WorksheetsUnit 2 Test Review
Total questions: 19
Worksheet time: 10mins
If the price of hot dogs go up, you decide to buy less hot dog buns because these are ______ goods?
substitute
inferior good
luxury
complement
When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?
supply and demand
excess demand
equilibrium
price floor
When the government deregulates a product or service, what happens to it?
The product or service is available to more people.
The product or service becomes cheaper.
Some government regulations over the industry are eliminated.
Government control over the industry is stopped.
In a market-based economy, consumers rely on prices to help them
choose among similar products.
decide which products suit their lifestyle.
discover the latest high-technology gadgets.
find clothing that fits them the best.
a good that replaces another demanded goods
normal good
demand curve
complement
substitute
This best describes the graph
a change in quantity demanded
a change in quantity supplied
a change in supply
a change in demand
Revenue is
the money you make after costs are taken into account
the total money you make from selling your product
Which is an example of law of supply?
An increase in the price of sugar causes a shift left on the supply curve
An decrease in the price of ice cream
A decrease in the price of bagels caused an increase in the quantity of bagels demanded
An increase in the price of sugar caused the supply curve to shift right
When factors other than price affect supply for a product
the supply curve will shift
you will move along the supply curve
supply does not change
the demand curve will shift
Plano Donuts sell for $2.00 per box. Total costs are $1.00 per donut. If we sell 20 donuts, what would the profit be?
$40
$20
$10
$60
Taxes and rent payments are examples of
variable costs
fixed costs
profits
marginal costs
The only way to move along a demand curve is for:
the consumer's income went up
the number of buyers increases or decreases
the product's price went up or down
there was a substitute available
Which one of the following will increase the supply of wheat?
an improvement in technology
an increase in the price of fertilizer
a decrease in the current price of wheat
a severe drought in the wheat belt
the satisfaction that a consumer obtains from the consumption of an additional unit of a good is
marginal utility
consumption factor
marginal increase
marginal cost
If the number of home builders increases what will most likely happen?
the supply curve for homes will shift right
the demand curve for homes will shift right
the demand curve for homes will shift left
prices for homes will rise
Government subsidies cause a
rise in costs
lowering of the cost of production
reduced supply
producers to leave the market
Which will NOT cause a supply curve to shift?
a change in consumer taste
a change in technology
a change in the number of sellers
a change in the price of resources
This graph represents
a change demand
the law of demand
a change in supply
the law of supply
ATT raises the monthly service fees, what would happen to the demand for iphones?
