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Name: ____________________________________Pd ___Date ___ / ___ / ___Mr. HenryHonors EconUnit 2 Test – Honors Economics – 64 PointsChapters 4-7 (Pages 90-190)Part I. Vocabulary Review (Word Bank) – 25 pointsCh 4 (List #3)Change in DemandChange in Quantity DemandedDemandDemand CurveDemand ElasticityDemand ScheduleDiminishing Marginal UtilityElasticIncome EffectInelasticLaw of DemandMarginal UtilityMarket Demand CurveMicroeconomicsSubstitution EffectCh 5 (List #4)Break Even PointDiminishing ReturnsLaw of SupplyLong RunMarginal AnalysisMarginal CostMarginal ProductMarginal RevenueMarket Supply CurveOverheadShort RunSubsidySupplySupply ElasticityTotal RevenueVariable CostsCh 6 (List #5)Deficiency PaymentEconomic ModelEquilibrium PriceMinimum WageNonrecourse LoanPricePrice CeilingRationingRation CouponRebateShortageSurplusTarget PriceCh 7 (We did not have a Vocab Quiz on these words)Cease and Desist OrderCollusionEconomies of ScaleExternalityGeographic MonopolyGovernment MonopolyImperfect CompetitionLaissez-FaireMarket FailureMarket StructureMonopolistic CompetitionMonopolyNatural MonopolyNegative ExternalityNonprice CompetitionOligopolyPerfect CompetitionPositive ExternalityPrice DiscriminationPrice-FixingPrice FloorProduct DifferentiationPublic DisclosurePublic GoodsTechnological MonopolyTrustPart II. Multiple Choice – 7 pointsPart III. Problem Solving – 9 pointsPrice Elasticity of Demand (PEoD equation), Production Function Costs & Labor CostsPart IV. Matching – 7 pointsPart V. Subjective – 6 pointsPart VI. Essay – 10 points (2 @ 5 pts.)Describe each of the 5 Changes in the Determinants of DemandDescribe each of the 5 main causes of market failuresWhat is the equilibrium and what are the factors that could disturb an equilibrium market (must be specific)Name and describe the 4 types of costs that businesses must keep their eye on in order to produce efficientlyWhat are the 3 determinants of elasticity and cite examples of elastic, inelastic, and unit elastic itemsWhat are the 5 necessary conditions that must be met for perfect competition ................
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