Economics Quiz

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

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

_______ protect consumers against harm from products on the market,

• Franchises

• Government regulations

• Private property rights

• Profit motives

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

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

• 3000

• 4000

• 5000

• 7000

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

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

• Excess availability

• Excess supply

• Abundant supply

• Disequilibrium

When you buy a game system and games together, this is an example of which economic concept?

• Complements

• Elasticity

• Economics

• Substitutions

Refer to Graph 4-1. The movement from point A to point B on the graph shows

• An increase in quantity demanded

• A decrease in demand

• A decrease in quantity demanded

• An increase in demand

When a new producer of soap enters the market, and the supply curve shifts to the right, which determinant of supply shift is this an example of?

• Number of Sellers

• Producer Expectations

• Input Costs

• Subsidies