
ATC=ETC
MC=MR
TR=MC
MC=D
15
What does a Price floor do to quantity demanded
reduces it
increases it
stays the same
16
What does point B mean on this graph
You are productively inefficient
impossible to reach
none of the above
you are productively efficient
17
What is the "Free-Rider" problem
people pay for a rival good and recieve the rival good
when a good is easily theftable
people can enjoy the benefits of a good even if they never-paid for it.
18
Which of the following is a source of monopoly power
barriers to entry
low proffits
free markets
scarcity
19
As income rises the demand for this good also rises
normal good
inferior good
inelastic good
elastic good
20
What does non-rival mean in economics
Providers cant precent non payers from using it
If you consume a good other people can still consume with no benefit change
someone who isnt you enemy
21
What does a Price floor do to quantity supplied
increases it
reduces it
stays the same
22
If the 3 largest widget producers control 80 percent of the total market then these producers are producing in
monopolistic competition
perfect competition
a monopoly
an oligopoly
23
what does the Market economic system mean
people trade whatever goods they want to
where both the gov. and the market allocates resources within the economy
full control by the market
full control by the government
24
what does point x mean on this graph
you are productively efficient
none of the above
You are productively inefficient
impossible to reachnwith current technology
25
Which of the following is an example of a traditional economy
bartering
United States of America
singapore
communism
