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P 2 Final

Total questions: 120

Worksheet time: 1hrs 8mins

Name
Class
Date
1.
What is demand?
a)
The desire to own something and the ability to afford it.
b)
A graph that shows the quantity demanded at every price.
c)
The usefulness of a product expressed in a dollar sign.
2.
Which of the following best describes the Law of Demand?
a)
As price goes down, demand goes down. (and vice versa).
b)
As price goes down, demand goes up (and vice versa).
c)
As demand goes down, supply goes up.
d)
As demand goes up, price becomes elastic.
3.
The Law of Demand "works" because of a combination of what two effects?
a)
Substitution and Income Effects
b)
Doppler and Lake Effects
c)
The Ability and Desire Effect
d)
The Substitution and Elasticity Effect
4.
A change in demand is shown
a)
along the demand curve
b)
with a new demand curve above or below the original demand curve
c)
without a demand graph
d)
with a totally vertical line
5.
A change in quantity demanded is shown
a)
at various points on the demand curve
b)
with a new demand curve drawn above or below the original demand curve
c)
with a vertical line
6.
Consuming more of one good because of a change in price of another good is known as the 
a)
income effect
b)
substitution effect
c)
elasticity effect
d)
demand effect
7.
This occurs when you feel like you have less money when the price of a good rises.
a)
Income Effect
b)
Substitution Effect
c)
Demand Effect
d)
Inflation Effect
8.
A table that lists the quantity of a good that a single person will buy at each price in a market.
a)
demand schedule
b)
market demand schedule
c)
elasticity chart
d)
supply and demand graph
9.
The demand curve always slopes
a)
down and to the right
b)
straight up and down
c)
down and to the left
d)
up and to the right
10.
Price goes on ________
a)
the vertical axis
b)
the horizontal axis
c)
at the origin
d)
the z axis
11.
What goes on the horizontal axis of a demand graph?
a)
price
b)
quantity demanded
c)
quantity supplied
d)
change in demand
12.
What is the Latin term that means "all other things held constant."
a)
c'est la vie
b)
anno domini
c)
ceteris paribus
d)
carpe diem
13.
Which of the following would NOT cause a demand curve to shift?
a)
a change in a consumer's income level
b)
a change in population
c)
a change in a consumer's expectations
d)
a change in the price of a product.
14.
Consumers demand more of this type of good when their income rises.
a)
Normal good
b)
Inferior good
c)
Elastic good
d)
Substitution good
15.
Consumers demand less of this type of good when their income rises.
a)
Normal good
b)
Inferior good
c)
Elastic good
d)
Related good
16.
The demand for a good is _____ when a small change in price causes a large change in the quantity demanded.
a)
elastic
b)
inelastic
c)
related
d)
substituted
17.
If a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?
a)
it will go up
b)
it will go down
c)
it will stay the same
d)
what does this have to do with the price of tea in China?
18.
Demand for a product is said to be _______ when a change in price causes very little change in quantity demanded.
a)
elastic 
b)
inelastic
c)
related
d)
rigid
19.
Goods that are bought and used together are 
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
20.
A reduction in the overall population of an area will likely cause a demand curve to shift
a)
left
b)
right
c)
 up
d)
not at all
21.
The study of economics that deals with economic activity in small units and individual decisions.
a)
microeconomics
b)
macroeconomics
c)
demand
d)
supply
22.
Insulin for a diabetic has a/an _______ demand.
a)
elastic
b)
inelastic
23.
Sheetz gas has a/an _______ demand.
a)
elastic
b)
inelastic
24.
Which of the following is NOT a determinant for demand elasticity?
a)
the availability of substitutes
b)
a good's relative importance
c)
whether or not it is a luxury vs. a necessity
d)
change in population
25.
How will the demand curve for iPhone accessories change if the demand for iPhones increases?
a)
shift up and to the right
b)
shift down and to the left
c)
it will not change
26.
In a market economy, who decides on the prices of goods and services?
a)
government
b)
buyers and sellers
c)
firms
d)
local leaders
27.
Which factor causes the demand curve to shift in the following situation: Bobby graduated from college and got a good job, so he decided to buy a new 2016 Passat.
a)
income
b)
population
c)
consumer tastes & advertising
d)
prices of related goods
28.

The amount of goods available and offered for sale at all possible prices:

a)

Supply

b)

Law of Supply

c)

Supply Utility

d)

Equilibrium

29.

principle that more will be offered for sale at higher prices than at lower prices:

a)

Law of Supply

b)

Law of Demand

c)

Supply

d)

Market Supply

30.

The number one goal of a business is:

a)

Equality

b)

Good Working Conditions

c)

To make money

d)

Charitable Contributions

31.

This is a table that lists how much of a good a supplier will offer at different prices:

a)

Demand Schedule

b)

Supply Schedule

c)

Economics Schedule

d)

Profit Schedule

32.
A supply curve slopes:
a)
Upward
b)
Downward
c)
Vertical
d)
Not at All
33.
The only thing that causes movement along a supply or demand curve:
a)
Price
b)
Quantity
c)
Climate
d)
Weather
34.
The desire to own something and the ability to pay for it:
a)
Supply
b)
Demand
c)
Economics
d)
Schedule
35.
A demand curve slopes
a)
Downward
b)
Upward
c)
Vertical
d)
Horizontal
36.

a graph, or chart, that shows the various amounts offered by all firms over a range of possible prices

a)

market supply curve

b)

Law of Supply

c)

Supply availability

d)

supply schedule

37.

change in amount offered for sale when the price changes

a)

market supply curve

b)

Law of Supply

c)

supply curve

d)

quantity supplied

e)

supply

38.

a graph that shows the different amounts of a product supplied over a range of possible prices

a)

market supply curve

b)

Law of Supply

c)

supply curve

d)

supply

39.

legal hourly rate for labor that may be a federal or state law.

a)

minimum wage

b)

legal wage

c)

state wage

d)

federal maximum wage

e)

hourly pay rate

40.

People willing to work should have enough to survive comfortably...

a)

Argument against minimum wage laws

b)

Argument in favor of right to arm bears

c)

Argument in favor of minimum wage laws

d)

Argument in favor of trade wars with Canada & Mexico

41.

Minimum wage will increase unemployment and poverty...

a)

Argument against minimum wage laws

b)

Argument in favor of minimum wage laws

42.

According to the NPR story on Tuesday...a relationship between lower birth rates and a pending recession is this type of indicator:

a)

leading indicator of a recession

b)

lagging indicator of a recession

c)

lame indicator of a recession

d)

latitudinal study of economic recession

43.

People are more likely to have kids when...

a)

the economy is growing

b)

the economy is going into a recession

c)

there is no evidence of a relationship between births and the economy.

44.

People are more likely to have kids when...

a)

the economy is growing

b)

the economy is going into a recession

c)

there is no evidence of a relationship between births and the economy.

45.

In what year did the most recent great recession start?

a)

2007

b)

2008

c)

2009

d)

2010

e)

2000

46.

Which one of the following words is most associated with a recession?

a)

employment

b)

unemployment

c)

rising incomes

d)

decreasing unemployment

47.

improved technology in production

a)

increase in supply

b)

decrease in supply

48.

decrease in the price of labor

a)

increase in supply

b)

decrease in supply

49.

increase in the price of an input used in production

a)

increase in supply

b)

decrease in supply

50.

decrease in the cost of capital (interest rates)

a)

increase in supply

b)

decrease in supply

51.

decrease in the cost of energy used in production

a)

increase in supply

b)

decrease in supply

52.

decrease in the cost of advertising

a)

increase in supply

b)

decrease in supply

53.

increase in government subsidies to producing firms

a)

increase in supply

b)

decrease in supply

54.

increase in excise or sales taxes

a)

increase in supply

b)

decrease in supply

55.

increase in the number of firms in the market

a)

increase in supply

b)

decrease in supply

56.

expectation that mad cow disease has come to California

a)

increase in supply of beef

b)

decrease in supply beef

57.

Dollar General opens a new store in Tulelake

a)

increase in supply of food

b)

decrease in supply of food

58.

The relationship between the factors of production and the output of goods and services.

a)

Theory of Production

b)

Law of Variable Proportions

c)

Production Function

d)

Stages of Production

e)

Marginal Product

59.

The rule stating that short run outputs will change as one inputs varied while the others are held constant.

a)

Theory of Production

b)

Law of Variable Proportions

c)

Production Function

d)

Stages of Production

e)

Marginal Product

60.

A graphic portrayal showing how a change in the amount of a single variable input affects total outputs.

a)

Theory of Production

b)

Law of Variable Proportions

c)

Production Function

d)

Stages of Production

e)

Marginal Product

61.

Phases of production- increasing, decreasing,and negative return.

a)

Theory of Production

b)

Law of Variable Proportions

c)

Production Function

d)

Stages of Production

e)

Marginal Product

62.

An extra output due to the addition of one more unit of input

a)

Theory of Production

b)

Law of Variable Proportions

c)

Production Function

d)

Stages of Production

e)

Marginal Product

63.

Production Period long enough to change the amount of variables and fixed inputs used in production.

a)

Diminishing Returns

b)

Long Run

c)

Short Run

d)

Stages of Production

e)

Raw Materials

64.

A stage of production whereby total product increases but at a decreasing rate. Marginal product begins to decrease as more units of variable input are added.

a)

Diminishing Returns

b)

Stage I

c)

Stage III

d)

Stages of Production

e)

Raw Materials

65.

Unprocessed natural resources used in production.

a)

Total Product

b)

Increasing Returns

c)

Short Run

d)

Stages of Production

e)

Raw Materials

66.

A stage of production whereby marginal product increases with each additional input...or worker.

a)

Total Product

b)

Increasing Returns

c)

Short Run

d)

Stage II

e)

Stage III

67.

A stage of production where by marginal product becomes negative as more units of variable input are added.

a)

Positive Returns

b)

Stage III

c)

Short Run

d)

Stage II

e)

Stage I

68.

produccion extra debida a adicion de una unidad mas de insumo.

a)

Productividad marginal

b)

Marginal Trabajo Profesional

c)

frontera de posibilidades marginal

d)

Producto marginal

69.

Increase in Variable Cost / Marginal Product = _____

a)

Marginal Cost

b)

Average Total Cost

c)

Marginal Revenue

d)

Marginal Fixed Revenue

70.

The additional amount of money a business receives by selling one more unit of a product.

a)

Marginal cost

b)

Marginal Revenue

c)

Profit

d)

Marginal Profit

71.
 Total Revenue - Total Cost = _____
a)
Profit
b)
Revenue
c)
Marginal Revenue
d)
Variable Revenue
72.
Costs that do not change when the quanity of output produced changes?
a)
Fixed Costs
b)
Variable Costs
c)
Explicit Costs
d)
Implicit Costs
73.
Time period in which one of the costs is fixed?
a)
Long Run
b)
Short Run
74.

Additional cost associated by producing one additional unit of product.

a)

Fixed Costs

b)

Average Costs

c)

Marginal Costs

d)

Variable Costs

75.
The amount a firm receives after all costs have been paid.
a)
Revenue
b)
Marginal Profit
c)
Profit
d)
Marginal Revenue
76.
The amount a firm receives for the sale of its output.
P x Q = _____
a)
Profit
b)
Total Revenue
c)
Marginal Revenue
d)
Average Profit
77.

An increase in output which arises from one additional unit of input.

a)

Marginal Cost

b)

Marginal Product

c)

Marginal Revenue

d)

Marginal Input

78.
Period of time in which all costs are variable.
a)
Long Run
b)
Short Run
79.

Revenue generated by selling one additional unit of product.

a)

Marginal Revenue

b)

Marginal Profit

c)

Total Revenue

d)

Average Revenue

80.
Costs that change as the quantity of outputs changes.
a)
Fixed Costs
b)
Variable Costs
81.
The property whereby long-run average total cost falls as the quantity of output increases.
a)
Economies of Scale
b)
Efficient Scale
c)
Constant Returns to Scale
d)
Diseconomies of Scale
82.
The relationship between the quantity of inputs used to make a good and the quantity of output produced.
a)
Diminishing Marginal Utility
b)
Production Function
c)
Conjunction Junction
d)
Economies of Scale
83.

broad category of fixed costs that includes rent, taxes, and executive salaries.

a)

marginal costs

b)

overhead costs

c)

variable costs

d)

total costs

e)

operational costs

84.

extra cost of producing one additional unit of production. Calculated by dividing the increase in variable cost by the marginal product.

a)

marginal cost

b)

overhead costs

c)

variable costs

d)

total costs

e)

operational costs

85.

electronic business conducted over the Internet is generally known as this...

a)

e-commerce

b)

Amazon

c)

walmart.com

d)

Facebook

e)

insta.gram.wasting.learning.time.com

86.

production level where total cost equals total revenue.

a)

break-even point

b)

break-point analysis

c)

point-break event

d)

bankruptcy

87.

level of production where marginal cost is equal to marginal revenue.

a)

profit-maximizing quantity of output

b)

profit-marginalizing quantity of input

c)

profit-making quantity of output

d)

profit-making quantity of marginal products

88.

A reason why a Walmart store may stay open 24 hours/day.

a)

Low variable cost

b)

High variable cost

c)

Low fixed cost

d)

High fixed cost

e)

Low marginal cost

89.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
90.
This type of business is owned by two or more people.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
91.
This type of business is owned by many people called stockholders.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
92.
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
93.
Floral shops, bookstores and farms are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
94.
Law firms and doctor's offices are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
95.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
96.
McDonald's and Burger King are examples of....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
97.
Which types of businesses are easy to start?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
All of the above
98.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
99.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
100.
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
101.
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
102.
Advantages of this type of business include: selling stock to raise money, limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
103.
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
104.
Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
105.
Disadvantages of this type of business include: parent company are strict, you are limited in what you sell, and you must operate like every other franchise.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
106.

This elected official in California is responsible for granting corporate charters

a)

Governor

b)

Treasurer

c)

Secretary of State

d)

Lt. Governor

107.

A government document that gives permission to create a corporation.

a)

manfest

b)

charter

c)

memorandum

d)

constitution

108.
What are the two types of business expansion
a)
Mergers and reinvestment
b)
Mergers and selling the company
c)
Reinvestment and selling the company
109.
What is a merger?
a)
When a company combines two of its departments
b)
When two or more companies become one
110.
What is reinvestment?
a)
Putting money back into the business
b)
Putting your vest back on
111.
What is cash flow?
a)
Money that keeps on coming
b)
real measure of profits 
112.
Horizontal integration is where a business joins with another at the same stage of the production process. 
a)
True
b)
False
113.
Vertical Integration is where a business joins with another at a different stage of the same production process
a)
True
b)
False
114.
Conglomerate integration is where a business joins with another in a different type of production process
a)
True
b)
False
115.

A report showing a businesses sales, expenses, and profits for a certain time period like a month, quarter or year.

a)

income statement

b)

balance sheet

c)

depreciation statement

d)

none listed are correct

116.

The process of spreading out the cost of an asset over several years and reporting the non cash expense on an income statement.

a)

depreciation

b)

appreciation

c)

inflation

d)

deflation

117.

A merger between Bank of American and Wells Fargo Bank would be this type of merger

a)

congomerate

b)

multinational

c)

horizontal

d)

vertical

118.

Ford Motor Corporation merging with Goodyear Tire Company would be this type of merger

a)

conglomerate

b)

vertical

c)

horizontal

d)

multinational

119.

Firestone Tire Company buying a rubber tree company in Indonesia would be this type of merger

a)

vertical

b)

horizontal

c)

conglomerate

d)

partnership

120.

A company like Disney that owns theme parks, tv networks, movie production companies, recording businesses, businesses in many countries, and produces and sells all kinds of merchandise is best described as...

a)

partnership corporation

b)

multinational conglomerate

c)

LLC

d)

sole proprietorship

e)

multinational vertically integrated corporation

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