final exam review - weeblyungerecon.weebly.com/.../0/8/8/2088048/final_exam_review.pdffinal exam...
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Final Exam Review
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The study of how people choose to use scarce resources to satisfy unlimited wants is called…
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Economics
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The benefit gained from the use of a good or services is called
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The benefit gained from the use of a good or services is called
Utility
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The value of what you have to give up in order to make a decision is called…
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Opportunity cost
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Name 2 needs and 2 wants
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Needs: food, shelter, clothing, water, etc
Wants: ipod, vacation, dinners out, etc
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Into what 4 categories do economists divide the factors of production?
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Land, labor, capital, entrepreneurship
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What does, “There is no such thing as a free lunch?”
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Everything costs something
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Which term explains economics as it is, not as it should be?
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Positive economics
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What is the basic economic problem?
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Scarcity
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With voluntary exchange, who benefits?
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Both the buyer and the seller
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In the market economy, the real power is held by which group of people?
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Consumers
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What does privatization mean?
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Moving from government (public) ownership to private ownership.
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The situation where women tend crops and raise children while men hunt is often found in what type of economy?
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Traditional economy
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Government deciding the distribution of all resources is a feature of what type of economy?
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Command
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An economic system in which people have free will to participate in the market as they choose is called…
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Market economy
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What does laissez faire mean?
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Hands off, keep govt out of the market
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What is the producer’s goal in the market?
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Earn a profit
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How are public goods funded?
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Taxes (collected by government)
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An externality is a side effect of a transaction that affects whom?
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Someone other than the buyer and seller
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Give an example of a positive externality.
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Education, flu shots
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Give an example of a negative externality.
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Pollution, second-hand smoke
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What 2 factors are necessary for demand?
(What is the definition of demand?)
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The desire for the good and the ability to pay for it.
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What is the law of demand?
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As price increases, quantity demanded decreases, as price decreases, quantity demanded increases.
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An actress sets off a craze for wearing camouflage clothing among her fans. What factor is affecting demand?
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Consumer taste
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Which economic concept is defined as the measure of how responsive consumers are to price change?
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Elasticity of demand
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What does an inelastic demand curve look like?
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A steep slope
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Name a product that would likely have inelastic demand?
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Gas, cigarettes, drugs
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What is the definition of supply?
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The willingness and ability of a producer to produce a good.
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What is the law of supply?
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As price goes up, quantity supplied goes up. As price goes down, quantity supplied goes down.
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The ease of changing production to respond to price changes determines what?
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Elasticity of supply
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Why would suppliers reduce the price of their product?
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They have a surplus of the good.
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How is equilibrium price found?
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When QS=QD
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What do high prices motivate potential producers to do?
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Enter the market
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What is the relationship between peanut butter and jelly?
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They are complimentary goods.
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The maximum amount that sellers may charge for a good or service is called…
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Price ceiling
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What happens to equilibrium price and quantity when
Supply falls
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What happens to equilibrium price and quantity when
Supply falls
P goes up, Q goes down
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What happens to equilibrium price and quantity when
Demand falls
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What happens to equilibrium price and quantity when
Demand falls
P falls, Q falls
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What happens to equilibrium price and quantity when
Demand increases?
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What happens to equilibrium price and quantity when
Demand increases?
Both P and Q increase
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What happens to equilibrium price and quantity when
Supply increases
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What happens to equilibrium price and quantity when
Supply increases
Q increases, P decreases
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A person who does not pay for a service but benefits from it is called a(n)
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A person who does not pay for a service but benefits from it is called a(n)
Free rider
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What do high prices motivate consumers to do?
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Buy less
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Agricultural products, such as wheat and corn, are examples of differentiated or standardized products?
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Standardized
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A market structure in which only one seller sells a product for which there are no close substitutes is called a
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Monopoly
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A monopoly in which the costs of production are lowest when only one firm provides output is called a
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Natural monopoly
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A monopoly that exists because a firm controls an invention is called a
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Technological monopoly
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With monopolistic competition there are how many buyers and sellers?
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Many of each
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The only gas station within a radius of 200 miles has a
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Geographic monopoly
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Few sellers and many buyers is characteristic of what type of market structure?
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Oligopoly
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The knowledge and skill that enable workers to be productive is called
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Human capital
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The lowest rate legally allowed for one hour of work is called
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Minimum wage
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The primary sector is made up of what types of jobs?
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Farming, fishing, mining (related to natural resources)
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The secondary sector is made up of what type of jobs?
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Jobs related to the production of goods
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The tertiary sector is made up of jobs related to
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Services
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The practice of working in a location other than the traditional office is called
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Telecommuting
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An organization of workers that seeks to improve working conditions is called a(n)
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Labor union
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Money whose value is based on the type of material from which it is made is called
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Commodity money
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The main difficulty of a barter system is finding
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A double coincidence of wants
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How is the Fed set up?
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12 regional banks with a central decision-making board
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What is the purpose of the Federal Reserve System? (3)
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Regulate money supply
Monitor banks
Be the bank of the govt
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What are liquid assets?
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Those assets that can easily be turned into cash.
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The percentage of the labor force that is jobless and actively looking for work is called the
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Unemployment rate
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The level of employment in which there is no cyclical unemployment is called
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Full employment
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Temporary unemployment experienced by people changing jobs is called
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Frictional
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When people who do not have the skills necessary for the available jobs look for work, the result is
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Structural unemployment
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A recession often causes
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Cyclical unemployment
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Mary went to dental school but is working as a cashier. Mary is considered to be
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Underemployed
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In the United States, economists estimate that full employment is an unemployment rate of about
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4-5%
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What is the difference between a final good and intermediate good?
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Final good is sold to the user. Intermediate good is sold to a producer to make a final good.
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The four factors that explain why wage rates differ are:
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human capital, working conditions, discrimination, government action
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Most jobs in the US today are in which sector?
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Tertiary
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What is total revenue at equilibrium?
Q
P
S
D
7
$2
10 1243
$3
$1
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What is total revenue at equilibrium? $14
Q
P
S
D
7
$2
10 1243
$3
$1
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If an effective price floor were to be set, at which of the given prices?
Q
P
S
D
7
$2
10 1243
$3
$1
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If an effective price floor were to be set, at which of the given prices? $3
Q
P
S
D
7
$2
10 1243
$3
$1
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A_____________of__________occurs at $1.
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P
S
D
7
$2
10 1243
$3
$1
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A shortage of 6 units occurs at $1.
Q
P
S
D
7
$2
10 1243
$3
$1
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PPC is an acronym for
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Production possibilities curve
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Refer to the PPC on the board.
Suppose there was a change in technology that made it easier to produce butter. What shift would occur?
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Suppose this country lost some of its territory in a war. What shift would occur?
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Suppose the swine flu kills 10% of the country’s population. What shift would occur?
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At which point is the economy producing all butter and no guns?
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Which point shows underutilization?
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Which point shows an impossible level of production?
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Name all of the efficient points on the PPC.
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Which point is efficient and shows a combination of guns and butter being produced?
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What is the equation for calculating GDP?
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Consumption+investment+government+net exports
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Gross domestic product (GDP) adjusted for changes in prices is called
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Real GDP
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Investment (in the GDP equation) measures what?
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What businesses spend on improving their business and increases in inventory
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Who is the chairman of the Fed?
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Ben Bernanke
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What type of money is issued by the United States government?
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Fiat money
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an increase in the general price level
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Inflation
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situation in which the demand for goods rises faster than the production of goods
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Demand pull inflation
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a situation in which an increase in production costs leads to an increase in prices
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Cost-push inflation
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a measure of changes in the prices of goods and services purchased by consumers
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CPI