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Economics > Mid Term > Flashcards

Mid Term Flashcards

(67 cards)

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1
Q

in which economic systems are answers to the three basic economic questions found in the past?

A

traditional

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2
Q

which of the following is not an example of private property?

A

Your local park

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3
Q

When will people’s needs and wants conflict?

A

At various times

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4
Q

The three main categories of mixed economies are..

A

Democratic socialism, capitalism, and authoritarian socialism

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5
Q

democratic socialism can be described best as

A

falling between communism and capitalism

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6
Q

making the best use of scarce resources has to do with the goa of economic

A

efficiency

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7
Q

if the production from each worker increases faster than the total population you might experience

A

a rise in the standard of living

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8
Q

_____ believed that self interest acted as an invisible hand what was best for society

A

Adam smith

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9
Q

Which of the following countries would be an example of a nation with an authoritarian socialist based econ

A

Cuba

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10
Q

Which of the following countries would be an example of a nation with a democratic socialist based economy

A

Sweden

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11
Q

Which of the following countries would be an example of a nation with a capitalist based economy

A

USA

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12
Q

Which of the following is an example of an economic actor in a free enterprise system

A

Gvo, Producer, consumer

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13
Q

changes in any of the determinants of demand can

A

produce an entirely new demand curve for a market

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14
Q

As income rises, demand for goods

A

increases

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15
Q

The passage of time allows factors item than price to

A

shift the entire demand curve

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16
Q

If there are readily available substitutes for a product it will tend to have

A

elastic demand

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17
Q

If a firm lowers the price of a good with elastic demand there will be a

A

large increase in the quantity demanded

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18
Q

if there are not readily available substitutes for a product it will tend to have

A

inelastic demand

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19
Q

A price increase causes a fall in a company’s total revenue. This indicated that demand for the company’s product is

A

elastic

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20
Q

Buying 5 hamburgers instead of 1 is an example of

A

quantity demanded

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21
Q

Buyinga Mr. Phibb instead of a dr pepper could be considered an example of

A

substitute good

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22
Q

What does a market demand schedule allow you to do?

A

Allows to se the interaction of price and demand in a simple table format

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23
Q

Which of he following variables does not affect the demand curve?

A

Supply

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24
Q

How will a shift in either direction affect prices on the demand curve

A

It will affect each and every price on the demand curve positively and negatively

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25
Which is one of the easiest ways to measure demand elasticity
total revenue test
26
In a sole proprietorship, who keeps all the profits?
Owner
27
What are the two types of stocks that a corporation issues.
preferred and common
28
What is the most common way for a corporation to raise funds
selling stocks
29
what are two types of partnerships
general and limited
30
Which of the following is NOT a disadvantage of a corporation
Manual Issues
31
Which of the following is NOT an advantage of a sole proprietorship
benefits of corporations
32
For many, What is the main reason for starting a sole proprietorship
profits
33
Which of the following is NOT a disadvantage of a partnership?
Shared business losses
34
Which of the following is not an example of a partnership
supermarket chain
35
To avoid conflicts, partners usually develop a written agreement called a
partnership contract
36
Articles of incorporation are reviewed by the state officials who grant a license or a
corporate charter
37
Which of the following is not an example of a franchise
sheetz
38
_____is owned collectively by those who use its goods or services
cooperative
39
Most common type of noncompetitive market is an
oligopoly
40
Being very responsive to or dependent on the pricing action of competitors is known as
interdependent pricing
41
The most common form of interdependent pricing is
price leadership
42
When a price war ends, prices tend to
rise again as sellers return to price leadership and non price competition
43
Which of the following is an illegal form of determining prices
collusion
44
Which of the following market structures have the strongest barriers to entry in an industry
pure monopoly
45
President most famous for busting trusts
teddy r
46
prices coordinate the decisions of producers and consumers by
balancing the forces of supply and demand
47
what is the main form of communication between producers and consumers in a free enterprise system
prices
48
the benefits provided by the price system include
incentives, choice, and flexibility
49
one of the limitations of the price system is
its failure to assign the cost of public goods to all consumers
50
Price ceilings tend to lead to
shortages
51
The minimum wage is example of a
price floor
52
A government sometimes rations a good because the
supply for that good is so low
53
Rationing is thought to be a unique economic policy because it is
unfair, expensive, creates black markets
54
Competiton in market tends to
increase supply
55
which of the following is a government tool that can cause the supply of goods and services to shift
Taxes, subsidies, and regulations
56
if prices of resources fall, supply will
increase
57
if after the passage of time the nonprime determinants of supply cause an increase in the supply of a product the supply curve for the product shifts
to the right
58
Paper towels are an example of a product with which of the following types of supply
elastic
59
Golden earrings are an example of a product that has what type of supply
inelastic
60
The introduction of new technology to a factory will do which of the following
eventually increase the supply of the company
61
scarcity requires
choices
62
people who study economics are
economists
63
an increase in available resources will have which of the following effects on the production possibilities curve
shift to the right
64
When workers complete the same tasks over and over again to hep increase efficiency is known as
specialization
65
what do we call the decisions to go to a hockey game instead of a basketball game
tradeoff
66
hOW DO PRODUCERS EXPRESS VALUE OF GOOD
PRICE OF GOOD
67
one ripple could disturb the whole describes
interdependence

Economics (14 decks)

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