Name: ____________________________________ Pd ___ Date ___ / ___ / ___ Mr. Henry
Economics
Unit 2 Test –Economics – 51 Points
Chapters 4-7 (Pages 90-190)
Part I, II, III and IV. Vocabulary Review (Word Bank) – 21 points
Ch 4 (List #3)
Change in Demand
Change in Quantity
Demanded
Demand
Demand Curve
Demand Elasticity
Demand Schedule
Diminishing Marginal Utility
Elastic
Income Effect
Inelastic
Law of Demand
Marginal Utility
Market Demand Curve
Microeconomics
Substitution Effect
Ch 5 (List #4)
Break Even Point
Diminishing Returns
Law of Supply
Long Run
Marginal Analysis
Marginal Cost
Marginal Product
Marginal Revenue
Market Supply Curve
Overhead
Short Run
Subsidy
Supply
Supply Elasticity
Total Revenue
Variable Costs
Nonrecourse Loan
Price
Price Ceiling
Rationing
Ration Coupon
Rebate
Shortage
Surplus
Target Price
Ch 6 (List #5)
Deficiency Payment
Economic Model
Equilibrium Price
Minimum Wage
Ch 7 (We did not have a Vocab Quiz on these words)
Cease and Desist Order
Collusion
Economies of Scale
Externality
Geographic Monopoly
Government Monopoly
Imperfect Competition
Laissez-Faire
Market Failure
Market Structure
Monopolistic Competition
Monopoly
Natural Monopoly
Negative Externality
Nonprice Competition
Oligopoly
Perfect Competition
Positive Externality
Price Discrimination
Price-Fixing
Price Floor
Product Differentiation
Public Disclosure
Public Goods
Technological Monopoly
Trust
Part V. Incorporating Math – 11 points
Know the PEoD equation, how to do a problem, and if the answer is elastic, inelastic, or unit elasticity
Calculating Marginal Cost
Study the production function charts
Part VI. Matching – 5 points
Review page 187 Federal Regulatory Agencies
Part VII. Subjective – 4 points
Review page 187 Federal Regulatory Agencies
Part VIII. Essay – 10 points
What are the three questions for the determinants of demand elasticity and show a product and how to determine if it is elastic,
inelastic, or unit elasticity
Cite 2 examples of a price ceiling and 2 reasons why price ceilings are seen to some economists as ineffective.
Describe each of the 4 types of government monopolies and give an example of one of them (cite which type of monopoly your
example exemplifies)
Andy Dufresne: I understand you're a man who knows how to get things.
Red: I'm known to locate certain things from time to time. ~ The Shawshank Redemption
What are the benefits in our society of prices & what would the negatives be without prices? How does the quote from the
movie The Shawshank Redemption reflect this?
What are 2 positives and 2 negatives to rationing in society and cite an example in U.S. history of rationing.
Describe 2 reasons why Oprah Winfrey has opened up economic opportunities for women and name 3 women who have
benefited from this & how.