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Economics
Final
Exam
Review
2
100
total cost is the sum of the
What is fixed and variable costs
100
the level of profit-maximizing output is reached when marginal cost is
What is equal to marginal revenue
100
when producers offer fewer products for sale at each and every price
What is the supply curve has shifted to the left
100
the theory of production deals with the relationship between the factors of production and
What is the output of goods and services
100
rent payments and property taxes would be counted as
What is fixed costs
200
man businesses are engaging in e-commerce because
What is fixed costs are minimal
200
profits will be maximized when marginal revenue
What is equals marginal costs
200

in a market economy, a high price is a signal for

What is producers to supply more and consumers to buy less

200
at a given price, a surplus occurs when
What is the quantity supplied is greater than the quantity demanded
200
the federal minimum wage law demonstrates
What is a societal choice for economic equity over efficiency
300
when economic or political conditions are unstable,
What is the demand for gold increases
300
the theory of competitive pricing
What is a set of ideal conditions and outcomes
300
deficiency payments are part of a federal program to assist
What is farmers
300
the Fair Labor Standards Act
What is established a federal minimum wage
300
the first federal legislation to exempt unions from antitrust laws was
What is Clayton Antitrust Act
400
Workers who have the skills to operate machines and who require a minimum amount of training are
What is semiskilled labor
400
the theory that wages are based on the asupply and demand for a worker's skills is the
What is traditional theory of wages
400
workers with knowledge-based education and managerial skills are
What is professional labor
400
the invisible barrier that hinders women and minorities from advancement up the corporate ladder
What is the glass ceiling
400
advantages of socialism include
What is equitable distribution of benefits
500
joseph stalin demonstrated the main advantage of a command system by
What is increasing industrial output
500
Countries trying to change from a command to a market economy face all of the following problems except
What is forming of agricultural collectives
500
the keiretsu of japan are
What is made up of competing firms
500
socialism is characterized by
What is government ownership of most productive resources
500
the main reason for the economic failure of the soviet union was
What is the economy was too complex to be managed by central planning