ECON 102 Study Guide - Final Guide: Product Differentiation, Strategic Dominance, Marginal Product
ECON 102 Full Course Notes
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Microeconomics
A | B | Answer |
As a student of economics, when you speak of scarcity, you are referring to the ability of society to. | A. Extra benefit | |
What is the economic meaning of the expression that "There is no such thing as a free lunch?" | B. Entrepreneur. | |
Which expression is another way of saying "marginal benefit"? | C. Very limited government role in the economy | |
A tradeoff exists between two economic goals, X and Y. This tradeoff means that. | D. Price ceilings and the resulting product shortages. | |
The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the | E. Explicit costs. | |
The Soviet Union economy of the 1980s would best be classified as | F. Easy entry, many firms, and differentiated products | |
The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through | G. Product markets | |
Laissez-faire capitalism is characterized by | H. Satisfy economic wants given limited resources. | |
Black markets are associated with | I. Oligopoly | |
Cash expenditures a firm makes to pay for resources are called | J. The Resource Markets | |
Which set of characteristics below best describes the basic features of monopolistic competition | K. A command System | |
Mutual interdependence would tend to limit control over price in which market model | L. Getting more of X requires getting less of Y | |
Markets in which firms sell their output of goods and services are called | M. It means that there is an opportunity cost when resources are used to provide "free" products |
1. Which of the following groups of countries are all advanced economies?
Hong Kong, Japan, France, and the United Kingdom |
||
Italy, the United States, China, and Russia |
||
Singapore, Russia, France, and Chad |
||
Australia, Brazil, and the United States |
QUESTION 2
1. The most people live in ________ economies and the fewest people live in ________ economies.
developing; emerging market |
||
advanced; emerging market |
||
emerging market; developing |
||
advanced; developing |
QUESTION 3
1. Households and firms in the U.S. economy interact with those in the rest of the world in the ________ market and the ________ market.
goods; financial |
||
government; goods |
||
goods; factor |
||
financial; factor |
QUESTION 4
1. As a factor of production, oil reserves are counted as
labor. |
||
capital. |
||
entrepreneurship. |
||
land. |
QUESTION 5
1. ________ the owners of the factors of production, while ________ what amounts of those factors to hire.
Households are; the government determines |
||
Firms are; households that determine |
||
The government is; firms determine |
||
Households are; firms that determine |
QUESTION 6
1. The emerging market economies are
the nations that are currently agricultural in nature. |
||
most of the nations of Western Europe. |
||
the largest grouping including the nations of China and India. |
||
in the transition from state-owned production to free markets. |
QUESTION 7
1. In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income was
consumption of goods and services. |
||
entrepreneurship. |
||
capital. |
||
labor. |
QUESTION 8
1. Items bought by individuals to provide personal enjoyment are termed
personal goods. |
||
consumption of goods. |
||
consumption or investment goods. |
||
standard goods. |
QUESTION 9
1. In the advanced economies, ________ of the factories use advanced capital equipment and in the developing economies ________ of the factories use advanced capital equipment
virtually all; none |
||
some; some |
||
virtually all; virtually all |
||
virtually all; some |
QUESTION 10
1. The productive resource that includes all the "gifts of nature" is called
land. |
||
labor. |
||
entrepreneurship. |
||
capital. |
QUESTION 11
1. What would be an example of government good?
Donald Trump purchases furniture for his office. |
||
Antonio, the manager of the local Taco Hut, purchases a new deep fryer. |
||
The local driver's license office purchases a new digital camera and printer. |
||
Jake buys an iPhone. |
QUESTION 12
1. The world population is approximately ________ people.
2 trillion |
||
680 million |
||
6.8 billion |
||
6.8 million |
QUESTION 13
1. Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as
U.S. exports of goods and services. |
||
U.S. government goods and services. |
||
foreign capital goods. |
||
U.S. consumer goods and services. |
QUESTION 14
1. Of the following, the federal government obtains most revenue from
corporate income taxes. |
||
excise taxes. |
||
sales taxes. |
||
social security taxes. |
QUESTION 15
1. Items bought by businesses to help produce other goods and services are called
capital goods. |
||
government goods and services. |
||
consumption of goods and services. |
||
exports of goods and services. |
QUESTION 16
1. The majority of the income earned in the United States is paid in
profit. |
||
interest. |
||
rent. |
||
wages. |
QUESTION 17
1. Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market
must include a written contract between buyers and sellers. |
||
requires a physical location for buyers and sellers to get together. |
||
is only a place to purchase groceries. |
||
is an arrangement that brings buyers and sellers together. |
QUESTION 18
1. The United States possesses a large amount of human capital. As a result of this fact, in the United States, there is a
highly skilled and educated labor force. |
||
a large number of kind and generous humans. |
||
a large number of people and a great deal of land. |
||
a large amount of machinery and equipment. |
QUESTION 19
1. Which of the following correctly lists the categories of factors of production?
labor, machines, buildings, capital, and entrepreneurship |
||
land, buildings, capital, and entrepreneurship |
||
land, labor, capital, and entrepreneurship |
||
forests, fish, buildings, capital, and entrepreneurship |
QUESTION 20
1. Which of the following correctly lists the categories of factors of production?
capital, money, and labor |
||
hardware, software, land, and money |
||
land, labor, capital, and entrepreneurship |
||
machines, buildings, land, and money |
QUESTION 21
1. In the United States, the poorest 20 percent of households receive roughly ________ percent of total income.
10 |
||
3 |
||
15 |
||
20 |
QUESTION 22
1. What would be an example of a consumption service?
Jake buys an iPhone. |
||
The local driver's license office purchases a new digital camera and printer. |
||
Antonio, the manager of the local Taco Hut, purchases a new deep fryer. |
||
Rhianna gets a haircut. |
QUESTION 23
1. The total value of capital in the United States is around
$47 trillion. |
||
$10 trillion. |
||
$100 trillion. |
||
$79 trillion. |
QUESTION 24
1. An export good is a good produced
by foreigners in the United States and purchased by U.S. households. |
||
in another country and purchased by U.S. residents. |
||
in the United States and sold to foreigners living in the United States. |
||
in the United States and sold in other countries. |
QUESTION 25
1. ________ paid for the use of land; ________ paid for the services of labor; and ________ paid for the use of capital.
Interest is; wages are; profit is |
||
Rent is; wages are; interest is |
||
Rent is; interest is; wages are |
||
Mortgages are; interest is; wages are |
1. Which of the following groups of countries are all advanced economies?
Hong Kong, Japan, France, and the United Kingdom |
||
Italy, the United States, China, and Russia |
||
Singapore, Russia, France, and Chad |
||
Australia, Brazil, and the United States |
QUESTION 2
1. The most people live in ________ economies and the fewest people live in ________ economies.
developing; emerging market |
||
advanced; emerging market |
||
emerging market; developing |
||
advanced; developing |
QUESTION 3
1. Households and firms in the U.S. economy interact with those in the rest of the world in the ________ market and the ________ market.
goods; financial |
||
government; goods |
||
goods; factor |
||
financial; factor |
QUESTION 4
1. As a factor of production, oil reserves are counted as
labor. |
||
capital. |
||
entrepreneurship. |
||
land. |
QUESTION 5
1. ________ the owners of the factors of production, while ________ what amounts of those factors to hire.
Households are; the government determines |
||
Firms are; households determine |
||
The government is; firms determine |
||
Households are; firms determine |
QUESTION 6
1. The emerging market economies are
the nations that are currently agricultural in nature. |
||
most of the nations of Western Europe. |
||
the largest grouping including the nations of China and India. |
||
in the transition from state-owned production to free markets. |
QUESTION 7
1. In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income was
consumption of goods and services. |
||
entrepreneurship. |
||
capital. |
||
labor. |
QUESTION 8
1. Items bought by individuals to provide personal enjoyment are termed
personal goods. |
||
consumption of goods. |
||
consumption or investment goods. |
||
standard goods. |
QUESTION 9
1. In the advanced economies, ________ of the factories use advanced capital equipment and in the developing economies ________ of the factories use advanced capital equipment
virtually all; none |
||
some; some |
||
virtually all; virtually all |
||
virtually all; some |
QUESTION 10
1. The productive resource that includes all the "gifts of nature" is called
land. |
||
labor. |
||
entrepreneurship. |
||
capital. |
QUESTION 11
1. What would be an example of government good?
Donald Trump purchases furniture for his office. |
||
Antonio, the manager of the local Taco Hut, purchases a new deep fryer. |
||
The local driver's license office purchases a new digital camera and printer. |
||
Jake buys an iPhone. |
QUESTION 12
1. The world population is approximately ________ people.
2 trillion |
||
680 million |
||
6.8 billion |
||
6.8 million |
QUESTION 13
1. Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as
U.S. exports of goods and services. |
||
U.S. government goods and services. |
||
foreign capital goods. |
||
U.S. consumer goods and services. |
QUESTION 14
1. Of the following, the federal government obtains most revenue from
corporate income taxes. |
||
excise taxes. |
||
sales taxes. |
||
social security taxes. |
QUESTION 15
1. Items bought by businesses to help produce other goods and services are called
capital goods. |
||
government goods and services. |
||
consumption of goods and services. |
||
exports of goods and services. |
QUESTION 16
1. The majority of the income earned in the United States is paid in
profit. |
||
interest. |
||
rent. |
||
wages. |
QUESTION 17
1. Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market
must include a written contract between buyers and sellers. |
||
requires a physical location for buyers and sellers to get together. |
||
is only a place to purchase groceries. |
||
is an arrangement that brings buyers and sellers together. |
QUESTION 18
1. The United States possesses a large amount of human capital. As a result of this fact, in the United States, there is a
highly skilled and educated labor force. |
||
a large number of kind and generous humans. |
||
a large number of people and a great deal of land. |
||
a large amount of machinery and equipment. |
QUESTION 19
1. Which of the following correctly lists the categories of factors of production?
labor, machines, buildings, capital, and entrepreneurship |
||
land, buildings, capital, and entrepreneurship |
||
land, labor, capital, and entrepreneurship |
||
forests, fish, buildings, capital, and entrepreneurship |
QUESTION 20
1. Which of the following correctly lists the categories of factors of production?
capital, money, and labor |
||
hardware, software, land, and money |
||
land, labor, capital, and entrepreneurship |
||
machines, buildings, land, and money |
QUESTION 21
1. In the United States, the poorest 20 percent of households receive roughly ________ percent of total income.
10 |
||
3 |
||
15 |
||
20 |
QUESTION 22
1. What would be an example of a consumption service?
Jake buys an iPhone. |
||
The local driver's license office purchases a new digital camera and printer. |
||
Antonio, the manager of the local Taco Hut, purchases a new deep fryer. |
||
Rhianna gets a haircut. |
QUESTION 23
1. The total value of capital in the United States is around
$47 trillion. |
||
$10 trillion. |
||
$100 trillion. |
||
$79 trillion. |
QUESTION 24
1. An export good is a good produced
by foreigners in the United States and purchased by U.S. households. |
||
in another country and purchased by U.S. residents. |
||
in the United States and sold to foreigners living in the United States. |
||
in the United States and sold in other countries. |
QUESTION 25
1. ________ paid for the use of land; ________ paid for the services of labor; and ________ paid for the use of capital.
Interest is; wages are; profit is |
||
Rent is; wages are; interest is |
||
Rent is; interest is; wages are |
||
Mortgages are; interest is; wages are |