Economics /Odysseyware Economics Tests Part 3
To figure out price and quantity in a monopoly, a business finds the point at which marginal cost equals _____.
marginal revenue
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Key Terms
Term
Definition
To figure out price and quantity in a monopoly, a business finds the point at which marginal cost equals _____.
marginal revenue
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In perfect competition, sellers have _____ control over price.
no
With _____, resources are wasted because they are not used efficiently.
a monopoly
Select the items that describe perfect competition.
identical products
open entry and exit
price taker
_____ is a market structure that has few sellers who can influence the price. Products can be identical or differentiated, such as in the steel or car markets.
oligopoly
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The _____ for an accountant is between $40,000 and $50,000.
salary range
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| Term | Definition |
|---|---|
To figure out price and quantity in a monopoly, a business finds the point at which marginal cost equals _____. | marginal revenue |
In perfect competition, sellers have _____ control over price. | no |
With _____, resources are wasted because they are not used efficiently. | a monopoly |
Select the items that describe perfect competition. | identical products
open entry and exit
price taker |
_____ is a market structure that has few sellers who can influence the price. Products can be identical or differentiated, such as in the steel or car markets. | oligopoly |
The _____ for an accountant is between $40,000 and $50,000. | salary range |
Money earned as a percentage of sales revenue (such as the revenue earned from selling houses or cars) is called _____. | commission |
Brianna and Jack work in the same position for the same company. They also have similar training and work experience. Yet Brianna earns more money. This is called _____. | wage discrimination |
Suppose a company that produces cleaning supplies also pollutes the air. This pollution is a(n) _____ of the production process. | externality |
A government imposes _____ to make companies take responsibility for negative externalities. These are rules that govern the way others behave. | regulations |
A government imposes _____ to increase competition in the marketplace. | anti trust laws |
Japan sells cars to the United States. Japan considers the cars as Japanese _____. | exports |
Country A prohibits trade with Country B due to political reasons. This is an example of _____. Country C restricts the number of televisions Country D may export to Country C each year. This is an example of _____. | an embargo, a quota |
_____ studies the whole economy, such as investments made by all consumers and businesses. | macroeconomics |
Economic growth, peaks, economic downturns, and troughs are part of the _____. | economic cycle |
When the economy is growing, total output is _____ and total income is _____. | increasing, increasing |
Cars made in a Japanese-owned factory located in North Carolina are counted in _____. | only the gross domestic product |
Sue buys a new computer, which counts as _____ in the Gross Domestic Product. Later, she buys a new home, which counts as _____ in the Gross Domestic Product. | consumption, investment |
Real Gross Domestic Product (GDP) is _____ adjusted for price changes. | nominal GDP |
Select the items that describe economic growth. | businesses make more products
consumers spend more money
producers earn more revenue
it is part of the economic cycle |
When consumers buy _____ products, then producers make _____ goods and services. This can lead to economic growth. | more, more |
_____ is the most common way to measure the standard of living in different countries. | GDP per capita |
GDP per capita does NOT include _____, which is a problem with using it to measure quality of life. | unpaid work |
_____ are sources of revenue for both federal and state governments. Individuals pay this tax from the money they earn. | personal income taxes |
The U.S. government pays for _____ such as roads and mail delivery. | public goods and services |
The percentage of the labor force that is willing and able to work, does not currently have a job, and is actively looking for work is called _____. | unemployment rate |
Jared quit his job at the bank and no longer has a job. He _____ collect unemployment insurance. | cannot |
Maria lost her job because the economy is shrinking. This is an example of _____. | cyclical unemployment |
A general rise in the prices of goods and services, such as food and clothes, is called _____. | inflation |
The _____ is a measurement that describes price changes in commonly used goods and services, such as food and housing. | consumer price index |
To reduce inflation, the Federal Reserve _____ the money supply. This action also causes the economy to shrink. | decreases |
_____ is when the government uses government spending and taxes to affect economic performance. | fiscal policy |