Final Review Chapter 4,5,8
This the second of 3 sections to review for a general economics senior in high school final
- 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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