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Econ Chpts 5, 6, 8
Study cards for Economics Test Chapters 5, 6, 8 - Fall 2013
| Question | Answer |
|---|---|
| What are three causes of a price change in a market? | Change in supply; change in demand; and change in supply AND demand |
| What is a cash payment making up the difference between the market price and the target price called? | Deficiency payment |
| What is a system of allocating goods and services without prices called? | Rationing |
| What is the monetary value of a product as established by supply and demand called? | Price |
| What is a partial refund of the original price of a product called? | Rebate |
| Why might a government interfere in a market economy by setting prices? | To achieve the goal of equity and security |
| What is the lowest legal price that can be paid for a product called? | Price floor |
| What are three problems associated with rationing? | People always want a larger share; declining incentive to produce; high administration costs |
| What are four advantages of prices? | They are flexible; people are familiar with prices; no administrative costs; and they favor neither producers nor consumers |
| What is the maximum legal price that can be charged for a product? | Price ceiling. |
| What is a situation in which the quantity demanded is GREATER than the quantity supplied? | Shortage |
| What is a situation in which the quantity supplied is EQUAL to the quantity demanded? | Market equilibrium |
| What is a situation in which the quantity supplied is GREATER than than the quantity demanded? | Surplus |
| What are two things an economic model can be used for? | To analyze behavior and to predict outcomes |
| Who are deficiency payments geared toward? | Farmers |
| What are four different types of union arrangements? | Agency shop, closed shop, union shop, and modified union shop |
| What are three purposed of labor unions? | To improve wages; to improve working conditions; and to improve benefits |
| What are four approaches to resolving a deadlock between a union and a company's management? | Collective bargaining; fact finding; mediation; and arbitration |
| What is a refusal to work until certain demands are met called? | Strike |
| What major event turned popular opinion in favor of unions? | The Great Depression |
| What is a mass refusal to buy products from targeted employers or companies called? | Boycott |
| What is a court order not to act called? | Injunction |
| What generally occurs first in union-management negotiations? | Collective bargaining |
| What can cause the supply curve to shift to the left? | Increased government regulations |
| In what order do the three stages of production occur? | Increasing returns; decreasing returns; and negative returns |
| What is often thought of as the variable factor of production? | Labor |
| What is electronic business or exchange conducted over the Internet called? | E-Commerce |
| What is the number of units sold multiplied by the average price per unit called? | Total revenue |
| What is a government payment to encourage or protect an economic activity called? | Subsidy |
| Profits will be maximized when marginal revenue equals what? | Marginal cost |
| Why are many businesses engaging in e-commerce? | Fixed costs are minimal |
| Total cost is the sum of what? | Variable costs and fixed costs |
| What are three examples of fixed costs? | Car payments; rent and mortgage; and executive salaries |
| What are three examples of variable costs? | Wages; electricity; and raw materials |
| What are five factors that determine whether supplies increase or decrease? | Technology; government regulation; expectations; number of suppliers; and productivity |
| The purchasing power of minimum wage goes up when what happens? | Wages increase faster than inflation |
| What is an invisible barrier that obstructs advancement up the corporate ladder called? | Glass ceiling |
| What is overhead? | Total fixed costs |
| What is a production cost that does not change as business output changes? | Fixed costs |
| What is total output produced by a firm? | Total product |
| What is decision making that compares the additional costs with the additional benefits of an action? | Marginal analysis |
| What is the principle that more will be offered for sale at high prices than at lower prices? | Law of Supply |
| What is associated with Stage II of production? | Diminishing returns |
| What is the sum of variable and fixed cost? | Total cost |
| What is a situation called where the amount of products for sale changes while the price remains the same? | Change in supply |
| What is a change in the amount of products for sale called when the price changes? | Change in quantity supplied |
| What is a graphical representation of the theory of production? | Production function |
| What is a change in the total revenue from the sale called of one additional unit of output? | Marginal revenue |
| What is the additional output produced when one additional unit of input is added? | Marginal product |
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jamiemanhart
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