What are two things that a command economy fails to provide consumers?

variety of goods and responsive prices

profit motive and consumer choice

The price of gasoline increases from $3 per gallon to $4 per gallon. What would happen to the demand for gasoline? (Think carefully)

The curve would not shift you would simply move up the curve to the left

It would decrease and shift the curve to the left

It would increase and shift the curve to the right

The curve would not shift you would simply move down the curve to the right

Suppose you like banana cream pie made with vanilla pudding. Assuming all other things are constant, you notice that the price of bananas are higher. How would your demand for vanilla pudding be affected by this?

There is insufficient information given to answer the question.

If everyone thinks that the price of tomatoes will go up next week, what is likely to happen to demand for tomatoes today?

The demand for tomatoes increases

The demand for tomatoes decreases

Expectations about the price of tomatoes has no effect on the demand for tomatoes today

When the price of olive oil goes up, what probably happens to the demand for corn oil?

The demand for corn oil increases

The demand for corn oil decreases

A change in the price of olive oil has no effect on the demand for corn oil

On a supply and demand graph, supply will decrease and shift to the left when which of the following happens?

The number of firms leaving the industry increases

There are fewer government regulations in place

The total cost of inputs decreases

Production taxes decline over a short period of time

How would a new government subsidy for rice farmers affect the market for rice?

It would increase the supply by decreasing rice farmers' production costs

It would increase the supply by increasing the demand for rice

It would decrease the supply by increasing rice farmers' production costs

It would decrease the supply by encouraging farmers to grow another grain

Which of the following will cause an "decrease in supply" for computers?

producers expect the computer prices to increase

increase in the price of computers

decrease in the price of computers

decrease in the resource cost (workers' pay, cost of production) of computers

Which of the following will cause an "decrease in QS" for computers?

increase in the price of computers

decrease in the price of computers

decrease in subsidies for all computer suppliers

producers expect the computer prices to increase

Which of the following would cause an "increase in supply" for DVD players?

decrease in the resource cost (workers' pay, cost of production) of DVD players

decrease in the price of DVD players

increase in the price of DVD players

producer expect the DVD player prices to increase

According to the graph, at a price of $7:

there would be a surplus of 40 units

there would be a shortage of 40 units

there would be a surplus of 20 units

the market would be in equilibrium

In the table shown, if the price were at $8,

a surplus of 60 units would exist and price would tend to fall

a surplus of 30 units would exist and price would tend to fall

a surplus of 60 units would exist and price would tend to rise

a shortage of 30 units would exist and price would tend to rise

Which two markets have relatively high barriers to entry?

monopoly & monopolistic competition

monopolistic competition & oligopoly

pure competition & monopolistic competition

Why does the government sometimes give monopoly power to a company by issuing a patent?

The company can then profit from their research without competition

The government does not want competition for the product.

The company makes a product better than anyone else’s.

The company pays the government for the patent.

What is a KEY reason that an entrepreneur might choose to establish a corporation rather than a partnership or a sole proprietorship?

ability to pass the business on to children

Economics Final- 2025

Authored by Sherry Parker

Social Studies

12th Grade

Used 14+ times

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40 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economy can produce at which point or points?

B,D,E

A,B,D,E

D,C

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which point represents the maximum possible production of tubas?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The opportunity cost to the economy of getting 30 additional toothbrushes by moving from point A to point D is

10 toasters

15 toasters

20 toasters

25 toasters

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The opportunity cost in terms of toothbrushes of getting 10 additional toasters by moving from point B to point A is

10 toothbrushes

20 toothbrushes

5 toothbrushes

zero, since the economy has the additional resources to produce 10 additional toasters

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Copy Machine

Land

Labor

Capital

Entrepreneur

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mrs. Parker

Land

Labor

Capital

Entrepreneur

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Forklift

Land

Labor

Capital

Entrepreneur

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Economics Final- 2025

The economy can produce at which point or points?

Which point represents the maximum possible production of tubas?

The opportunity cost to the economy of getting 30 additional toothbrushes by moving from point A to point D is

The opportunity cost in terms of toothbrushes of getting 10 additional toasters by moving from point B to point A is

Copy Machine

Mrs. Parker

Forklift

River

What are two things that a command economy fails to provide consumers?

Based on the circular flow model, what are the two sectors?

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