Exam (elaborations)
Econ 101: Gateman (FINAL EXAM) With complete solution Newest
- Course
- Institution
Econ 101: Gateman (FINAL EXAM) With complete solution Newest
[Show more]
Content preview
Econ 101: Gateman (FINAL EXAM) Withcomplete solution Newest
accounting profits - Correct Answers _____________ _______________ = Revenues -
II II II II II II II II II II II II
Explicit costs
II II
II ad valorem tax - Correct Answers tax on % of value of product
II II II II II II II II II II II II II II II
II Adam Smith - Correct Answers which economist relates to an "invisible hand"?
II II II II II II II II II II II II II II
add - Correct Answers In order to get a market demand curve, _________ the quantities
II II II II II II II II II II II II II II II II II II
demanded by all consumers at each price
II II II II II II II
Adverse Selection - Correct Answers self-selection, within a single risk category, of
II II II II II II II II II II II II II II II
persons of above average risk
II II II II II
advertise - Correct Answers Imperfectly competitive firms ______________ their
II II II II II II II II II II II II
products
II
II advertising - Correct Answers used to increase tastes, also a ceteris paribus variable
II II II II II II II II II II II II II II II
II AgriInvest - Correct Answers stabilize income in event of fluctuations
II II II II II II II II II II II II
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
II II II II II II II II II II II II II II II II
consumer and producer surplus is maximized
II II II II II II
Allocative Efficiency - Correct Answers output of each good is such that its market price
II II II II II II II II II II II II II II II II II II
and marginal cost are equal
II II II II II
and then you buy the goods - Correct Answers first you buy the money *boom
II II II II II II II II II II II II II II II II II II
boom*...... ________________________ *boom boom*
II II II II
arbitrage - Correct Answers The practice of buying and selling equivalent goods to take
II II II II II II II II II II II II II II II II II
advantage of a price difference
II II II II II
II arc elasticity - Correct Answers average elasticity over a line segment
II II II II II II II II II II II II II
Asymmetric Information - Correct Answers situation in which one party to a transaction
II II II II II II II II II II II II II II II II
has more or better information about the transaction than the other party
II II II II II II II II II II II II
, average fixed cost - Correct Answers ____________ _____________ ____________ =
II II II II II II II II II II II II II
Total fixed cost ÷ Quantity
II II II II II
average fixed cost - Correct Answers ____________ _____________ ____________
II II II II II II II II II II II II
declines continually as output increases because the amount of fixed cost given to each
II II II II II II II II II II II II II II
unit falls
II II
II average product - Correct Answers _________ ___________ = Total Product ÷ Labour
II II II II II II II II II II II II II II
average product - Correct Answers The marginal product curve will cut the
II II II II II II II II II II II II II II II
_____________ _____________'s curve at their maximum point
II II II II II II II
average product - Correct Answers Total product divided by the number of units of the
II II II II II II II II II II II II II II II II II II
variable factor used in production
II II II II II
Average Revenue - Correct Answers total revenue divided by quantity sold; this is the
II II II II II II II II II II II II II II II II II
market price when all units are sold at the same price
II II II II II II II II II II II
II average revenue, price - Correct Answers ___________ = (price • quantity) ÷ quantity
II II II II II II II II II II II II II II II
II average revenue, price - Correct Answers ___________ = total revenue ÷ quantity
II II II II II II II II II II II II II II
average total cost - Correct Answers ____________ _____________ ____________ =
II II II II II II II II II II II II II
Average fixed cost + Average variable cost
II II II II II II II
average total cost - Correct Answers ____________ _____________ ____________ =
II II II II II II II II II II II II II
Total cost ÷ Quantity
II II II II
average variable cost - Correct Answers ____________ _____________
II II II II II II II II II II II
____________ = Total variable cost ÷ Quantity
II II II II II II II
average variable cost - Correct Answers ____________ _____________
II II II II II II II II II II II
____________ declines as output rises, reaches a minimum, then increases as output
II II II II II II II II II II II II
continues to rise
II II II
average-cost pricing - Correct Answers A way to regulate natural monopolies: pricing
II II II II II II II II II II II II II II II
policy where prices are high enough only to cover total costs, where demand curve
II II II II II II II II II II II II II II
intersects LRAC; no profits or losses
II II II II II II
barter - Correct Answers goods and services traded directly with other goods and
II II II II II II II II II II II II II II II II
services
II
binding - Correct Answers if a price floor is set ABOVE the price equilibrium, we can say
II II II II II II II II II II II II II II II II II II II II
that it's ______________
II II II
, binding - Correct Answers if a price floor is set BELOW the price equilibrium, we can say
II II II II II II II II II II II II II II II II II II II II
that it's ______________
II II II
II black market - Correct Answers products sold at price that violates legal price control
II II II II II II II II II II II II II II II II
II black market profit - Correct Answers quantity exchanged x (P2-P1) is the equation for:
II II II II II II II II II II II II II II II II
bond - Correct Answers A debt instrument that specifies the timing of principal and
II II II II II II II II II II II II II II II II II
interest payments
II II
brand proliferation - Correct Answers Each firm in industry produces several brands of
II II II II II II II II II II II II II II II II
the differentiated product
II II II
brand proliferation, advertising, predatory pricing - Correct Answers What are the three
II II II II II II II II II II II II II II II
entry barriers in an oligopolistic setting?
II II II II II II
II Break-Even Price - Correct Answers price at which firm is just able to cover costs
II II II II II II II II II II II II II II II II II
budget line - Correct Answers A line that shows the quantity of goods a consumer can
II II II II II II II II II II II II II II II II II II II
purchase with a specific money income, given the products' prices
II II II II II II II II II II
II budget line - Correct Answers E = (Price of X • X ) + (Price of Y • Y) is an equation for:
II II II II II II II II II II II II II II II II II II II II II II II II II
budget line - Correct Answers Points above the __________ ________ indicate
II II II II II II II II II II II II II II
combinations of products that cost more than the consumer's income
II II II II II II II II II II
budget line - Correct Answers Points between the __________ ________ and the origin
II II II II II II II II II II II II II II II II
indicate bundles of products that cost less than the consumer's income
II II II II II II II II II II II
budget line - Correct Answers Points on the ___________ _________ indicate bundles
II II II II II II II II II II II II II II II
of products that use up the consumer's entire income
II II II II II II II II II
budget, indifference - Correct Answers In order to find maximum utility, we can graph a
II II II II II II II II II II II II II II II II II II
___________ line and an ____________ curve, and where they are tangent
II II II II II II II II II II II
II calculating world price - Correct Answers what is the problem when stabilizing price?
II II II II II II II II II II II II II II II
capacity - Correct Answers The largest output that can be produced without
II II II II II II II II II II II II II II II
encountering rising average costs per unit
II II II II II II
capital, land, labour, technology, entrepreneurship - Correct Answers what are the five
II II II II II II II II II II II II II II II
factors of production? (inputs)
II II II II
Cartel - Correct Answers organization of producers who agree to act as a single seller in
II II II II II II II II II II II II II II II II II II II
order to maximize joint profits
II II II II II
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller STUVATE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now