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Microeconomics Final Review Flashcards | StudBud
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Microeconomics Final Review
Microeconomics Final Review
40 terms
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College level Microeconomics
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
A tax system in which tax rates fall as incomes rise
Progressive Tax
State Income Tax
Regressive Tax
Federal Income Tax
2
The correct ranking of degree of market power from highest to lowest is:
Monopoly, monopolistic comp., perfect comp., oligopoly
Oligopoly, monopoly, monopolistic comp., perfect comp.
Monopoly, oligopoly, monopolistic comp., perfect comp.
Monopoly, monopolostic comp. perfect comp., oligopoly
3
Costs or benefits of a market activity borne by a third party
Internalities
Macroeconomics
Microeconomics
Externalities
4
A market in which many firms produce similar goods or services; some control over price
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
5
If the price of good X increases and as a result, the demand for good Y increases:
goods X and Y are substitute goods
goods X and Y are complementary goods
goods X and Y are inferior goods
goods X and Y are normal goods
6
A firm that produces the entire market supply of a particular good or service
Monopolistic Competition
Monopoly
Oligopoly
Perfect Competition
7
A market in which no buyer or seller has market power
Perfect Competition
Oligopoly
Monopoly
Duopoly
8
Any place where factors of production are bought and sold
Marketplace
Factor Market
Product Market
Stock Market
9
Increase in price of one good causes a decrease in demand for another good if the goods are
Substitutes
Both inferior
Unrelated to each other
Complements
10
What is Mrs. Burd's favorite place to visit?
Walt Disney World
San Francisco
Mytrle Beach
Hawaii
11
A tax system in which tax rates rise as incomes rise
Social Security Tax
Sales Tax
Regressive Tax
Progressive Tax
12
A good or service whose consumption by one person does not exclude consumption by others
Complementary Good
Private Good
Substitute Good
Public Good
13
An imperfection in the market mechanism that prevents optimal outcomes
Government Failure
Market Failure
Brain Failure
Public Goods
14
Goods frequently consumed in combination
Complementary Goods
Substitute Goods
Private Goods
Public Goods
15
Which of the following is most important in expanding a country's production possibilities?
Government services
Investment goods
Consumer goods
Net exports
16
Which of the following market structures is characterized by many firms?
Oligopoly
Monopoly
Duopoly
Monopolistic competition
17
Any imperfection in the market mechanism that prevents optimal outcomes is:
Market Failure
Public Cost
External Cost
Government Failure
18
Lower limit set for the price of a good
Price Discrimination
Price Ceiling
Perfect Price
Price Floor
19
The price at which the quantity of a good demanded equals the quantity supplied
Price Discrimination
Profit Price
Perfect Price
Equilibrium Price
20
Which of the following characterizes monopolistic competition?
Product differentiation
Price discrimination
Economies of scale
Price leadership
21
It is easiest for new firms to enter into a:
Monopoly market
Perfectly competitive market
Duopoly market
Monopolistically competitve market
22
Payments to individuals for which no current goods or services are exchanged
Regressive Taxes
Progressive Taxes
Income Transfers
Ceteris Paribus
23
A good or service whose consumption by one person excludes consumption by others
Private Good
Public Good
Substitute Good
Complementary Good
24
The difference between total revenue and total cost is:
Fixed Cost
Average Variable Cost
Marginal Cost
Profit
25
A market in which a few firms produce all or most of the market supply of a good or service
Monopolistic Competition
Perfect Competition
Oligopoly
Monopoly
26
Which of the following is a key characteristic of an oligopolistic industry?
Many local franchises
Substantial market power
Low barriers to entry
A large number of firms
27
The most desired goods or services that are foregone in order to obtain something else
Opportunity Cost
Externalities
Private Goods
Public Goods
28
Which of the following would advocate a laissez faire economic policy?
President Franklin D. Roosevelt
Adam Smith
John Maynard Keynes
Karl Marx
29
Which of the following is most likely a private good?
Cars
Sidewalks
The administration of justice
National Defense
30
Goods that when the price of one rises, the demand for the other increases
Complementary Goods
Substitute Goods
Private Goods
Public Goods
31
Monopolists are price _________.
Makers, but competitive firms are price takers
Takers, but competitive firms are price makers
Takers, as are competitive firms
Makers, as are competitive firms
32
Which of the following is purchased in a factor market?
A bag of jellybeans
National Defense
The labor of a state university professor
A motorized scooter
33
The assumption of nothing else changing
Carpe Diem
Stayus in Placeus
Ceteris Paribus
Caveat Emptor
34
The size distribution of income best measures the answer to the:
WHAT question
WHY question
HOW question
FOR WHOM question
35
A ballet performance has many empty seats. This implies that the
ballet group was not very well known
price of the tickets was very low because of the of demand
price of the tickets was above the equilibrium price
hall where the performance was being held was very large
36
The total quantities of a good or service people are willing and able to buy at various prices
Market Supply
Factor Market
Product Market
Market Demand
37
At some point during a meal, each bite provides less satisfaction. This can be explained by:
the law of demand
the law of diminishing marginal utility
a shift in the demand curve
the law of increasing opportunity cost
38
Monopolists set prices ________
At the output where marginal revenue equals marginal cost
On the marginal revenue curve
At the miniumum of the long-run average total cost curve
Without constraints there is no competition
39
Which of the following is a scarce resource?
All of these are correct
Clean Water
Wheat
Paper
40
The maximum quantity of a good attainable from different combinations of factor inputs
Opportunity Cost
Scarcity
Demand Curve
Production Function
