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Q 1/90
Score 0
A market structure in which a large number of firms all produce the same product
30
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
Q 2/90
Score 0
Single producer supplies a unique product that has no close substitutes
30
Monopoly
Monopolistic Competition
Oligopoly
Perfect Competition
90 questions
Q.
A market structure in which a large number of firms all produce the same product
1
30 sec
Q.
Single producer supplies a unique product that has no close substitutes
2
30 sec
Q.
Single producer owns a key natural resource - only stone quarry in a town
3
30 sec
Q.
Gov't grants single firm or individual exclusive right to produce a good or service - patent/copyright, public franchise, licenses
4
30 sec
Q.
Single firm can supply a good or service more efficiently and at a lower cost than two or more firms and competing firms can - utility industries
5
30 sec
Q.
A market structure in which a few large firms dominate a market
6
30 sec
Q.
Pattern of pricing in which one firm regularly announces price changes that other firms then match
7
30 sec
Q.
Producers get together and make agreements on production levels and pricing
8
30 sec
Q.
A market structure with many competitors selling differentiated products. Barriers to entry are low.
9
30 sec
Q.
Using product differentiation and advertising to attract customers
10
30 sec
Q.
a situation in which a market left on its own fails to allocate resources efficiently
11
30 sec
Q.
Benefits falls on someone other than the producer or consumer
12
30 sec
Q.
immunizations
13
30 sec
Q.
Cost that falls on someone other than the producer or consumer
14
30 sec
Q.
Factory pollution
15
30 sec
Q.
Goods that are non-excludable and non-rival in consumption
16
30 sec
Q.
Goods and services sold in markets - rival and excludable
17
30 sec
Q.
Producers cannot prevent particular individuals from enjoying its benefits.
18
30 sec
Q.
People are excluded from using the good unless they pay a price for it.
19
30 sec
Q.
Goods may be consumed by one consumer without preventing simultaneous consumption by others.
20
30 sec
Q.
the property of a good whereby one person's use diminishes other people's use
21
30 sec
Q.
Fire and police services
22
30 sec
Q.
National Defense
23
30 sec
Q.
Which of these is an example of a private good?
24
30 sec
Q.
When the government protects the ownership of resources, such as land, personal possessions, physical assets, and ideas
25
30 sec
Q.
When the government works to prohibit practices that restrict competition and to prevent the formation of monopolies
26
30 sec
Q.
When the government provides information about products and makes sure goods and services are safe and dependable
27
30 sec
Q.
When the government works to safeguard the interests of workers and to protect their physical well-being
28
30 sec
Q.
When the government collects taxes from some Americans and distributes the money to others to achieve greater income equality
29
30 sec
Q.
The power of federal government to regulate the economy comes from Article _________ of the __________________________________ .
30
30 sec
Q.
Focuses on the workings of an economy as a whole
31
30 sec
Q.
Examines economic decision making by individuals, households, and businesses
32
30 sec
Q.
GDP evaluated at current market prices that will include all of the changes in market prices that have occurred during the current year due to inflation or deflation.
33
30 sec
Q.
A macroeconomic measure of the value of economic output adjusted for price changes
34
30 sec
Q.
A good or service that is responsive to a change in price (Ex. Energy bar)
35
30 sec
Q.
The unemployment which exists in any economy due to people being in the process of moving from one job to another
36
30 sec
Q.
The unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand
37
30 sec
Q.
a factor of overall unemployment that relates to the cyclical trends in growth and production that occur within the business cycle
38
30 sec
Q.
A period of general economic decline marked by a falling GDP and rising unemployment
39
30 sec
Q.
A period of economic growth
40
30 sec
Q.
A prolonged economic downturn characterized by a plunging real GDP and extremely high unemployment
41
30 sec
Q.
Seeks to increase the money supply to encourage economic growth or combat inflationary price increases
42
30 sec
Q.
A central bank policy aimed at regulating the amount of money in circulation
43
30 sec
Q.
Government policy regarding taxing and spending
44
30 sec
Q.
a tax that takes the same share of income at all income levels
45
30 sec
Q.
a tax that takes a larger share of income as income increases
46
30 sec
Q.
a tax that takes a smaller share of income as income increases
47
30 sec
Q.
This tax form lists the wages from the previous calendar year and the amount of tax that was withheld
48
30 sec
Q.
Spending that is fixed by law
49
30 sec
Q.
Social Security and Medicare are
50
30 sec
Q.
Spending on education, defense and science and technology are
51
30 sec
Q.
Government spending implemented through an appropriations bill
52
30 sec
Q.
The market value of all final goods and services produced within a country during a given period of time
53
30 sec
Q.
A recurring pattern of growth and decline in economic activity over time
54
30 sec
Q.
A period of declining national economic activity for at least six months or longer
55
30 sec
Q.
The percentage of the labor force that is not employed but is actively seeking work
56
30 sec
Q.
The quantity of a good or service that consumers are both willing and able to buy at various prices
57
30 sec
Q.
A product that satisfies the same basic want as another product.
58
30 sec
Q.
A product that is used or consumed jointly with another product. (i.e. gas and automobiles)
59
30 sec
Q.
An economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa. Generally, consumers are happier to buy goods and services at lower prices at higher prices
60
30 sec
Q.
The quantity of a good or service that producers are willing and able to offer for sale at various prices
61
30 sec
Q.
Price/availability of resources, number of producers, technology,government action (taxes or subsidies), expectations of future profits
62
30 sec
Q.
An economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa. Generally, producers are happier to offer goods and services at higher prices than at lower prices
63
30 sec
Q.
Changes in income, number of consumers, consumer expectations, tastes/preferences, changes in price of substitute or complementary goods
64
30 sec
Q.
The condition that results because people have limited resources but unlimited wants.
65
30 sec
Q.
The exchange of one benefit or advantage for another that is thought to be better.
66
30 sec
Q.
A way to compare the costs of an action with the benefits of that action. If benefits exceed costs, than the action is worth taking.
67
30 sec
Q.
A lack of something that is desired, a condition that occurs when there is less of a good or service available than people want at the current price
68
30 sec
Q.
The resources used to produce goods and services. Economists define these resources as land, labor and capital
69
30 sec
Q.
The satisfaction or pleasure one gains from consuming a product or service or from taking an action
70
30 sec
Q.
The value of the next best alternative that is given up when making a choice; a measure of what you must give up to get what you want
71
30 sec
Q.
An economic system in which decisions about production and consumption are based on custom and tradition
72
30 sec
Q.
An economic system in which decisions about production and consumption are made by a powerful ruler or government
73
30 sec
Q.
An economic system in which economic decisions are left up to individual producers and consumers
74
30 sec
Q.
An economic system in which the workings of the market are not planned or directed
75
30 sec
Q.
an economic system in which both the government and individuals play important roles in production and consumption; most modern economies are this type
76
30 sec
Q.
A minimum price set by the government to prevent prices from going too low.
Ex. Minimum wage
77
30 sec
Q.
A maximum price set by the government to prevent prices from going too high.
Ex. Rent control laws
78
30 sec
Q.
The point at which the quantity of a product demanded by consumers in a market equals the quantity supplied by producers
79
30 sec
Q.
The minimum interest rate set by the Federal Reserve for lending to other banks. A form of monetary policy
80
30 sec
Q.
Involve s the buying and selling of government securities in the bond market. A form of monetary policy
81
30 sec
Q.
The regulation that banks must keep a certain percentage of deposits on hand to repay depositors. A form of monetary policy.
82
30 sec
Q.
An example of expansionary fiscal policy
83
30 sec
Q.
Raising taxes. Expansionary or contractionary fiscal policy?
84
30 sec
Q.
Raising the discount rate. Expansionary or contractionary monetary policy?
85
30 sec
Q.
Buying treasury securities (bonds) on the open market. Expansionary or contractionary monetary policy?
86
30 sec
Q.
Who answers the three fundamental economic questions in a command economy?
87
30 sec
Q.
The tools, machines and buildings used to produce goods and services
88
30 sec
Q.
Who answers the fundamental economic questions in a market economy?
89
30 sec
Q.
The time and effort people devote to producing goods and services in exchange for wages