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Terms in this set (71)5.5.T - Lesson: Price Ceilings and Price Floors & More on Price Fixing Review ... According to Economics in One Lesson, what will happen if the government sets a minimum price for a product but doesn't restrict its output? Unsold surpluses of the product will pile up until the market collapses. A government policy that sets the highest price that can be charged for a good or service is a __________. price ceiling Which of the following are possible effects of restricting the output of a particular good or service? (choose all that apply) Consumers are able to enjoy less of that product. Consumers have less to spend on other products. In a competitive market economy, who is driven out of business by a fall in price? inefficient producers According to Economics in One Lesson, who mostly bore the risks of fluctuating farm prices at that time? speculators According to Economics in One Lesson, minimum wage laws are a(n) ________ weapon for combating low wages. limited Henry Hazlitt argues that in situations where workers are being paid below their market worth, the situation should be remedied not by a minimum wage, but instead by __________. unionization According to Economics in One Lesson, what is the consequence of limiting the profits of those who make essential commodities, but not limiting the profits of those who make luxuries or semi-luxuries? The production of the price-controlled essential commodities is discouraged. Hazlitt argues that the best way to raise wages is to raise labor productivity. Which of the following are methods for accomplishing this? (choose all that apply) better education and training new inventions and improvements more efficient management on the part of employers The real cause of rising prices is a scarcity of goods or a surplus of money. scarcity surplus A government policy that sets the lowest price at which one can buy a good or service is called a _________. price floor According to Economics in One Lesson, one method the government used to raise crop prices was to give "_____________ to farmers to enable them to hold their crops off the market." government loans Rent control is an example of a price __________. ceiling In Economics in One Lesson, Hazlitt argues, "There is no escape from the conclusion that the minimum wage will increase ___________." unemployment In order to offset the decreased profit caused by fixing a maximum price, governments sometimes pay subsidies to producers. What situation does this create? People in their role of taxpayers end up subsidizing themselves in their role of consumers. 5.5.F - Lesson: Economic Incentives & Consumer Choice and Utility & Profit Review ... What is a dividend? a distribution of profits to investors Two benefits usually given to full-time employees are health insurance and ___________. retirement plans Rewards like wealth, fame, or praise are examples of _________ incentives. extrinsic Which of the following might be incentives for savers to put their money in a savings account? (choose all that apply) They feel their money is safer in the bank. Having their money in a separate account lessens their desire to spend the money. What is an incentive for savers that banks have some control over? high interest rate A reward or other enticement that encourages a behavior is a(n) _______ incentive. positive Personal satisfaction is a(n) __________ incentive. intrinsic According to the lesson on consumer choice, the goal of all consumers is to maximize _________. utility Which of the following is an example of a product that stopped being used due to health concerns? asbestos Utility is the __________ consumers get from goods and services. satisfaction In a market economy, who is primarily responsible for deciding what goods and services will be produced? consumers A restriction on total spending is called a _________ constraint. budget
Utility is _____________. inherently unmeasurable If there is no profit in making a product, it's a sign of what? The labor and capital devoted to its production are misdirected. If a video game generates $10,000 in profit on total revenue of $30,000, what was the game's total cost? $20,000 Why might a soda company lower their prices when production costs fall? (choose all that apply) The company hopes more consumers will buy their product at the lower price. Because production costs are lower, the company can earn the same profit per unit even if they sell their products for less. Other soda companies have lowered their prices and are stealing away customers.
If a lemonade stand generates $100 in total revenue with $50 in total cost, what is its profit? $50 According to Hazlitt, which of the following are functions of profit? (choose all that apply) to put constant pressure on businesses to become more efficient to guide and channel the factors of production The amount of money remaining when all costs are subtracted from revenues is called _______. profit How much of the total national income of the United States is made up of corporate profits? 6.6% A penalty that discourages a behavior is a(n) ________ incentive. negative An activist who attempts to persuade politicians to vote for legislation that benefits their group is a _________. lobbyist One of the biggest incentives for consumers is a low ______. price Which of the following are true about utility? (choose all that apply) In economics, we assume that consumers act as if they can measure utility. Each individual gets a different amount of utility from the same product. Consumer preferences are commonly impacted by new technology, as well as by health and __________ concerns. environmental According to the lesson about profit, why is raspberry soda much harder to find than cherry soda? As a whole, consumers are more likely to buy cherry soda than raspberry soda. The income generated by the sale of goods and services is called ________. sales What two choices does a company have when production costs rise? (choose all that apply) The company can accept lower profits. The company can increase their prices. 5.6.M - Quiz 4: Price Fixing and Incentives ... Which of the following are possible effects of restricting the output of a particular good or service? (choose all that apply) Consumers have less to spend on other products. Consumers are able to enjoy less of that product. In a competitive market economy, who is driven out of business by a fall in price? inefficient producers According to Economics in One Lesson, what will happen if the government sets a minimum price for a product but doesn't restrict its output? Unsold surpluses of the product will pile up until the market collapses. According to Economics in One Lesson, people who advocate establishing a price floor argue that they're not trying to boost the price but are only trying to _________ it. stabilize A government policy that sets the highest price that can be charged for a good or service is a __________. price ceiling The real cause of rising prices is a _______ of goods or a __________ of money. scarcity surplus In order to offset the decreased profit caused by fixing a maximum price, governments sometimes pay subsidies to producers. What situation does this create? People in their role of taxpayers end up subsidizing themselves in their role of consumers. During World War II, the American government established a rationing system to counteract the shortages caused by fixing maximum prices. Why is rationing only partly effective in counteracting these shortages? It only limits the demand without also stimulating the supply. In Economics in One Lesson, Hazlitt argues, "There is no escape from the conclusion that the minimum wage will increase ___________." unemployment Which of the following are consequences of holding the price of a product below its market level? (choose all that apply) Marginal producers will be driven out of business. The demand for that commodity will increase. The supply of that commodity will be reduced. An activist who attempts to persuade politicians to vote for legislation that benefits their group is a _________. lobbyist A penalty that discourages a behavior is a(n) ________ incentive. negative Which of the following might be incentives for savers to put their money in a savings account? (choose all that apply) They feel their money is safer in the bank. Having their money in a separate account lessens their desire to spend the money. A reward or other enticement that encourages a behavior is a(n) _______ incentive. positive What is a capital gain? profit made from the sale of an investment such as stock or real estate Which of the following is an example of a product that stopped being used due to health concerns? asbestos A restriction on total spending is called a _________ constraint. budget In a market economy, who is primarily responsible for deciding what goods and services will be produced? consumers Utility is the __________ consumers get from goods and services. satisfaction Consumer preferences are commonly impacted by new technology, as well as by health and __________ concerns. environmental If there is no profit in making a product, it's a sign of what? The labor and capital devoted to its production are misdirected. If a video game generates $10,000 in profit on total revenue of $30,000, what was the game's total cost? $20,000 If a lemonade stand generates $100 in total revenue with $50 in total cost, what is its profit? $50 How much of the total national income of the United States is made up of corporate profits? 6.6% The income generated by the sale of goods and services is called ________. sales Recommended textbook solutions Economics: Concepts and Choices1st EditionMCDOUGAL LITTEL 868 solutions Economics: Principles in Action1st EditionArthur O'Sullivan, Steven M. Sheffrin 831 solutions Principles of Economics7th EditionN. Gregory Mankiw 1,392 solutions Glencoe Economics: Principles and Practices1st EditionGary E. 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ECONOMICS Bergen is a loan officer at Coast Bank and Trust. From her years of experience, she estimates that the probability is .025 that an applicant will not be able to repay his or her installment loan. Last month she made 40 loans. a. What is the probability that 3 loans will be defaulted? b. What is the probability that at least 3 loans will be defaulted? Verified answer ECONOMICS Suppose the economy is in a long-run equilibrium. a. Draw the economy’s short-run and long-run Phillips curves. b. Suppose a wave of business pessimism reduces aggregate demand. Show the effect of this shock on your diagram from part (a). If the Fed undertakes expansionary monetary policy, can it return the economy to its original inflation rate and original unemployment rate? c. Now suppose the economy is back in long-run equilibrium and then the price of imported oil rises. Show the effect of this shock with a new diagram like that in part (a). If the Fed undertakes expansionary monetary policy, can it return the economy to its original inflation rate and original unemployment rate? If the Fed undertakes contractionary monetary policy, can it return the economy to its original inflation rate and original unemployment rate? Explain why this situation differs from that in part (b). Verified answer
ECONOMICS Identify and then describe the determinants of demand elasticity. Verified answer
ECONOMICS What are the costs and the benefits of government policies related to our American economic goals? Verified answer Other Quizlet setsPSYC 101 FINAL christian54 terms sabinalaurino Chapter 6 PSY285WI54 terms HaydindPLUS Human Physical25 terms jakerec11 Learning and Motivation - Introduction and Histori…71 terms Sierra_Putnam Related questionsQUESTION The following is an example of Entrepreneurship. 15 answers QUESTION Production Possibilities frontier(PPF) also called the production possibilities curve (PPC) 2 answers QUESTION According to the law of demand, if the price of movie rentals decreases, ceteris paribus,: 15 answers QUESTION A decrease in demand curve causes... 15 answers Why would you want to restrict economic output?As interest rates rise, people generally keep their wealth in assets that pay returns, restricting the money supply. Why would you want to restrict economic output? Enforcing the Antitrust laws could help lower cost-push inflation.
Which of the following is a common way productivity is measured?One of the most widely used measures of productivity is Gross Domestic Product (GDP) per hour worked. This measure captures the use of labour inputs better than just output per employee.
Why might a soda company lower their prices when production costs fall Choose all that apply quizlet?-Because production costs are lower, the company can earn the same profit per unit even if they sell their products for less. -Other soda companies have lowered their prices and are stealing away customers.
Which of the following are important ways to prepare for the unpredictable future of work?Which of the following are important ways to prepare for the unpredictable future of work? Learn how to learn and be flexible and adaptable. Say yes to opportunities and be willing to challenge your assumptions about yourself.
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Which of the following are possible effects of restricting the output of a particular good or service?
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