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Economics > Mid Term > Flashcards

Mid Term Flashcards

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
Q

Which is one of the easiest ways to measure demand elasticity

A

total revenue test

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26
Q

In a sole proprietorship, who keeps all the profits?

A

Owner

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27
Q

What are the two types of stocks that a corporation issues.

A

preferred and common

28
Q

What is the most common way for a corporation to raise funds

A

selling stocks

29
Q

what are two types of partnerships

A

general and limited

30
Q

Which of the following is NOT a disadvantage of a corporation

A

Manual Issues

31
Q

Which of the following is NOT an advantage of a sole proprietorship

A

benefits of corporations

32
Q

For many, What is the main reason for starting a sole proprietorship

A

profits

33
Q

Which of the following is NOT a disadvantage of a partnership?

A

Shared business losses

34
Q

Which of the following is not an example of a partnership

A

supermarket chain

35
Q

To avoid conflicts, partners usually develop a written agreement called a

A

partnership contract

36
Q

Articles of incorporation are reviewed by the state officials who grant a license or a

A

corporate charter

37
Q

Which of the following is not an example of a franchise

A

sheetz

38
Q

_____is owned collectively by those who use its goods or services

A

cooperative

39
Q

Most common type of noncompetitive market is an

A

oligopoly

40
Q

Being very responsive to or dependent on the pricing action of competitors is known as

A

interdependent pricing

41
Q

The most common form of interdependent pricing is

A

price leadership

42
Q

When a price war ends, prices tend to

A

rise again as sellers return to price leadership and non price competition

43
Q

Which of the following is an illegal form of determining prices

A

collusion

44
Q

Which of the following market structures have the strongest barriers to entry in an industry

A

pure monopoly

45
Q

President most famous for busting trusts

A

teddy r

46
Q

prices coordinate the decisions of producers and consumers by

A

balancing the forces of supply and demand

47
Q

what is the main form of communication between producers and consumers in a free enterprise system

A

prices

48
Q

the benefits provided by the price system include

A

incentives, choice, and flexibility

49
Q

one of the limitations of the price system is

A

its failure to assign the cost of public goods to all consumers

50
Q

Price ceilings tend to lead to

A

shortages

51
Q

The minimum wage is example of a

A

price floor

52
Q

A government sometimes rations a good because the

A

supply for that good is so low

53
Q

Rationing is thought to be a unique economic policy because it is

A

unfair, expensive, creates black markets

54
Q

Competiton in market tends to

A

increase supply

55
Q

which of the following is a government tool that can cause the supply of goods and services to shift

A

Taxes, subsidies, and regulations

56
Q

if prices of resources fall, supply will

A

increase

57
Q

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

A

to the right

58
Q

Paper towels are an example of a product with which of the following types of supply

A

elastic

59
Q

Golden earrings are an example of a product that has what type of supply

A

inelastic

60
Q

The introduction of new technology to a factory will do which of the following

A

eventually increase the supply of the company

61
Q

scarcity requires

A

choices

62
Q

people who study economics are

A

economists

63
Q

an increase in available resources will have which of the following effects on the production possibilities curve

A

shift to the right

64
Q

When workers complete the same tasks over and over again to hep increase efficiency is known as

A

specialization

65
Q

what do we call the decisions to go to a hockey game instead of a basketball game

A

tradeoff

66
Q

hOW DO PRODUCERS EXPRESS VALUE OF GOOD

A

PRICE OF GOOD

67
Q

one ripple could disturb the whole describes

A

interdependence

Economics (14 decks)

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