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Econ/PF Midterm Review Flashcards | StudBud
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Econ/PF Midterm Review
Econ/PF Midterm Review
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Units 1-4 Review
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
On the graph, what is represented on the vertical axis?
Price
Quantity
Cost
Market Value
2
J.K Rowling would most likely apply for this to legally protect her book,
Harry Potter.
Copyright
Patent
Benchmark
Trademark
3
The yellow McDonald’s arches and the Looney Tunes theme song are both protected by
Trademark
Utility
Patent
Copyright
4
The five roles of Entrepreneurs include which of the following:
Finding new markets
Hiring labor
Making a profit
Starting a business
5
On the graph, the point where the supply and demand curves intersect is called______
Equity
Quantity
Equilibrium
Price
6
Who makes decisions about the production of goods and services in a market economy?
Congress
Central Authority
Consumers and producers
Government
7
A government tax on coal companies to encourage a reduction in coal production is a(n):
excise tax
income tax
environmental tax
resource tax
8
All of the following are determinants, or shifters, of supply EXCEPT:
Price of related goods or services
government actions
Price of resources
expectation of buyers
9
The amount remaining when total costs are subtracted from total revenues.
Marginal Profit
Profit
Revenue
Income
10
The economic term for describing the satisfaction from consuming a product is
Benefit
Utility
Positive Incentive
Cost
11
After eating 2 slices of pizza, you buy a third slice. The additional money spent is your
marginal benefit
expense
cost
marginal cost
12
Apple just released the iPhone X+1. Supply of the iPhone 7 will likely
decrease because Apple will expect to make less money on it
decrease because of a change in consumer preference
increase because consumers will want a bargain phone
increase because of consumer expectation
13
A penalty that discourages a behavior (e.g., library fine, parking ticket).
negative incentive
sacrifice
price
marginal cost
14
All of the following are determinants, or shifters, of demand EXCEPT:
expectation of buyers
government actions
change in consumer income
change in consumer preference
15
On the graph, the blue line represents
shortage
equlibrium
supply
demand
16
A government payment to encourage farmers to grow and produce more corn is a(n)
subsidy
handout
incentive
bonus
17
Most mixed economies are a mixture of these two economic systems:
None of the Above
Market and Command
Traditional and Command
Traditional and Market
18
Price of blueberries skyrockets after drought destroys crops. Demand for blackberries will:
likely go up because they are substitutes
likely go down because they are compliments
likely go up because they are compliments
likely go down because they are substitutes
19
A price ceiling set below the equilibrium price will likely result in
inflation
a recession
a surplus
a shortage
20
On the graph, what does the red line represent?
Supply
Demand
Shortage
Surplus
21
General Motors closes a large factory in Lansing Michigan. Demand for movie tickets in Lansing
will stay the same because demand for tickets is inelastic
will likely go up so people can escape their problems
will likely go down due to a drop in consumer incomes
will go up because demand for movie tickets is elastic
22
The amount consumers pay when they buy a good or service from a producer.
Invoice
Cost
Premium
Price
23
On the graph, what does the horizontal axis represent?
Supply
Quantity
Demand
Quality
24
A massive flood that destroys the corn crop in Iowa is an example of a(n)
none of the above
determinant of elasticity
determinant of demand
determinant of supply
25
On the graph, the shift of the demand curve to the right from D1 to D2 represents a(n)
decreased equlibrium price; increased equilibrium quantity
decreased equilibrium price; decreased equilibrium price
increased equilibrium price; decreased equilibrium quantity
increased equilibrium price; increased equilibrium quantity
26
The amount by which the price per unit exceeds the cost per unit is the
Marginal Benefit
Profit Margin
Unit profit
None of the Above
27
According to the Law of Demand,
As price goes up, quantity demanded goes up.
The price and quantity demanded have no relationship.
As price goes down quantity demanded goes up
None of the above
28
The effort, loss or sacrifice necessary to achieve or obtain something.
Labor
Utility
Price
Cost
29
In order to create demand, a person must be ______ and ______ to buy a good good or service.
ready and able
ready and willing
willing and able
None of the above
30
The health, education, experience, training, skills and values of people.
Abilities
Ingenuity
Resume
Human Capital
31
Amounts paid for land, labor, capital and entrepreneurship used to produce goods and services
Price
Cost of doing business
Marginal Cost
Cost of Production
32
People who start new businesses and develop innovative products and processes to make a profit.
Shark
Entrepreneur
Investor
Masseaur
33
When you make a choice, your next best option that you give up is your______.
Price
Utility
opportunity cost
sacrifice
34
In the picnic season, a sharp rise in the price of burgers may lead to an increased demand for
relish
buns
chicken
coleslaw
35
The market value of all final goods and services produced in a country in a calendar year.
Total Disbursement
Gross Domestic Product
Complete Production
Total Production
