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EOC Review MICRO (Unit 2)

Total questions: 74

Worksheet time: 55mins

Name
Class
Date
1.
Which of the following goods might not be bought when prices rise?
a)
complement
b)
luxury
c)
inferior good 
d)
substitute
2.

When CDs became popular, people stopped listening to tape cassettes. This caused the (a)   curve for tape cassettes to shift (b)   .

Choose from the below words
demand.........right
demand.........left
supply.......right
supply....... left
3.
If a new, huge oil reservoir was found in Ohio, this would cause the ___________ curve for oil and gas to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
4.
More sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?
a)
they decrease (curve shifts left)
b)
they increase (curve shifts right)
c)
they stay the same (the curve stays)
5.
What happens to the supply of tobacco products when the government raises the excise tax on cigarettes?
a)
amount supplied increases (shifts to the right)
b)
amount supplied decreases (shifts to the left)
c)
ill not be affected
6.
If sandals suddenly became very popular, what would happen to the market for basketball shoes? This would cause the ___________ curve for basketball shoes to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
7.
Where do individuals spend the money they earn?
a)
the factor market
b)
product market
c)
capital market
d)
in individual households
8.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
9.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
10.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
11.
Interdependence and price leadership are characteristics of firms in what kind of market structure?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
12.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
13.
Last summer it was so dry that corn could not grow well. Since there will be less corn to sell what will probably happen? 
a)
The price will increase
b)
Stores will not sell any corn
c)
The price will decrease
d)
Stores will lose lots of money
14.
Toys often cost less to buy right after the holidays. Which of the following Best Explains why?
a)
More People want to buy them
b)
Fewer people want to buy them
c)
They cost  more to make in the winter
d)
Store Owners do not have sales in the summer
15.
The price of corn went down. What might be the reason
a)
More corn was produced
b)
Bad Weather ruined many corn crops
c)
Advertising made more people want corn
d)
Corn farmers wanted to make more money
16.
Gasoline is made from oil. If oil is hard to get, what will MOST LIKELY happen? 
a)
The price of gas will go down
b)
Most gas stations will close
c)
The price of gas will go up
d)
Many people will drive more
17.
IF the price of peaches goes up at the grocery store, what will shoppers MOST LIKELY do?
a)
Buy all the peaches the store has
b)
Buy oranges and bananas instead
c)
Buy more peaches than other kinds of fruit
d)
Buy canned peaches
18.
One year, not much corn was grown. Which of the following MOST LIKELY happened next? 
a)
The cost of corn went up
b)
The cost of corn went down
c)
People ate more corn products
d)
Grocery stores had more corn to sell
19.

When a new toy comes out, it is often very expensive. A year later, the price of the toy often goes down a lot because (a)   .

Choose from the below words
The toys are harder to sell
There are not as many toys left to
The toy is the same
The toy is different
20.
Suppose the downward sloping market demand curve for personal computer companies to reduce the price of personal computers. The MOST likely result of this decrease in price would be that
a)
Consumers would buy fewer personal computers
b)
Producers would produce fewer personal computers
c)
Consumers would buy the same number of personal computers as they did before the price decreased
d)
Consumers would buy a greater number of personal computers
21.
Sharon decided to open a dry-cleaning business. She borrowed some money from her sister and took a loan from the bank. She hired one helper. What is a disadvantage of Sharon's business as described?
a)
No separation of ownership and control
b)
Ease of organizing the firm
c)
Unlimited liability
d)
Double Taxation
22.
Which type of business organization is LEAST able to accumulate capital for investment?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
23.
Which statement reflects the role of prices in a market economy?
a)
They signal producers about how to use scarce resources
b)
They are an obstacle to the efficient flow or resources
c)
They are mostly determined by the government to serve public interests
d)
They are generally ignored by consumers
24.
Which of the following is true about a share holder in a corporation
a)
A shareholder is part owner of that business
b)
A Share holder may not share in the earnings of the corporation
c)
A Share holder may not transfer his his/hare to another party without permission
d)
A shareholder is liable for any debts accumulated by that corporation
25.
In which market structure does a firm have greatest control over its product's price
a)
Perfect competition
b)
Monopoly
c)
Oligopoly
d)
Monopolistic Competition
26.
If the price of a good is too high in a market economy and more producers are attracted to the market
a)
Consumers will demand more of the product
b)
The government steps in to regulate the price
c)
Sellers will compete  to meet consumer demands
d)
Production rates will decrease to lower the price of a good
27.
The law of demand states that as the price increases then 
a)
quantity demanded increases
b)
quantity demanded decreases
c)
demand increases
d)
demand decreases
28.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Population (Change in the number of buyers)
29.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
30.
One year there was very little rain in a large farming area. As a result, what happened when people went to the grocery store? 
a)
They found higher prices and fewer products
b)
There were lots of frozen foods in the freezer section
c)
There were some very good bargain prices on all kinds of food
d)
The produce section was full of many kinds of fruits and vegetables
31.
When economicsts refer to "demand", they mean which of the following? 
a)
How much satisfaction buyers receive from a purchase
b)
How much consumers will purchase at different prices
c)
How much sellers will supply at a particular price
d)
How much people want the product if it is free
32.
What causes movement along the supply curve?
a)
Taxes, Subsidies, Regulations, cost of inputs
b)
ONLY a change in price
33.
Which of the following conclusions can be made from the graph?
a)
Technological advances in the computer industry will cause shift to the left
b)
Higher taxes will cause a shift to the right
c)
Expanded markets for computers will cause a shift to the left
d)
Entry of new firms into the computer industry will cause a shift to the right
34.
Freezing weather in Florida ruined much of orange crop one year. What happened to the price orange juice. 
a)
It went down a lot
b)
It went down a little
c)
It went up
d)
It did not change
35.
If the price of an item increases, demand for its substitues
a)
Decreases
b)
Increases
c)
There was no way to tell
d)
Is unaffected
36.
Because it did not rain very much in the Southeast, the peanut crop was destroyed. Which of the following would PROBABLY happen next? 
a)
The price of peanut butter would go up
b)
More peanuts would be harvested
c)
The price of peanut butter would go down
d)
More people would eat peanut butter
37.

If there is more of a product (something you buy) available or it is easy to get, the price of the product might (a)   .

Choose from the below words
It might go up
It might go down
It might stay the same
The product might not be availabe
38.

Match each law or statement with its correct description.

a)

As prices rise, demand decreases

1.

Law of demand

b)

As prices fall, quantity demanded decreases

2.

Inverse relationship between price and demand

c)

as prices fall, demand decreases

3.

Direct relationship between price and demand

d)

As prices rise, quantity demanded decreases

4.

Decrease in quantity demanded as price increases

39.
which describes what has happened in the graph above?
a)
An increase in demand has caused a decrease in equilibrium price
b)
Supply has decreased, causing  an increases in equilibrium price
c)
Demand has increased, causing an increase in equilibrium quantity
d)
The increase in supply has caused an increase in equilibrium quantity
40.
Prices set to high in a market will lead to which situation?
a)
Shortage
b)
Stability
c)
Stagflation
d)
Surplus
41.
assume Company 1 and Company 2 operate as an oligopoly.  Which statement BEST represents this?
a)
They are major corporations with stockholders
b)
They control over 75% of the market
c)
They have products that are different, but are marketed the same way
d)
They own many different "brands"
42.
Jane and Jill run a photography business as a partnership.  they are trying to decide if they wish to form a corporation.  If they decide to incorporate, what will be a new disadvantage they will face? 
a)
Unlimited liability
b)
sharing of profits
c)
ease of startup
d)
double taxation
43.
Product differentiation is MOST important in which market structure? 
a)
Monopoly 
b)
Corporationation
c)
Monopolistic competition
d)
 Pure competition
44.
If, in a market, a particular store notices a lot  of merchandise piling up on the shelves and in the stock room, how could they encourage existing buyers to buy  the goods?
a)
Lower prices as an incentive to purchase more
b)
Produce less to promote scarcity
c)
Raise prices to make the goods appear higher quality
d)
Begin producing different products
45.
When the U.S. Government purchases a submarine from a company, the government has made a major transaction in the 
a)
Factor market
b)
Public Market
c)
Product Market
d)
Foreign exchange market
46.
All the students in your school want to buy the same new game. Only one store has a few of the games left. What might happen? 
a)
The price of the game could go up
b)
Not students could buy the game
c)
The price of the game could go down
d)
NO students would want to play the game
47.
The Law of Supply states:
a)
as price increases, quantity supply increases
b)
as prices decrease, supply increases
c)
as price increases, quantity demanded decreases
d)
as price decreases, quantity demanded decreases
48.
All of the following are determinants of supply except: 
a)
technology
b)
Education
c)
producer expectations
d)
consumers' price expectations
49.

Match the following characteristics with what makes a good medium of exchange.

a)

divisible

1.

Can be broken into smaller units for transactions

b)

popular

2.

Widely accepted by people

c)

paper

3.

Made from a material like cellulose or wood pulp

d)

expensive

4.

Costs a lot to obtain or produce

50.

If a new technology makes it cheaper to produce smartphones, what is likely to happen to the supply curve for smartphones?

a)

It will not change

b)

It will become vertical

c)

It will shift to the left

d)

It will shift to the right

51.

Which of the following is most likely to cause an increase in the demand for electric cars?

a)

A decrease in gasoline prices

b)

Government subsidies for electric car buyers

c)

An increase in the price of electric cars

d)

A decrease in consumer income

52.

What is the main advantage of a corporation compared to a sole proprietorship?

a)

Simpler to start

b)

Unlimited liability

c)

Easier to raise capital

d)

Owner receives all profits

53.

Label the curve correctly

a)

Price

b)

Quantity

c)

Demand

1
2
3
1)
2)
3)
54.

Match each label to the correct part of the graph.

a)

Equilibrium

b)

Demand

c)

Title of Market

d)

Price

e)

Quantity

f)

Supply

1
2
3
4
5
6
1)
2)
3)
4)
5)
6)
55.

Label the curve correctly

a)

Price

b)

Quantity

c)

Demand

d)supply
1
2
3
1)
2)
3)
56.

Select the Axis where Price Falls on.

A
B
57.

Label the graph.

a)low price
b)high price
c)surplus
d)shortage
1
2
3
4
1)
2)
3)
4)
58.

Select the Axis where Quantity Falls on.

A
B
C
59.
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
a)
monopoly
b)
oligopoly
c)
perfect competition
d)
monopolistic competition
60.
In this market structure there are many buyers and sellers with identical products
a)
perfect competition
b)
monopolistic competition
c)
monopoly
d)
oligopoly
61.
A market structure in which a few large firms dominate a market
a)
Perfect Competition
b)
Monopolistic Competition
c)
Oligopoly
62.

What market structure offers the least amount of choice to consumers?

a)

Monoploy

b)

Oligopoly

c)

Monopolistic Competition

d)

Perfect Competition

63.

Suppose that the market for coats is described as follows: What is the equilibrium price of coats?

a)

120

b)

100

c)

80

d)

60

64.

Match the following

a)

 the different quantities of a good that sellers are willing and able to sell (produce) at different prices

1.

Supply

b)

 a DIRECT (or positive) relationship between price and quantity supplied.

2.

Law of Supply

c)

3.

Increase in Supply

d)

 a government payment to a business or market.

Subsidies cause the supply of a good to increase

4.

Subsides

e)

5.

Decrease in Supply

65.

Match the following

a)

Supply > Demand

1.

Surplus

b)

Demand > Supply

2.

Shortage

c)

Supply = Demand

3.

Equilibrium

66.

In a market, if the price alone were to decrease, what example of disequilibrium would be experienced?

a)

Excess Supply (Surplus)

b)

Excess Demand (Shortage)

c)

Price Floor

d)

Equilibrium

67.
The Market for labor would be considered a ______________ market.
a)
Product
b)
Factor
c)
Wage
d)
Monopolistic
68.
Amy is excited because she just opened her own consulting firm. Amy loves being her own boss and not having to consult with anyone else before she makes decisions.  Eventually, She even hopes to incorporate and enjoy some additional tax advantages. The only downside is t that she has invested all the money herself.  If the business fails, she could go bankrupt. What kind of business does Amy own? 
a)
Sole Proprietorship
b)
Partnership
c)
Cooperative
d)
Corporation
69.
Which of the following is TRUE regarding households, businesses, and government in the US economic system?
a)
Households pay taxes to the government but businesses dont
b)
Households act as consumers while government and businesses act only as producers
c)
The three are economically interdependent on one another
d)
Government regulates what businesses can produce but not what consumers can buy
70.

Susan, Phil, Robert, and Martina are all lawyers.  After several years of working for big firms, they decide to pull their resources and start their own law practice together.  The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a  (a)   .

Choose from the below words
Sole proprietorship
Major corporation
Partnership
Franchise
71.
According to the circular flow diagram, how is the price of CEO's services determined?
a)
The interaction of buyers and sellers in the product market
b)
By supply and demand in the resource market
c)
Whatever a business will pay them, they will take
d)
According to how many Households will provide CEO's
72.
The Circular Flow model proves that the sectors of the economy are...
a)
independent
b)
dependent
c)
interdependent
d)
round
73.

Match the following markets with the types of goods or services primarily bought and sold in them.

a)

product market

1.

Market where consumption goods are bought and sold

b)

financial market

2.

Market where financial assets like stocks and bonds are traded

c)

resource market

3.

Market where factors of production such as labor and raw materials are bought and sold

d)

government market

4.

Market where government provides and purchases goods and services

74.

In the picture of the CFM, what market do individuals sell their labor? (SSEMI1)

a)

Product Market

b)

Demand Market

c)

Government Market

d)

Factor Market

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