Transcript Econ Final Exam Review PP part 3.ppt

What is defined as the total amount
of money a firm receives by selling
goods or services?
Total Revenue
Loss
Wages
Marginal Cost
What law exhibits the tendency of
suppliers to offer more of a good at
higher prices?
Law of Supply
Law of Demand
Law of Attraction
Law of Diminishing Returns
Which cost does not change,
regardless of how much is
produced?
Fixed
Variable
Inferior
Normal
Which cost rises or falls depending
on how much is produced?
Fixed
Variable
Inferior
Normal
At what point does quantity
demanded and quantity supplied
become equal?
Equilibrium
Ceiling
Minimum
Maximum
When the quantity demanded is
more than the quantity supplied
what economic situation has
occurred?
Shortage
Surplus
Equilibrium
Perfect
What economic situation has
occurred when the quantity
supplied is more than the quantity
demanded?
Shortage
Surplus
Equilibrium.
Perfect
In which of the following markets
are goods sold illegally?
Black Market
Flea Market
Super Market
Stock Market
What is Microsoft considered?
Franchise
Corporation
Sole-Proprietorship
Partnership
What is Taco Bell considered?
Franchise
Corporation
Sole-Proprietorship
Partnership
What is the easiest type of business
to start up?
Franchise
Sole-Proprietorship
Corporation
Partnership
What is the most expensive type of
business to start up?
Partnership
Corporation
Sole-Proprietorship
Lemonade Stand
Which of the following are barriers
for companies to enter a market?
Start up costs
Technology
Management
A and B
What is considered a market
dominated by a single seller?
Oligopoly
Monopoly
Franchise
Copyright
What type of license gives the
inventor of a new product the
exclusive right to sell it for a certain
period of time? (Ex. Windows XP)
License
Patent
Franchise
Monopoly
What type of market is dominated
by a few large firms? (Ex. Soft drink
industry)
Monopoly
Oligopoly
Firms
Collusion
What laws have been created to
encourage competition in the
marketplace?
Trust
Predatory
Antitrust
Dishonest
What occurs when two or more
companies combine into a single
firm? (Ex. Chrysler and Mercedes
Benz)
Merger
Collusion
Deregulation
Antitrust
What is defined as the removal of
some government controls over a
market? (Ex. Allowing Competition
in the Local Telephone Market)
Merger
Deregulation
Collusion
Price Fixing
What is the failure to repay a loan
called?
Repay
Default
Loan Sharking
Credit Limit
When you receive a Credit Card it
will have a preset dollar limit you
may charge, what is this called?
Credit Limit
Debit Limit
Credit Card
Charge Card
Which type of card directly debits
your bank account for the purchase
you are making?
Charge Card
Debit Card
ATM Card
Credit Card
What is the most commonly used
form of computing finance charges?
Average Daily Balance
Previous Balance
Adjusted Balance
Two-Cycle Balance
What type of fee occurs once a year
for using a particular credit card?
Finance Charge
Annual Fee
Grace Period
Limit Fee
What is the time period between
when you’re billed and when you
have to pay considered?
Grace Period
Finance Charge
Limit Fee
Annual Fee
What is the withdrawal of money
from an ATM with your credit card
called?
Cash advance
Purchase
Point-of-sale purchase
Finance Fee
Which of the following are NOT
asked when filling out an application
for a loan?
Your employment status
Your current debts
Your References
Your Race
Which of the following questions
will you NOT ask yourself when you
are looking for a loan?
How much can I borrow?
How much will it cost?
What if I don’t pay on time?
None of the above
What is the amount you pay to an
insurance company for coverage
considered?
Deductible
Premium
Collision
Liability
What is the amount of expenses
that you must pay before the insurer
will cover any expenses considered?
Premium
Deductible
Collision
Liability