Economics Quiz

Economics Quiz

University

20 Qs

quiz-placeholder

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Economics Quiz

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Assessment

Quiz

Business

University

Practice Problem

Hard

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

The number of producers changes

The output rate declines

The expectations of consumers changes

There is a change in the cost of production

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

The price will go up

The price will go down

The price will not change

None of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ protect consumers against harm from products on the market,

Franchises

Government regulations

Private property rights

Profit motives

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

List the four market structures in order from least competitive to most competitive

Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition

Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Given the graph below, how Many cup holders are producers willing to supply at a price of $3.00?

3000

4000

5000

7000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The price ceiling shown below,

Causes a shortage of 45 units

Is not binding because it is set below the equilibrium price

Makes it necessary for sellers to ration the good

None of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When quantity supplied is greater than the quantity demanded, what is the condition known as?

Excess availability

Excess supply

Abundant supply

Disequilibrium

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