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Economic Final
Economic Final
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1
A cost that does not change
fixed expense
marginal expense
fixed cost
marginal cost
2
Opportunity cost means?
the accounting cost minus the marginal cost
the highest-valued alternative forgon
the accounting cost minus the marginal benefit
the monetary costs of an activity
3
What is subsitution?
Having two different items
When there is a choice to make based off of price
Replacing one item with a like item
When only one object is exceptable
4
When more is wanted than can be provided
excess supply
marginal demand
law of demand
excess demand
5
The fact that people with higher incomes get to consume more goods and services addresses the ________ question.
when
where
for whom
how
6
A single seller in a market is a(n)
Monopoly
Cartel
Oligopoly
7
What is the term used to describe when a desire and ability to have something
law of demand
equilibrium
fixed demand
marginal cost
8
Sweden is an Authoritarian Socialism
False
True
9
What item is not a Economic incentive?
better selection
lower taxes
greater unemployment
lower prices
10
How is pricing determined?
By the consumer
By the producer
By both the consumer and the producer
11
Who determines supply?
Buyers
Sellers
12
What determines the food that is grown.?
Price
Cost
Location
Education
13
Cuba is what type of a mixed economy
Capitalism
Democratic Socialism
Communism
Authoritarian Ssocialism
14
The term that is used to describe when the market wants something that is not supplied
law of demand
demand
fixed supply
supply
15
A business owned by one person is a ____.
Cartell
Sole Proprietorship
Corp.
Partnership
16
Economic Rivalry
short term debt
Discount
Competition
long term debt
17
What does a Demand Curve Look Like?
Slope Down from Left to Right
Slope Down from right to left This is a wrong answer
Slope Up from Left to Right
Horizontal line
18
The analysis of the behavior of individual decision-making units is the definition of
use their infinite resources
choose abundance over scarcity
attain wealth
make choices to cope with scarcity
19
Why would the demand for items change
income,supply, taste
desire, income, want
taste, supply, desire
20
Who determines demand?
Sellers
Buyers
21
How is pricing determined?
Both producer and consumer
The producer
The consumer
22
What is the correct name for the FED?
First Restricted Service
First Reserve System
Federal Restricted Service
Federal Reserve System
23
A market structure with many companies selling similar products is a(n)
Franchise
Oligopoly
Monopolisitic
24
A market structure with a few large firms is a(n)
Collusion
Cartel
Perfect Competition
Monopoly
25
Are able to decide how to spend their incomes
opportunist
socialist
investors
consumers
26
How many people do you need to start a partnership?
6
2
3
1
27
What term would mean when supply and demand are NOT equal
excess
disequilibrium
equilibrium
28
What is Self-interest
fullfilling your own wants and needs
Liking what someone else has
Wanting something
selling something for profit
29
An agreement among members of an oligopoly to illegally set prices and production levels is a
Oligopoly
Monopoly
Collusion
Cartel
30
The price of food is determined by what factors? Pick all that apply
population
Quantity
income
Government subsidies
31
Overtime worked by a JCPenney associate is considered ________ and earns ________.
labor; profit
human capital; interest
labor; wages
entrepreneurship; profit
32
What is the role of pricing
Price can change both supply and demand
Price changes demand
Price changes supply
33
A balanced market is created when what happens?
When demand is equal to what is wanted
When consumer wants and production meet or are equal
When supply is equal to what can be produced
34
What is a supply
How much there is in a shop
People giving away
Getting a box and make a store
How much people want
35
What factors would cause a shift in the demand curve? Pick all that apply
Taste preference
Income
Supply
Willingness to pay
36
When supply increases, demand also increases
True
False
37
The term that means there is more available than wanted
Variable supply
excess supply
balanced supply
38
Which is not an economic actor
government
producer
consumer
supplier
39
What is Bennett's law
income determines the amount spent on food
income determines the amount of starchy foods consumed
income determines your likes and dislikes
40
The term used to emphasize that making choices in the face of scarcity involves a cost is
utility cost
opportunity cost
accounting cost
substitution cost
41
The fact that people with higher incomes get to consume more goods and services addresses the ________ question.
why
For whom
what
when
42
Refers to peoples economic well-being
Economic level of living
Standard of Living
Income level
finacial security
43
What is the role of pricing
Price can change both supply and demand
Price changes supply
Price changes demand
44
Are free to open new business
Bussiness people
Workers
Consumers
Investors
45
What is food security
Enough food to support a healthy life
All the food you want
All the food you need is provided you
46
When firms in an economy start producing more computers and fewer televisions, they are answering the ________ question.
when
what
where
for whom
47
When was the fed created
1913
1933
1903
1953
48
A FORMAL organization of producers that agree to coordinate prices and production is a(n)
Cartel
Ologopoly
Group
Monopoly
49
What term would mean when supply and demand are NOT equal
disequilibrium
excess
equilibrium
50
Taiwan is said to have what type of an economy?
Democratic Socialism
Capitalistic
Autoritarian Sosialism
Market
51
Goods owned by individuals and businesses rather than the government
Government interest
Non taxable
Private property
52
What term means a cost that would change depending on production
Fixed cost
movable cost
variable cost
53
Which is NOT one of the six major economic goals
Stability
Growth
Equity
Money
54
What term or terms would be associated with the cost to produce one more of something.
Excess demand
Equilibrium
Law of demand
Marginal cost
55
What does Engels law state?
The more you make the smaller % of income is spent of food.
The richer your are the more starchy foods you eat.
The poorer you are the more fruit and vegetables you eat.
56
Refers to the efforts to increase the goods and services
raising the standards
economic demand
lowering sandards
ecconomic growth
57
What factors would cause a shift the in the demand curve?
income, willingness to pay, style
income, taste preference, willingness to pay
Style, cost, income
58
What term is used to describe a balance between supply and demand
Excess demand
Fixed cost
Equilibrium
law of Demand
59
What group has three items that would cause a change in price
demand, cost, time of year
demand, cost, supply
supply, quantity, time of year
60
Economics is best defined as the study of how people, businesses, governments, and societies
choose abundance over scarcity
attain wealth
make choices to cope with scarcity
use their infinite resources
61
Which is not a type of supply?
Accessories
Capital items
Components and supplies
Employees
62
What is not a economic system?
Command
Normal
Mixed
Market
63
Which has three of the four items that would cause a shift in the demand curve.
cost, income, change in taste
change in population, cost, supply
income, change in population, change in locatio
