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Microeconomics Review B

Authored by Richard Butterworth

Special Education

12th Grade

Used 10+ times

Microeconomics Review B
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Suppose the government sets the price for chocolate bars at $2.00.

Which of the following statements best describes the effect of this price control?

There would be a surplus of 400 chocolate bars.

There would be a shortage of 200 chocolate bars.

The price would remain at equilibrium.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Suppose the government sets the price for chocolate bars at $0.80.

Which of the following statements best describes the effect of this price control?

There would be a surplus of 100 chocolate bars.

There would be a shortage of 200 chocolate bars.

The price would remain at equilibrium.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jamie owns an auto repair shop. Which option will NOT change the supply curve?

Consumers in the area decide they want their oil changed instead of having their tires rotated.

Jamie has to pay her workers a higher wage.

Technology advances for oil changes.

The number of auto repair shops in her area

4.

CATEGORIZE QUESTION

3 mins • 1 pt

Organize these options into the right categories

Groups:

(a) substitutes

,

(b) complements

coffee and coffee makers

pork and beef

cereal and milk

bread and butter

books and magazines

ice cream and frozen yogurt

5.

DRAG AND DROP QUESTION

1 min • 1 pt

Unlimited liability is a disadvantage of a (a)  

sole proprietorship
partnership
corporation
monopoly

6.

DRAG AND DROP QUESTION

1 min • 1 pt

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A corporation raises money by (a)   .

selling stocks or bonds
hoping for the best
donating to charity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is determined by where the supply and demand curve intersect?

The Equilibrium Price

The allocation method used to distribute resources

The price set by the government

The type of businesses that are allowed by the government

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