Econ Midterm Part 1 Question Preview (ID: 60721)


Econ Review. TEACHERS: click here for quick copy question ID numbers.

What condition is being created if there are more consumers who want to buy a product than the number of that product available. (Example: 1000 people want to buy an Iphone but only 100 Iphones are available for purchase)
a) Shortage
b) Surplus
c) Anarchy
d) Communism

What condition is created when there are more of a product available to purchase than consumers who want to buy the product. (Example: 2,000 tickets are available for a concert, but only 1,000 people want to attend that concert)
a) Surplus
b) Shortage
c) Scarcity
d) Command Economy

The total amount of a particular good or service available to consumers
a) Need
b) Want
c) Supply
d) Demand

Economic System where decisions are made by individuals and private companies
a) Traditional
b) Market
c) Command
d) Anarchy

A person who organizes, manages, and assumes the risks of a business or enterprise
a) Capital
b) Service
c) Scarcity
d) Entrepreneur

Which of the following is NOT a type of capital?
a) Human
b) Financial
c) Social
d) Animal

Economic System that has a reliance on Farming
a) Traditional
b) Market
c) Command
d) Anarchy

Goods or services that are not necessary but that bring enjoyment
a) Need
b) Want
c) Scarcity
d) Shortage

Something necessary for survival, such as food, water, and shelter
a) Want
b) Shortage
c) Supply
d) Need

What type of business structure is owned and operated by 1 person?
a) Sole Proprietorship
b) Partnership
c) Competitive Market
d) Imperfect Competition

Which of the following is NOT a condition for perfect competition
a) Firms can enter and leave markets without many barriers
b) There are few sellers for a product
c) Many firms produce identical products
d) Many buyers and sellers are available for products

Which industry is most associated with a perfect competition market structure?
a) Tech
b) Retail
c) Education
d) Agriculture

Someone who lost their job because they work for a company that makes products for a technology that is outdated and no longer in demand would be suffering from what type of unemploymnet?
a) Frictional
b) Structural
c) Out of the work force
d) Cyclical

A recent college graduate looking for a job would be considered part of what type of unemployment?
a) Frictional
b) Structural
c) Cyclical
d) Out of the work force

When no competition exists and a firm has complete market power what is created?
a) Partnership
b) Monopoly
c) Imperfect Competition
d) Competitive Market

If you were let go from a business who was downsizing their labor force because of a downturn in the economy, what type of unemployment would you be a part of?
a) Structural
b) Cyclical
c) Out of the work force
d) Frictional

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