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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
