Download ECONOMICS – BENCHMARK TEST #2 STUDY GUIDE

ECONOMICS – BENCHMARK TEST #2
STUDY GUIDE
CHAPTER 5 –
1. A GOVERNMENT PAYMENT THAT SUPPORTS A BUSINESS OR MARKET_______________________?
2. THE GOVERNMENT INTERVENTION IN A MARKET THAT AFFECTS THE PRODUCTION OF A
GOOD____________________________________________________________________________________?
3. A MEASURE OF THE WAY QUANTITY SUPPLIED REACTS TO A CHANGE IN
PRICE____________________________________________________________________________________?
4. COST THAT RISES OR FALLS DEPENDING ON HOW MUCH IS PRODUCED_______________________?
5. COST THAT DOES NOT CHANGE, NO MATTER HOW MUCH OF A GOOD IS
PRODUCED_______________________________________________________________________________?
6. A TAX ON THE PRODUCTION OF OR SALE OF A GOOD________________________________________?
7. THE ADDITIONAL INCOME FROM SELLING ONE MORE UNIT OF A GOOD; SOMETIMES EQUAL TO
PRICE____________________________________________________________________________________?
LAW OF SUPPLY / QUANTITY SUPPLIED / ELASTICITY OF SUPPLY / FIXED COST /
VARIABLE COST / MARGINAL REVENUE / SUBSIDY / REGULATION / EXCISE TAX
CHAPTER 6 –
8. WHEN QUANTITY SUPPLIED IS MORE THAN QUANTITY DEMANDED___________________________?
9. THE POINT AT WHICH QUANTITY SUPPLIED AND QUANTITY DEMANDED ARE
EQUAL___________________________________________________________________________________?
10. A SYSTEM OF ALLOCATING SCARCE GOODS AND SERVICES USING CRITERIA OTHER THAN
PRICE____________________________________________________________________________________?
11. A MINIMUM PRICE THAT AN EMPLOYER CAN PAY AN EMPLOYEE FOR AN HOUR OF
LABOR___________________________________________________________________________________?
12. A PRICE CEILING PLACED ON RENT_________________________________________________________?
13. THE FINANCIAL AND OPPORTUNITY COSTS CONSUMERS PAY WHEN SEARCHING FOR A GOOD OR
SERVICE_______________________________________________________________________________?
14. A MAXIMUM PRICE THAT CAN BE LEGALLY CHARGED FOR A GOOD OR
SERVICE__________________________________________________________________________________?
EQUILILBRIUM / PRICE FLOOR / PRICE CEILING / EXCESS DEMAND / RENT CONTROL / EXCESS SUPPLY
MINIMUM WAGE / SHORTAGE / SEARCH COSTS / SPILLOVER COSTS / RATIONING / SUPPLY SHOCK
CHAPTER 8 –
15. AUTHORIZATION TO START A BUSINESS ISSUED BY THE LOCAL
GOVERNMENT____________________________________________________________________________________?
16. THE LEGALLY BOUND OBLIGATION TO PAY DEBTS__________________________________________________?
17. A PAYMENT OTHER THAN WAGES OR SALORIES_____________________________________________________?
18. A PARTNERSHIP IN WHICH ONLY ONE PARTNER IS REQUIRED TO BE A GENERAL
PARTNER_________________________________________________________________________________________?
19. MONEY AND OTHER VALUABLES BELONGING TO AN INDIVIDUAL OR
BUSINESS_________________________________________________________________________________________?
20. A CERTIFICATE OF OWNERSHIP IN CORPORTATION__________________________________________________?
21. THE PORTION OF CORPORATE PROFITS PAID OUT TO STOCKHOLDERS________________________________?
BOND / DIVIDEND / STOCK / ASSESTS / CORPORATION / PARTNERSHIP / LIMITED PARTNERSHIP /
LIABILITY / SOLE PROPRIETORSHIP / BUSINESS LICENSE / FRINGE BENEFITS
CHAPTER 10 –
22. THE DIRECT EXCHANGE OF ONE SET OF GOODS OR SERVICES FOR ANOTHER_________________________?
23. COINS AND PAPER BILLS USED AS MONEY__________________________________________________________?
24. AN INSTITUTION FOR RECEIVING, KEEPING, AND LENDING MONEY___________________________________?
25. PAPER CURRENCY ISSUED AS LEGAL TENDER DURING THE CIVIL WAR_______________________________?
26. A MONETARY SYSTEM IN WHICH PAPER MONEY AND COINS ARE EQUAL TO THE VALUE OF A CERTAIN
AMOUNT OF GOLD________________________________________________________________________________?
27. THE GOVERNMENT AGENCY THAT INSURES CUSTOMER DEPOSITS IF A BANK
FAILS_____________________________________________________________________________________________?
28. THE ABILITY TO BE USED AS, OR DIRECTLY CONVERTED TO CASH___________________________________?
MORTGAGE / DEMAND DEPOSIT / LIQUIDITY/ GREENBACK / FEDERAL RESERVE NOTE / BANK /
FEDERAL DEPOSIT INSURANCE CORPORATION / GOLD STANDARD / BANK RUN / DEBT / BARTER /
CURRENCY