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Micro Economic Practice Final

Authored by Lasauni Scott

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Micro Economic Practice Final
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53 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a decrease in the price of a good will result in:

an increase in demand

an increase in supply

an increase in the quantity demanded

more being supplied

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a good is inferior if which of the following is true?

when income increases, the demand remains unchanged.

when income increases, the demand increases.

when income increases, the demand decreases.

income and demand are unrelated

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

which of the following is not a determinant of supply?

expectations regarding future prices

the technology of production

consumer tastes

the cost of production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

if the supply and demand curve intersect at a price of $16, then any price below that would result in:

a surplus

equilibrium

a shortage

an increase in demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a perfect price-inelastic demand curve is:

vertical

horizontal

upward-sloping

downward-sloping

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the director of river city public transport recently stated, "The last seven times we increased bus fares, revenues dropped." this remark suggests the demand for bus service is elastic.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

we are forced to make choices because of

efficiency

scarcity

the margin

exploitation

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