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Midterm - Microecon

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12th Grade

30 Questions

Used 57+ times

Midterm - Microecon
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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

 Which is LEAST likely to cause an increase in demand? 

 a new ad campaign featuring a prominent celebrity
 an increase in the price of a substitute 
 a decrease in income 
an expectation of higher future prices 

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

 A price floor is problematic in a market because it leads to

surpluses
 shortages
 decreased productivity
increased taxes. 

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the price of a product falls, which is true regarding demand? 

demand decreases 
demand increases 
quantity demanded decreases 
quantity demanded increases 

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the United States economy, the role of money is to 

   set prices on goods and services
facilitate exchange between buyers and sellers
control inflation
create jobs in the factor market

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

 Which provides the greatest incentive for entrepreneurs to take risks? 

progressive taxes 
prices 
 profits 
 production possibilities 

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

 Arrows 4 and 7 on this circular flow diagram demonstrate 

the flow of land, labor, and capital 
 prices
 taxes. 
 money flow

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the main difference between pure competition and monopolistic competition? 

  firms in pure competition make more profits 
 firms in pure competition have no substitutes to their goods 
firms in pure competition are selling nearly identical, rather than differentiated goods 
firms in pure competition rely more heavily on advertisin

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