Final Review Chapter 4,5,8

30 Questions | Total Attempts: 105

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High School Quizzes & Trivia

This the second of 3 sections to review for a general economics senior in high school final


Questions and Answers
  • 1. 
    The curve that shows the direct relationship between price and the quantity of the product is called the
    • A. 

      Demand curve

    • B. 

      Supply curve

    • C. 

      Market curve

    • D. 

      Equilibrium curve

  • 2. 
    The process in which union representatives speak for all members in an effort to negotiate a new contract is called 
    • A. 

      Coordinated campaign

    • B. 

      Boycott

    • C. 

      Collective bargaining

    • D. 

      Certification

  • 3. 
    Fringe benefits for employees include
    • A. 

      Paychecks

    • B. 

      Sick leave

    • C. 

      Tax exemptions

    • D. 

      Wages

  • 4. 
    An organized refusal ro buy is called a
    • A. 

      Lockout

    • B. 

      Boycott

    • C. 

      Strike

    • D. 

      Picket

  • 5. 
    What type of institution engages collective bargaining?
    • A. 

      Chamber of commerce

    • B. 

      Nonprofit organization

    • C. 

      Producer cooperative

    • D. 

      Labor union

  • 6. 
    The demand curve is always
    • A. 

      Downward sloping

    • B. 

      Upward sloping

    • C. 

      Irregular

    • D. 

      Level

  • 7. 
    A demand curve show that
    • A. 

      Less will be purchased at low prices than at high prices

    • B. 

      All people have the ability desire and willingness to pay

    • C. 

      More will purchased at low prices than at high

    • D. 

      Approximately the same amount will be purchased at low prices than at higher prices

  • 8. 
    In a market economy, a high price is a signal for
    • A. 

      Producers to produce more and buyers to buy less

    • B. 

      Producers to produce more and buyers to buy more

    • C. 

      Producers to produce less and buyers to buy less

    • D. 

      Producers to produce less and buyers to buy more

  • 9. 
    All of the following are reasons women are paid less than men EXCEPT
    • A. 

      It is illegal to pay men and women the same wage

    • B. 

      Some men discriminate against women in the work place

    • C. 

      Women tend to go into lower paying fields

    • D. 

      Women's careers are interrupted by child rearing

  • 10. 
    Which of the following is NOT a change in the American labor force?
    • A. 

      Higher level of education attained by workers

    • B. 

      Technological shift of the economic base away from factories

    • C. 

      Decrease in farming

    • D. 

      Increased number of women working outside the home

  • 11. 
    All people who are 16 years old and who are working or looking for work make up
    • A. 

      Labor force

    • B. 

      Labor unions

    • C. 

      Civilian labor force

    • D. 

      Wage force

  • 12. 
    What kind of system is the american economy based on?
    • A. 

      Production

    • B. 

      Cause and effect

    • C. 

      Market

    • D. 

      Centralized

  • 13. 
    What does it mean when it says the demand for a product is inelastic?
    • A. 

      People will not buy the product when the price goes up

    • B. 

      A price increase does not have a significant impact on buying habits

    • C. 

      Customers are sensitive to the price of the product

    • D. 

      There are very few satisfactory substitutes for the product

  • 14. 
    What kind of table lists the quantity of a good that a person will buy at different prices?
    • A. 

      Demand curve

    • B. 

      Demand schedule

    • C. 

      Market demand schedule

    • D. 

      Market demand curve

  • 15. 
    Which of the following receives gov't subsidies that are in place to protect the population rather than for economic reasons?
    • A. 

      National car company of Indonesia

    • B. 

      Small farmers of France

    • C. 

      Tobacco growers in the US

    • D. 

      National airlines in Western Europe

  • 16. 
    Which of the following is a fixed cost for a store?
    • A. 

      Short-term workers

    • B. 

      Rent

    • C. 

      Advertising

    • D. 

      Inventory

  • 17. 
    Total cost includes the sum of
    • A. 

      Marginal cost and total product

    • B. 

      Revenue and fixed cost

    • C. 

      Fixed costs and variable costs

    • D. 

      Average cost and variable cost

  • 18. 
    The quantity supplied increase when
    • A. 

      The cost of inputs goes down

    • B. 

      Taxes go down

    • C. 

      Additional firms enter the industry

    • D. 

      The price of the product goes up

  • 19. 
    The use of robots on the assembly line is an example of
    • A. 

      Increasing labor costs

    • B. 

      Using skilled labor

    • C. 

      Traditional production

    • D. 

      Applied technology

  • 20. 
    Depreciation is the
    • A. 

      Purchasing of new equipment

    • B. 

      Cost of shipping goods

    • C. 

      Gradual wear and tear on capital goods

    • D. 

      Variable cost of labor

  • 21. 
    Production rises when workers are
    • A. 

      Unskilled

    • B. 

      Members of a union

    • C. 

      Motivated to perform

    • D. 

      Not involved in decision making

  • 22. 
    The basic decision for a supplier is 
    • A. 

      How much to produce without regard to demand

    • B. 

      The amount to offer for sale at various prices

    • C. 

      The willingness of consumers to purchase

    • D. 

      The ability of consumers to purchase

  • 23. 
    Demand is measured not only by consumer desire for a product but also by
    • A. 

      Competition for the consumer

    • B. 

      Demand for similar products

    • C. 

      Opportunity costs

    • D. 

      Ability and willingness to buy the product

  • 24. 
    The ________ effect is the change in the quantity demanded due to a change in relative price of the product
    • A. 

      Income

    • B. 

      Substitution

    • C. 

      Demand

    • D. 

      Price

  • 25. 
    An increase in the price of wombles causes a decrease in the mean for widgets. the two products are
    • A. 

      Substitutes

    • B. 

      Complements

    • C. 

      Unrelated

    • D. 

      Demand elastic

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