Economics /Odysseyware Economics Tests Part 2
Not-for-profit organizations are established mainly for religious, civic, educational, or--- purposes.
health
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Key Terms
Term
Definition
Not-for-profit organizations are established mainly for religious, civic, educational, or--- purposes.
health
Adina deposits $1,000 in the bank. The bank can then use her savings to make _____ to/for _____.
loans, investors
When banks make loans, the money supply .
increases
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Fiscal policy, or changes in tax levels and spending, is carried out by the .
governments
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If the government wants to help the economy to grow, it can increase --- , but this can also increase the budget debt.
spending
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Which of the following describe a public good?
roads, education, police forced
provided by the government in market economoies
can proved benefits to many people at the same time
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| Term | Definition |
|---|---|
Not-for-profit organizations are established mainly for religious, civic, educational, or--- purposes. | health |
Adina deposits $1,000 in the bank. The bank can then use her savings to make _____ to/for _____. | loans, investors |
When banks make loans, the money supply . | increases |
Fiscal policy, or changes in tax levels and spending, is carried out by the . | governments |
If the government wants to help the economy to grow, it can increase --- , but this can also increase the budget debt. | spending |
Which of the following describe a public good? | roads, education, police forced
provided by the government in market economoies
can proved benefits to many people at the same time |
A monetary system where the value of monetary units is set by the specified quantity of an item is ______. | commodity money |
The U.S. is known for its strong consumer spending but also a trade deficit. This means that the country _____. | imports more than it exports |
Cell phone producers charge a _____, which consumers pay to buy the phones. | price |
You produce elastic bracelets that cost 25 cents to make. Your friend tells you to charge a price of 10 cents for each bracelet. At this price, you will _____. | lose money |
Your mom tells you to charge a price of 25 cents for each bracelet. Since the marginal cost of making a bracelet is also 25 cents, this price will _____. | cover your costs |
You decide to charge $10 for a bracelet that costs 25 cents to make. At this price, you would _____. | earn a profit |
Unfortunately, no one buys your bracelets at a price of $10. This is a signal for you to _____. | lower your price |
The next day, you charge $3.50 for each bracelet. You have a supply of 30 bracelets, and exactly 30 customers demand them. At the end of the day, there is no excess demand or excess supply. So, $3.50 must be the _____. | equilibrium price |
Other students in school learn that you are making money by selling bracelets. They decide to open their own bracelet businesses. This means that there is _____ competition in the bracelet market. | more |
Select all the items that describe the benefits that consumers may receive from more sellers in the bracelet market. | lower price for bracelets
better quality bracelets
improved customer service |
You can afford to buy the latest HDTV, which means that it _____ as demand for you. | counts |
Two new companies start to produce HDTVs. This results in _____ in the _____ HDTVs. | an increase, supply of |
HDTVs go on sale, which reduces the price. This means that _____ people will demand the product. | more |
At the lowest price for a TV, the number people demanding the good is _____ the number who demand the good at the highest price. | greater than |
At the lowest price for a TV, producers will supply the _____ televisions. | least |
You chose to buy a red pair of shoes, rather than a black pair. Your demand was based on _____. | preference |
Over the summer, 100 new families moved into town. This will _____ the demand for goods and services, at each price level. | increase |
The cost of electronic parts increased. Now, producers of electronic products will supply _____ products. | less |
You produce a car that costs $20,000 to make. The market price for the car is $15,000. At this price, you would supply _____ cars. | zero |
Your car still has a marginal cost of $20,000. But, the market price has now increased to $25,000. Your incentive to supply cars is to _____. | earn a profit |
A factory can produce cars and trucks. If the price of cars increases, then the supply of trucks will _____. | decrease |
In a market without price controls, supply will eventually _____ demand. Then consumers will buy all the products that producers supply. | equal |
Suppose you are a jeans producer who charges a price of $10 for a pair of jeans. But the equilibrium price is $15. At your price, you will have an _____ jeans. | excess demand for |
Suppose cell phone producers are charging $150 for the latest cell phone. But the equilibrium price for the cell phone is $100. In a market without price controls, market pressures will move the price _____ the demand curve until it reaches the _____ price. | down, equilibrium |
At the equilibrium price, resources are _____ and consumers have _____ goods and services. | not wasted, enough |
In a market with price controls, there can be _____ or _____ of goods and services. | shortages, surpluses |
Supporters of minimum wage state that it provides more money to people with _____. | low paying jobs |
Supporters of rent control state that rent control makes it _____ for people to afford housing. | easier |
What do opponents of minimum wage believe are the results of minimum wage? | results in job shortages
causes unemployment
raises prices of goods |
Another way to achieve the same goals as minimum wage and rent control (without keeping markets from reaching equilibrium levels) is to increase _____ directly. | personal income |
Suppose you run a T-shirt business and charge $10 per shirt. It costs you $2 to make a T-shirt. At your price, you will _____. | earn a profit |
A building is an example of a _____ because it is a cost that does not change as output changes. | fixed cost |
Joe's Computers is a single seller that produces a new product with no close substitutes. This business is a _____. | price setter |
A monopolist's goal is to maximize _____. | profts |