Question Bank for Economics

These is a market situation in which a single supplier makes up an entire industry for a good/service with no close substitutes.

• oligopoly

• monopoly

• market structure

"Perfect Competition" is a type of market structure that happens when there are a lot of buyers and sellers & no single buyer or seller can affect price.

• TRUE

• FALSE

Supermarkets and Farmers' markets are a couple of examples of a "Perfect Competition"

• TRUE

• FALSE

When Supply increases, the supply curve shifts to the ______.

• RIGHT

• LEFT

• DOWNWARD

When Demand decreases, the demand curve shifts to the ______.

• RIGHT

• LEFT

• UPWARD

The price at which the quantity demanded by consumers equals the quantity that is supplied by the producers is ______.

• Surplus

• Equilibrium Price

• Shortage

The Circular Flow of Economic Actvity is an economic model that pictures income as flowing continuously between businesses & consumers.

• TRUE

• FALSE

According to economic theory, which ofd the following situations would cause scarcity of a product?

• limited resources and unlimited desires

• limited resources and unlimited credit

• limited resources and unlimited regulation

• limited resources and unlimited choice

Which of these is an example of a natural resource that trucking companing require?

• a large garage

• a spare engine

• a trained driver

• a petroleum supply

A new company employee is an example of which kind of productive resouce?

• capital resource

• human resource

• natural resource

• entrepreneurial resource