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Midterm Review
Midterm Review
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#Economics #Midterm Review #Microeconomics
Flashcards
32 cards
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Questions
32
Answers
1
American Airlines now charges $25 a bag
Monopolistic Competition
Perfect Competition
Monopoly
Oligopoly
2
Stockholders who get the right to vote on corporate matters
Preferred Stock
Common Stock
3
High Gas Prices lead more people driving hybrids
Positive Externality
Negative Externality
4
People and firms act in their own best interest to answer the what, how, and for whom questions
Market
Mixed
Traditional
Command
5
An economic system where the economic activity stems from ritual, habit, or custom
Mixed
Command
Traditional
Market
6
All of the following have inelastic demand except:
Bread
Giants tickets
Milk
Healthcare
7
All of the following are Inferior Goods except:
Gushers
Used Cars
Top Ramen
Off Brands
8
Laissez-faire became his fundamental philosophy
Adam Smith
Mrs. Wymore
Karl Marx
John Maynard Keynes
9
The purpose of an economic system is to answer all of the following except:
When to produce
For whom to produce
How to produce
What to produce
10
Which of the following is not a characteristic of Capitalism?
Private Property
Competition
Equity
Profit Motive
11
The Strength of a command system is that it can create change in a relatively short time.
True
False
12
The government plays all of the following roles in the American economy except:
Protector of consumers
Central planner deciding what is produced
Regulator of business
Consumer of product
13
Requires a government document that gives permission to operate
Corporation
Partnership
Sole Proprietorship
14
People carry on their economic affairs freely but are subject to some government intervention
Market
Traditional
Mixed
Command
15
Generally, in which direction will the demand curve shift if a consumer’s income rises?
To the right.
No change.
To the left.
Downward.
16
A modest price increase has little effect on demand for local telephone service, the demand is
Inelastic
Elastic
Inverse
Complementary
17
The great majority of stocks in the United States are traded on
the New York Stock Exchange
the Pacific Stock Exchange.
the over-the-counter market.
the American Stock Exchange
18
A recurring theme in economics is people have...
limited wants with unlimited resources.
unlimited wants with unlimited resources
limited resources with their unlimited wants.
limited resources with their limited wants
19
The quantity demanded, is greater than the quantity supplied at a given price.
Price Ceiling
Shortage
Surplus
Price Floor
20
Minimum Wage is an example of a law that supports which economic goal?
Economic Efficiency
Full Employment
Economic Equity
Economic Growth
21
Change in quantity demanded is inversely related to price.
Law of Supply
Supply
Law of Demand
Demand
22
There has been major crop damage because of a storms in Hawaii
Demand for Rice shifts right
Supply of Pineapples shifts left
Demand for Pineapples shifts left
Supply of Rice shifts right
23
PG&E institutes rolling blackouts
Monopolistic Competition
Perfect Competition
Monopoly
Oligopoly
24
The tools, equipment, and factories used in production.
Land
Labor
Capital
Entrepreneurship
25
Most common form of business
Corporation
Partnership
Sole Proprietorship
26
Economic
value
where the goal is allocating resources the most productively
Economic Efficiency
Economic Equity
Economic Freedom
Economic Security
27
Price Ceilings usually create
Shortage
Surplus
Shift in Supply
Shift in Demand
28
Increasing Government Regulations have the same effect on supply as an increase in
Technology
Productivity
Costs of the Factors of Production
Demand
29
The capacity to be useful to someone
Opportunity Cost
Utility
Equity
Trade off
30
A “bull market” is a term to describe market performance that…
Moves up.
Moves down.
31
Subsidies lower the cost of production, encouraging current producers to remain in the market.
False
True
32
In a market economy, a high price is a signal for…
Producers to offer less and consumers to buy more
Producers and consumers to buy more
Producers to supply more and consumers to buy less
The government to step in and protect consumers.
