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Econ 101: Gateman (FINAL EXAM) With complete solution Newest
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Econ 101: Gateman (FINAL EXAM) With complete solution Newest
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Econ 101: Gateman (FINAL EXAM) Withcomplete solution Newest
accounting profits - Correct Answers _____________ _______________ = Revenues -
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Explicit costs
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II ad valorem tax - Correct Answers tax on % of value of product
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II Adam Smith - Correct Answers which economist relates to an "invisible hand"?
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add - Correct Answers In order to get a market demand curve, _________ the quantities
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demanded by all consumers at each price
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Adverse Selection - Correct Answers self-selection, within a single risk category, of
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persons of above average risk
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advertise - Correct Answers Imperfectly competitive firms ______________ their
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products
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II advertising - Correct Answers used to increase tastes, also a ceteris paribus variable
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II AgriInvest - Correct Answers stabilize income in event of fluctuations
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II AgriStability - Correct Answers crop-failure insurance II II II II II II II II
allocative efficiency - Correct Answers occurring at level of output where sum of
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consumer and producer surplus is maximized
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Allocative Efficiency - Correct Answers output of each good is such that its market price
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and marginal cost are equal
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and then you buy the goods - Correct Answers first you buy the money *boom
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boom*...... ________________________ *boom boom*
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arbitrage - Correct Answers The practice of buying and selling equivalent goods to take
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advantage of a price difference
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II arc elasticity - Correct Answers average elasticity over a line segment
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Asymmetric Information - Correct Answers situation in which one party to a transaction
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has more or better information about the transaction than the other party
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, average fixed cost - Correct Answers ____________ _____________ ____________ =
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Total fixed cost ÷ Quantity
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average fixed cost - Correct Answers ____________ _____________ ____________
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declines continually as output increases because the amount of fixed cost given to each
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unit falls
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II average product - Correct Answers _________ ___________ = Total Product ÷ Labour
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average product - Correct Answers The marginal product curve will cut the
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_____________ _____________'s curve at their maximum point
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average product - Correct Answers Total product divided by the number of units of the
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variable factor used in production
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Average Revenue - Correct Answers total revenue divided by quantity sold; this is the
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market price when all units are sold at the same price
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II average revenue, price - Correct Answers ___________ = (price • quantity) ÷ quantity
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II average revenue, price - Correct Answers ___________ = total revenue ÷ quantity
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average total cost - Correct Answers ____________ _____________ ____________ =
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Average fixed cost + Average variable cost
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average total cost - Correct Answers ____________ _____________ ____________ =
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Total cost ÷ Quantity
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average variable cost - Correct Answers ____________ _____________
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____________ = Total variable cost ÷ Quantity
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average variable cost - Correct Answers ____________ _____________
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____________ declines as output rises, reaches a minimum, then increases as output
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continues to rise
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average-cost pricing - Correct Answers A way to regulate natural monopolies: pricing
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policy where prices are high enough only to cover total costs, where demand curve
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intersects LRAC; no profits or losses
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barter - Correct Answers goods and services traded directly with other goods and
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services
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binding - Correct Answers if a price floor is set ABOVE the price equilibrium, we can say
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that it's ______________
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, binding - Correct Answers if a price floor is set BELOW the price equilibrium, we can say
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that it's ______________
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II black market - Correct Answers products sold at price that violates legal price control
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II black market profit - Correct Answers quantity exchanged x (P2-P1) is the equation for:
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bond - Correct Answers A debt instrument that specifies the timing of principal and
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interest payments
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brand proliferation - Correct Answers Each firm in industry produces several brands of
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the differentiated product
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brand proliferation, advertising, predatory pricing - Correct Answers What are the three
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entry barriers in an oligopolistic setting?
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II Break-Even Price - Correct Answers price at which firm is just able to cover costs
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budget line - Correct Answers A line that shows the quantity of goods a consumer can
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purchase with a specific money income, given the products' prices
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II budget line - Correct Answers E = (Price of X • X ) + (Price of Y • Y) is an equation for:
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budget line - Correct Answers Points above the __________ ________ indicate
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combinations of products that cost more than the consumer's income
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budget line - Correct Answers Points between the __________ ________ and the origin
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indicate bundles of products that cost less than the consumer's income
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budget line - Correct Answers Points on the ___________ _________ indicate bundles
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of products that use up the consumer's entire income
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budget, indifference - Correct Answers In order to find maximum utility, we can graph a
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___________ line and an ____________ curve, and where they are tangent
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II calculating world price - Correct Answers what is the problem when stabilizing price?
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capacity - Correct Answers The largest output that can be produced without
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encountering rising average costs per unit
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capital, land, labour, technology, entrepreneurship - Correct Answers what are the five
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factors of production? (inputs)
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Cartel - Correct Answers organization of producers who agree to act as a single seller in
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order to maximize joint profits
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