Economics Final Review 2

Question 1

When the most efficient option is for one firm to supply all the output?

Accepted Answer

natural monoploy

Question 2

Competition is good for consumers because producers will produce?

Accepted Answer

the best quality at the lowest price

Question 3

A decrease in demand may cause the demand curve to?

Accepted Answer

shift to the left

Question 4

An increase in consumer income will cause the demand curve to?

Accepted Answer

shift to the right

Question 5

All are current labor market trends EXCEPT?

Accepted Answer

manufacturing jobs

Question 6

When a union and their employers meet to negotiate it is called?

Accepted Answer

collective bargaining

Question 7

The simplest form of business is?

Accepted Answer

sole proprietorship

Question 8

What is created when there is low demand and high supply?

Accepted Answer

a surplus

Question 9

where the demand curve and the supply curve meet is called?

Accepted Answer

equilibrium

Question 10

A decrease in supply will cause the supply curve to?

Accepted Answer

shift to the left

Question 11

A few large firms that dominate an industry is?

Accepted Answer

an oligopoly

Question 12

What happens to the power of money during a period of inflation?

Accepted Answer

decreases

Question 13

When goods and services are not affected by price change they are?

Accepted Answer

inelastic

Question 14

There is no pressure for price to change when?

Accepted Answer

there is equilibrium

Question 15

People will buy more of an item when the price decreases?

Accepted Answer

law of demand

Questions 15