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Untitled Quiz

Authored by Tim Chun

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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following characteristics does NOT belong to a perfectly competitive market?

The good or service is standardized.

All participants are well informed.

There are a large number of sellers.

There are a large number of buyers.

Sellers are price makers.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does an economist derive market demand from individual demand?

by looking at the aggregate demand curve

by horizontally adding individual demand curves

by vertically adding individual demand curves

by taking the median of individual demand curves

by averaging individual demand curves

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following goods or services is inferior?

paper

bus rides

cars

manicures

prunes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A perfectly competitive market most closely exists for

bananas

airplanes

computers

electricity

television

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

If the price of peanut butter increases, which of the following changes will most likely occur?

increase in price of jelly

decrease in supply of jelly

decrease in demand of jelly

decrease in quantity demanded of jelly

increase in demand of bread

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

The Law of Demand states that the

price and quality of a good are positively related

price and number of purchasers of a good are inversely related

quality and number of purchasers of a good are positively related

quality and quantity demanded of a good are positively related

price and quantity demanded of a good are inversely related

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

3 books

7 books

12 books

27 books

15 books

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