2bEcon Big Deal Exam -- Chs. 1, 2, 3, 4, 5, 6
Matching
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Match each statement with
the correct item below. a. | illustrates the demand of everyone
interested in purchasing a product | b. | quantity demanded of a product varies
inversely with its price | c. | study of the economic behavior of
individuals and firms | d. | extent to which a change in price causes a
change in demand | e. | decline in extra satisfaction from using
additional quantities of a product | f. | change in quantity demanded because a
price change altered consumer's real income | g. | products where the use of one product increases the use of
another | h. | willingness to buy more or less of a product at the same
price | i. | graph showing the quantity demanded at every
price | j. | describes a given change in price that causes a relatively smaller
change in quantity demanded | | |
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1.
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demand curve
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2.
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diminishing marginal
utility
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3.
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demand elasticity
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4.
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microeconomics
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5.
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complements
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6.
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change in demand
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7.
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Law of Demand
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8.
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income effect
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9.
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inelastic
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10.
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market demand
curve
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Match each statement with
the correct item below. a. | role of the consumer as ruler of the
market | b. | society's way of providing for wants and
needs | c. | program that provides retirement and disability benefits for working
people | d. | economic system in which the allocation of resources and nearly all
other economic activity stems from ritual or habit | e. | struggle among sellers to attract consumers | f. | economy in which people carry on their economic affairs freely but are subject to some
government intervention and regulation | g. | economic system in which people and firms
act in their own best interests to answer economic questions | h. | economy in which competition is allowed to flourish with a minimum of government
interference | i. | degree to which people are better off after completing an economic
activity | j. | rise in the general level of prices | | |
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11.
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economy
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12.
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market economy
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13.
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traditional
economy
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14.
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competition
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15.
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modified private enterprise
economy
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16.
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Social Security
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17.
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profit
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18.
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free enterprise
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19.
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inflation
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20.
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consumer
sovereignty
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Match each statement with
the correct item below. a. | form of business organization recognized
by law as a separate legal entity having all the rights of an individual | b. | corporation that has manufacturing or service operations in a number of
countries | c. | voluntary association that buys bulk amounts of goods on behalf of its
members | d. | business owned and run by one person | e. | price paid for the use of another's money | f. | investor's responsibility for the debts of a business which is limited by the size of
his or her investment in the business | g. | organization of workers formed to
represent its members' interests in various employment matters | h. | money that is borrowed | i. | non-cash charge a firm takes for the
general wear and tear on its capital goods | j. | stock of finished goods and parts in
reserve | | |
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21.
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principal
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22.
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multinational
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23.
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depreciation
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24.
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limited liability
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25.
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corporation
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26.
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inventory
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27.
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sole
proprietorship
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28.
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labor union
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29.
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consumer
cooperative
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30.
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interest
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Match each statement with
the correct item below. a. | act of buyers and sellers freely and
willingly engaging in market transactions | b. | driving force that encourages people and
organizations to improve their material well-being | c. | organized way in which a society provides for the wants and needs of its
people | d. | extent to which individuals or organizations are better off at the end
of an economic exchange than before the exchange | e. | economic system in which people carry on their economic affairs freely but are subject
to some government intervention | f. | privilege that entitles people to own
their possessions | g. | market economy in which private citizens
own the factors of production | h. | federal program of disability and
retirement benefits that covers most working people | i. | economy in which a central authority makes most of the WHAT, HOW, and FOR WHOM
decisions | j. | income that does not increase even if prices go
up | | |
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31.
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capitalism
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32.
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fixed income
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33.
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mixed economy
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34.
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voluntary
exchange
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35.
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private property
rights
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36.
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profit
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37.
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command economy
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38.
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Social Security
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39.
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economic system
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40.
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profit motive
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Match each statement with
the correct item below. a. | quantity demanded is greater than quantity
supplied | b. | prices are relatively stable, and quantity supplied is equal to
quantity demanded | c. | check sent to producers that makes up the
difference between the actual market price and the target price | d. | monetary value of a product | e. | quantity supplied is greater than quantity
demanded at a given price | f. | price that produces neither a surplus nor
a shortage | g. | set of assumptions and/or relationships that can be used to help
analyze behavior and predict outcomes | h. | ticket that entitles the holder to a
certain amount of a product | i. | a socially desirable price determined by
factors other than the market | j. | maximum legal price that can be charged
for a product | | |
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41.
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surplus
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42.
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target price
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43.
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shortage
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44.
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equilibrium price
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45.
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economic model
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46.
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ration coupon
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47.
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price ceiling
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48.
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deficiency
payment
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49.
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price
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50.
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market
equilibrium
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Match each statement with
the correct item below. a. | situation in which suppliers offer
different amounts of products for sale at all possible prices | b. | principle that states that in the short run, output will change if only one input is
varied | c. | total output produced by a firm | d. | principle that suppliers will normally offer more for sale at high prices and less at
lower prices | e. | extra cost incurred when a business produces one additional unit of a
product | f. | graph that shows the quantities of a product offered at various prices
by all firms that offer the product | g. | period of production that is too short for
any adjustments in production except changes in labor | h. | sum of the fixed and variable costs | i. | measure of the way in which quantity supplied responds to changes in
price | j. | total fixed cost | | |
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51.
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change in supply
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52.
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overhead
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53.
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total product
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54.
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marginal cost
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55.
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Law of Supply
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56.
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short run
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57.
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market supply
curve
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58.
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total cost
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59.
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Law of Variable
Proportions
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60.
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supply elasticity
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Match each statement with
the correct item below. a. | system under which the government or
another agency decides everyone's fair share of a product | b. | the minimum wage, the lowest legal price that can be paid to most workers, is an
example of this | c. | partial refund of the original price of a
product | d. | where these occur, resources slowly shift to other markets where
equilibrium prices prevail | e. | price that “clears the
market” | f. | unsold product that causes suppliers to reduce their
prices | g. | serves as an allocation signal when established by supply and
demand | h. | loan that has neither a penalty nor an obligation to repay if not paid
back | i. | condition that leaves suppliers wishing they had more product to
sell | | |
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61.
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rebate
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62.
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surplus
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63.
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price ceiling
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64.
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equilibrium price
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65.
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price floor
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66.
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shortage
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67.
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price
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68.
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nonrecourse loan
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69.
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rationing
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Match each statement with
the correct item below. a. | court-granted permission to an individual
or business to cease or delay paying debts | b. | organization that operates in a
businesslike way to promote the collective interests of its members rather than to seek profit for
its owners | c. | negotiation by a labor union with management over issues such as pay,
working hours, and vacation | d. | payment to a stockholder representing a
portion of the corporate earnings | e. | financial organization that accepts
deposits from and makes loans to employees from a particular company or government
agency | f. | business that is jointly owned by two or more
persons | g. | revenues minus expenses, including taxes | h. | sum of net income and non-cash charges, such as depreciation | i. | ownership certificates in a firm | | |
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70.
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nonprofit
organization
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71.
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cash flow
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72.
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stock
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73.
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partnership
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74.
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net income
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75.
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collective
bargaining
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76.
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bankruptcy
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77.
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dividend
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78.
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credit union
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Match each statement with
the correct item below. a. | amount of a product that producers bring
to market at any given price | b. | total product a firm must sell to cover
its total costs | c. | government payment to encourage or protect
an economic activity | d. | period of production that's long enough
for adjustments in all resources | e. | amount of a product that would be offered
for sale at all possible prices | f. | unprocessed natural products used in
production | g. | cost a business incurs even if nothing is
produced | h. | graph showing the various quantities supplied at each and every
price | i. | number of units sold multiplied by the average price per
unit | j. | cost that changes when the rate of operation or output
changes | | |
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79.
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supply
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80.
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subsidy
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81.
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raw materials
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82.
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break-even point
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83.
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total revenue
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84.
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quantity supplied
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85.
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variable cost
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86.
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fixed cost
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87.
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long run
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88.
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supply curve
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Match each statement with
the correct item below. a. | measure of responsiveness that shows how a
dependent variable responds to a change in an independent variable | b. | field of economics that deals with behavior and decision making by small
units | c. | describes change in demand when a change in price causes a relatively
larger change in quantity demanded | d. | extra usefulness gained from using one
more unit of a product | e. | movement along the demand
curve | f. | desire, ability, and willingness to buy a
product | g. | products used in place of other products | h. | change in quantity demanded due to a change in relative
price | i. | listing that shows quantities demanded of a product at all
prices | j. | given change in price that causes a proportional change in quantity
demanded | | |
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89.
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marginal utility
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90.
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substitution
effect
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91.
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elastic
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92.
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substitutes
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93.
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change in quantity
demanded
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94.
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elasticity
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95.
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demand
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96.
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demand schedule
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97.
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microeconomics
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98.
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unit elastic
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Multiple
Choice
Identify the letter of the choice that best completes the statement or answers the
question.
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99.
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When a manufacturer of pain
medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. Demand
for the product is a. | inelastic. | c. | unit elastic. | b. | elastic. | d. | complementary. | | | | |
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100.
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When a customer's need for a
product is not urgent, demand tends to be a. | inelastic. | c. | complementary. | b. | unit elastic. | d. | elastic. | | | | |
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