Econmics Study Guide

65 cards

This Is Strait Off Mr. Stewart's Final Exam Study Guide. It's The Final Exam.


 
  
Created Dec 1, 2009
by
odomk

 

 
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1
The situation in which some necessities have little value while some non-necessities have a...
 
paradox of value
2
Manufactured goods needed to produce other goods and services are called
 
capital goods
3
To arrive at an economic decision, a decision-making grid may be used to evaluate
 
alternative choices of action
4
Division of labor is a charcteristic of 
 
assembly line production
5
The study of economics is important because it enables us to 
 
become better decision makers
6
The dollar value of all final goods and services and the most comprehensive measure of a country's...
 
Gross Domestic Product (GDP)
7
The Money used to buy the tools and equipment needed for production is known as
 
financial capital
8
An example of a market economy is 
 
the United States
9
Which of the following is NOT considered an economic and social goal? economic effeciancy,...
 
entreprenuership
10
Which group of people ultimately determines the products that a free enterprise economy produces?
 
consumers
11
The United States can best be described as having a 
 
modified private enterprise system
12
All of the following are characteristic of a command economy EXCEPT: it can change directions...
 
there is much uncertainty
13
A market economy
 
does not provide for everyone's basic needs
14
The minimum wage is an example of a federal law that supports 
 
economic equity
15
The concept of voluntary exchange means
 
people freely and willingly engage in market transactions
16
The government's role in a mixed economy is that it is the 
 
regulator charged with preserving competition
17
This regulates the sale of stock in a corporation
 
Securities and Exchange Commission
18
A merger of corporations involved in different steps of manufacturing or marketing is known...
 
vertical merger
19
Non-profit organizations may 
 
provide goods and services to members
20
The local chamber of commerce works to 
 
promote the welfare of its members and the community
21
In a general partnership
 
partners usually draw up legal papers called articles of partnership
22
An advantage of a corporation is that 
 
owners have limited liability in debt
23
All of the following are examples of the government playing a direct role in the economy EXCEPT:...
 
public utility regulation
24
Which of the following is NOT a nonprofit organization? multinational, producer cooperative,...
 
multinational
25
In its direct role as an economic organization, American government 
 
owns and manages public utilities
26
An increase in the price of milk causes a decrease in the demand for cereal. The two products...
 
complements
27
Advertising, fashion trends, and new product introductions serve to
 
create consumer demand
28
Because a modest price increase has little or no effect, the demand for the product is 
 
inelastic
29
A business doubled the price of a poduct in order to increase profits. Which of the following...
 
A dramatic decline in revenues demonstrated the elasticity of the product.
30
A demand schedule shows
 
a listing of the various quantities demanded of a particular product at all prices that might...
31
Consumers' willingness to replace a costly item with a less costly item is an example of 
 
the substitution effect
32
When a manufacturer of pain medication reduced the price of medication by 30%, profits declined...
 
unit elastic
33
All of the following can change the market supply curve EXCEPT: the cost of labor; the expectation...
 
a change in the demand for the product
34
The supply of a product normally decreases if 
 
taxes on the product increse
35
When employees are getting in each other's way, the firm is operating 
 
in Stage II of production
36
The level of Profit-maximizing output is reached when marginal cost is 
 
equal to marginal revenue
37
When producers offer fewer products for sale at each and every price, 
 
the supply curve has shifted to the left
38
Many businesses are engaging in e-commerce because
 
fixed costs are minimal
39
Profits will be maximized when marginal revenue
 
equals marginal cost
40
Which of the following is NOT a reason why prices effectively perform the allocation function?
 
Prices remain suprisingly stable despite unexpected events
41
In a market economy, a high price is a signal for 
 
producers to supply more and consumers to buy less
42
At a given price, a surplus occurs when 
 
the quantity supplied is greater than the quantity demanded
43
The federal minimum wage law demonstrates
 
a societal choice for economic equity over effeciency
44
When economic or political conditions are unstable
 
the demand for gold increases
45
Prices enable a market to adjust to unexpected events by 
 
adjusting consumption and production
46
All of the following are charcteristics of allocation by rationing EXCEPT: lack of fairness,...
 
effeciency
47
If a competitve market is at equilibrium, and there is a sudden increase in demand, than a...
 
shortage will occur and the price will increase
48
The theory of competitve pricing 
 
is a set of ideal conditions and outcomes
49
Deficiency payments are part of a federal program to assist
 
farmers
50
A monopoly that is based on the ownership or control of a manufacturing method, process, or...
 
technological monopoly
51
A decrease in competition within an industry can result in 
 
a firm wielding economic and political power
52
The Sherman Antitrust Act
 
outlawed restraints and monopolies that hinered trade
53
Under perfet competition, 
 
no seller sells a product about the prevailing market price
54
Mergers and acquisitions might result in 
 
inadequate competition
55
The Clayton Antitrust Act 
 
outlawed price discrimination
56
Indirectly, the government has improved the quality of information available to consumers through 
 
its support for the internet
57
the Fair Labor Standards Act
 
established a federal minimum wage
58
Workers who have the skills to operate machines and who require a minimum amount of training...
 
semiskilled labor
59
The theory that wages are based on the supply and demand for the worker's skills is the 
 
traditional theory of wages
60
All of the following can be used to establish more equal pay between man and women EXCEPT the:...
 
Fair Labor Standards Act
61
The National Labor Relations Act
 
established the right of unions to collective bargaining
62
When Labor and management ask a third party to collect information about a dispute and present...
 
fact-finding
63
Workers with knowledge-based education and managerial skills are
 
professional labor
64
Which of the following statements about the minimum wage is NOT accurate? 
 
when expressed as a percentage of the average manufacturing wage, the minimum wage reached...
65
The invisible barrier that hinders women and minorities from advancement up the corporate ladder
 
is known as the glass ceiling


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