Non-profit organizations

provide goods and services to members

Which of the following lists the four factors of production?

land, labor, capital, entrepreneurs

If a company gave their employees a 10% raise...

the supply curve would shift to the left

Perfect competition is when...

well-informed buyers and sellers exchange identical products

Who regulates the sale of stock in a corporation?

the Securities and Exchange Commission (SEC)

What is a natural monopoly?

a market situation where a single firm produces the product

The supply of a product normally decreases if

taxes on the materials to create the product increase

In a limited partnership...

inactive partner has limited liability for business' debts

At a given price, a surplus occurs when...

the quantity supplied is greater than the quantity demanded

Which of the following is not a capital good?

the workers at a clothing factory

If demand increases...

the curve will shift to the right

Laissez faire means that

the gov't should not interfere in the economy

Which is not a determinant of supply?

a change in the demand for a product

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Semester Cumulative - Economics

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Questions 30

Answers

1
Listing that shows quantities demanded of a product at all prices
supply schedule
conglomerate
demand schedule
quantity supplied schedule
2
Desire, ability and willingness to buy a product
elasticity
supply
demand
substitute goods
3
What would not cause a shift in demand?
tastes and preferences
substitute goods
taxes
complementary goods
4
Non-profit organizations
pay income taxes
pay dividends
issue stock
provide goods and services to members
5
Which of the following lists the four factors of production?
land, labor, wants, entrepreneurs
land, labor, capital, scarcity
labor, needs, capital, entrepreneurs
land, labor, capital, entrepreneurs
6
For most products and services, increased price results in
demand for more products
increased demand for complementary goods
reduced demand for substitute goods
demand for fewer products
7
When a price increase has little or no effect, the demand for the product is
price expectations
inelastic
elastic
complementary
8
Products used in place of other products
elasticity
complementary goods
demand
substitutes
9
If a company gave their employees a 10% raise...
the demand curve would shift to the left
the supply curve would shift to the left
it would shift to the right
the curve would stay the way it is
10
Perfect competition is when...
all in the market charges a similar price for a similar good
you buy gas today because the price is expected to go up
well-informed buyers and sellers exchange identical products
two goods go together like cookies and milk so you buy them
11
Who regulates the sale of stock in a corporation?
the Securities and Exchange Commission (SEC)
stockbrokers
the chamber of commerce
labor unions
12
What is a natural monopoly?
a market situation where a single firm produces the product
when the government creates laws to govern business
market structure where there are many sellers of items
when two companies agree to charge similar prices
13
Measure of responsiveness that shows how a variable responds to change
demand schedule
supply schedule
merger
elasticity
14
Milk and cereal, peanut butter and jelly, turkey and cheese
substitutes
SEC
mergers
complements
15
A merger involving different steps of manufacturing or marketing is known as a
multinational merger
vertical merger
horizontal merger
conglomerate
16
What is the fundamental problem of economics?
scarcity
the factors of production
capital
labor
17
The total cost is the sum of the
overhead and marginal costs
fixed and variable costs
consumer, business and government expenses
fixed and marginal costs
18
Agreeing to charge the same or similar prices is known as...
price fixing
unfair standards act
unacceptable labor practices
cheating consumers
19
The supply of a product normally decreases if
taxes on the materials to create the product increase
the price of the product increases
more producers enter the market
the cost of inputs goes down
20
Which of the following is an example of a service?
a hair cut
hair spray
a blow dryer
a comb
21
In a limited partnership...
all partners share financial responsibility for decisions
inactive partner has limited liability for business' debts
the partners must pay special business taxes
the business does not pay any taxes
22
Which of the following is not a basic economic question?
when to produce
what to produce
for whom to produce
how to produce
23
At a given price, a surplus occurs when...
the quantity demanded is the same as the quantity supplied
the quantity demanded is more than the quantity supplied
the quantity supplied is less than the quantity demanded
the quantity supplied is greater than the quantity demanded
24
Which of the following is not a capital good?
a cash register at a clothing store
the workers at a clothing factory
a bulldozer at a construction site
an oven at a pizzeria
25
If demand increases...
the curve will shift downward
the curve will shift to the right
the curve will shift to the left
the curve will not shift at all
26
Extra usefulness gained from using one more unit of a product
demand
fiscal policy
marginal utility
elasticity
27
Laissez faire means that
the gov't should not interfere in the economy
companies will all charge the same or similar prices
buyers and sellers will exchange products
the gov't needs to interfere in the economy
28
Which is not a determinant of supply?
technology
the cost of labor
a change in the demand for a product
the number of sellers offering the product
29
How many demand determinants are there?
5
4
7
6
30
Ads, fashion trends, new products, commercials serve to
create consumer demand
increase income effectiveness
create consumer needs
minimize the income effect

Semester Cumulative - Economics Flashcards | StudBud