
Economics Quiz
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20 questions
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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
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
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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