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WorksheetsEcon - Unit 2 Review
Total questions: 15
Worksheet time: 7mins
Name
Class
Date
1.
Everything else remaining constant, if there is a surplus in the market for wheat, we would expect the price of wheat to
a)
rise
b)
stay constent
c)
fall
d)
There is not enough info to answer the question
2.
Pig Farmer A believes the price of pork will rise next month. Everything else remaining constant, the supply of pork today will:
a)
remain unchanged - its quantity supplied that changes
b)
increase
c)
decrease
d)
remain unchanged - its demand that changes
3.
Focusing on the law of supply, everything else remaining constant, when the market price of a good goes up, ____________.
a)
The cost of production goes down.
b)
It becomes practical to produce more goods.
c)
The profit made on each item goes down.
d)
There is no relationship between the two.
4.
Who is the demander in the RESOURCE MARKET in the Circular Flow Model?
a)
Government
b)
Business Firms
c)
Households
d)
None of the above
5.
Everything else remaining constant, when supply decreases, Ep will __ & Eq will __.
a)
Increase;Increase
b)
Decrease; Decrease
c)
Decrease; Increase
d)
Increase; Decrease
6.
When the price of a good changes,
a)
only quantity demand changes
b)
only quantity supplied changes
c)
both demand & supply changes
d)
both quantity demand & quantity supplied changes
7.
What is the change being shown in the picture?
a)
Increase in Quantity Supplied
b)
Increase in Supply
c)
Decrease in Quantity Demanded
d)
Decrease in Demand
8.
What market is being created: Kellen gets paid $10/hr to work at Culver's
a)
Resource Market
b)
Product Market
c)
Both a Resource & Product Market
d)
Neither a Product nor a Resource Market
9.
This is the reason we have to make choices.
a)
Scarcity
b)
Shortages
c)
Opportunity Costs
d)
Trade Offs
10.
What type of production does point E represent in this image?
a)
Efficient
b)
Unknown
c)
Inefficient
d)
Impossible
11.
Jack sees that shoe prices have gone up, being a good econ students, everything else remaining constant, he knows this will cause
a)
Demand to increase
b)
Supply to Increase
c)
Quantity Demanded to Increase
d)
Quantity Supplied to increase
12.
What is the shifter in the market for hamburgers if, everything else remaining constant, cattle prices decrease.
a)
Decrease in price of the good.
b)
Expectations of future price decrease by suppliers.
c)
Decrease in the price of a complementary good.
d)
Decrease in input prices.
13.
A price floor set at
a)
$4 will be binding and will result in a shortage of 3 units.
b)
$4 will be binding and will result in a shortage of 6 units.
c)
$7 will be binding and will result in a surplus of 6 units.
d)
$7 will be binding and will result in a surplus of 12 units.
14.
What is the quantity supplied with a price ceiling of $20?
a)
50
b)
100
c)
150
d)
200
15.
Something that keeps its value when its stored rather than used
a)
Store of Value
b)
Unit of Account
c)
Medium of Exchange
d)
Portability
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