ECON FINAL

market demand schedule

a table that lists the quantity of a good all consumers in a market buy at each different price is called

it was the most severe economic downturn in the history of industrial capitalism

an accurate statement about the Great Depression would be that

uses its resources to make the most of goods and services

an efficient economy is one that

regulation

an establishment formed to carry on commercial enterprise is called

a paperback book

an example of a nondurable good

food available because the trucks carrying it are on strike

an example of a shortage is limited amounts of

sole proprietorship

an unincorporated business owned by a single person, which may or may not have employees

capital

any resources that are made by humans and used to create other goods and services are called

perfect competition

apples are what type of market structure

variable cost

electricity is an example of what type of cost

a cake purchased from a bakery for a wedding

example of a final good or service

rent

example of a fixed cost for a store

oranges

example of a good with an inelastic supply

a used car

example of durable good

the sunshine rice cereal company merges with the new dawn oat cereal company

example of horizontal merger

minimum wage

example of price floor

a single firm supplies all the output

how does a natural monopoly function

none

how much control over price does companies in a perfectly competitive market have

cyclically unemployed

if Bob loses his job at the GM plant because car manufacturing is slow due to a downturn in the economy

unitary elasticity

if the elasticity of demand of a good is equal to 1, it is described as

contraction

in a typical business cycle, what stage immediately folows a peak

limited liability partnership

in this type of partnership, all partners are limited partners

monopoly oligopoly perfect competition monopolistic competition

list the four types of market structures

general partnership limited liability partnership limited partnership

list the three types of partnerships

toys manufactured in china at a factory owned by a U.S. company

products that would be used in calculating GDP include

monopoly

public water is what type of market structure

price ceiling

rent control is a type of

oligopoly

sunshine island has three large supermarkets that supply most of the groceries for the island's population. a gas station also sells a very small selection of groceries. how would you describe the market for groceries on Sunshine island?

inelastic

supply of hotel rooms is what

vertical merger

the combination of two or more firms involved in different stages of producing the same good or service is called

guns or butter issue

the government of a country must make a decision between increasing military spending and subsidizing wheat farmers. this kind of decision is a

the calculation of GDP would include

the income of a high school English teacher

when the supply of a product increases, the price of the product falls

the law of supply states that

trough

the lowest point in an economic contraction

the price drops and the quantity demanded increases

the new oven in Mr. Browns bakery allows him to produce bread more efficiently and more cheaply. what is the most likely effect

production possibilities graph

the opportunity cost of a decision can be examined by using a

equilibrium

the point at which quantity demand and quantity supplied are equal

show alternative ways to use an economy's resources

the purpose of a production possibilities graph is to

factors of production

the resources used to make all goods and services are the

law of supply

the tendency of suppliers to offer more of a good at a higher price is called

inelastic

this describes demand that is not very sensitive to a change in price

corporation

this type of business is controlled by an elected board of directors who act upon the stock holders behalf

complements

two goods that are bought and used together are

time

what facor has the greatest influence on elasticity and inelasticity of supply

the bonus check a worker receives this year

what is counted in this year's GDP

physical capital

what is factory building an example of

professional sports leagues

what is one kind of monopoly that the U.S. government generally permits

perfect competition monopolistic competition oligopoly monopoly

what is the correct sequence of market structures from the most competitive to the least competitive

two to four large firms that dominate the market

what is the definition of an oligopoly

a depression is a particularly deep recession with high levels of unemployment

what is the difference between between a recession and a depression

seasonal unemployment occurs because of schedules, whereas structural occurs because people lack skills

what is the difference between seasonal unemployment and structural unemployment

the most desirable alternative given up for the decision

what is the opportunity cost of a decision

jeans

what market is an example of monopolistic competition

inelastic

what term describes demand with an elasticity of less than 1

frictionally unemployed

when Alison, a college math professor, leaves her job at a small rural college and starts looking for a job at large urban university, she is

inelastic

when the price of table salt increases there is not much change in demand because the demand is

perfect competition

which market structure has the largest number of suppliers

the use of e-mail to replace slower surface mail

which of the following is an example of lower production costs brought about by the use of technology

perfect competition

which type of market structure has identical types of goods

monopoly

which type of market structure has total and complete control over pricing

a retired couple on a fixed income

who would be most likely to be worried about high inflation

elasticity of supply

a measure of the way quantity suplied reacts to a change in price is called

stock

a certificate of ownership in a corporation is called

supply curve

a graph of the quantity supplied of a good at different prices is called a

ceteris paribus

a latin phrase meaning "all other things held constant"

patent

a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time is called a

the demand curve will shift to the right

consumers are told that the consumption of cauliflower will significantly reduce the risk of cancer, what is most likely to happen to the market

ability and willingness to buy the product

demand for a product is measured not only by consumer desire for a product, but also by

inelastic

demand for goods that are necessities is usually