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Microeconomics Review

Total questions: 107

Worksheet time: 58mins

Name
Class
Date
1.
Jeff was replaced by a computer. He is experiencing what type of unemployment?
a)
Cyclical
b)
Structural
c)
Seasonal 
d)
Frictional
2.

Julia was replaced by a a robot. He is experiencing what type of unemployment?

a)

Cyclical

b)

Structural

c)

Seasonal

d)

Frictional

3.

Montero is laid off from work because he is a life guard at the local water park. He is experiencing what kind of unemployment?

a)

Structural

b)

Seasonal

c)

Frictional

d)

Cyclical

4.

Green is laid off from work because he is a life guard at the local water park. He is experiencing what kind of unemployment?

a)

Structural

b)

Seasonal

c)

Frictional

d)

Cyclical

5.

Javot no longer has a job as a stock broker since 2008. He is experiencing what kind of unemployment?

a)

Cyclical

b)

Structural

c)

Seasonal

d)

Frictional

6.

Green no longer has a job as a Bank Teller since 2008. He is experiencing what kind of unemployment?

a)

Cyclical

b)

Structural

c)

Seasonal

d)

Frictional

7.

Plant works in the oilfield and the low gas prices have caused his company to temporarily lay people off! He is experiencing what kind of unemployment?

a)

Structural

b)

Cyclical

c)

Seasonal

d)

Frictional

8.

Rhemari works in the coal mine and the low coal prices have caused his company to temporarily lay people off! He is experiencing what kind of unemployment?

a)

Structural

b)

Cyclical

c)

Seasonal

d)

Frictional

9.
Several Companies sell similar products is called what type of competition?
a)
Perfect Competition
b)
Monopolistic Competition
c)
Monopoly
d)
Oligopoly
10.
What is it when a large group of suppliers all produce the same goods?
a)
Perfect Competition
b)
Monopolistic COmpetition
c)
Monopoly
d)
Oligopoly
11.
An example of perfect competition would be what?
a)
Milk
b)
Cars
c)
Jeans
12.
What is it when a few businesses dominate the market?
a)
Monopolistic Competition
b)
Monopoly
c)
Perfect Competition
d)
Oligopoly
13.
An example of an oligopoly would be what?
a)
Auto industry
b)
Milk 
c)
Jeans
14.
What is it when a market is controlled by one major supplier?
a)
Monopolistic Competition
b)
Perfect Competition
c)
Oligopoly
d)
Monopoly
15.
What is the biggest disadvantage of a Sole proprietorship and a partnership? 
a)
Start Up Costs 
b)
Taxes 
c)
Unlimited Liability 
d)
Receives all profits 
16.
This type of business is owned by many people and is treated as though it were a person. It can own property, pay taxes, make contracts, sue and be sued. 
a)
Sole proprietorship 
b)
Partnership 
c)
Joint Venture 
d)
Corporation 
17.
This represents ownership rights to a certain portion of profits and assets of the company. 
a)
Stock 
b)
Bonds 
c)
Articles of incorporation
d)
corporate charter 
18.
This is a special form of partnership in which one partner is the general partner and he makes all the decisions and the other partner is considered a silent partner because he only donated start up Money.
a)
Limited Liability Partnership 
b)
Joint Venture 
c)
Limited Partnership 
d)
All of the above 
19.
What is it when a few businesses dominate the market?
a)
Monopolistic Competition
b)
Monopoly
c)
Perfect Competition
d)
Oligopoly
20.

What kind of market runs most efficienctly when one large firm supplies all of the output?

a)

natural monopoly

b)

network

c)

perfect competition

d)

imperfect competition

21.

What is monopolistic competition?

a)

one company selling the identical product under different names

b)

one company selling several different products under different names

c)

a very few companies selling identical products

d)

many companies selling similiar but not identical products

22.

Which statement describes market conditions at equilibrium?

a)

supply is greatern that demand

b)

demand is greater than supply

c)

Quantity supplied is equal to quantity demanded

d)

there is no supply or demand

23.

WHich of the following would cause an increase in demand?

a)

Yogurt prices rise due to a milk shortage

b)

Yogurt prices fall due to a milk surplus

c)

A new health report says that yogurt makes you sick

d)

a new health report that says that yogurt keeps you healthy

24.

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 the prices as an incentive to purchase more

b)

produce less to promote scarcity

c)

raise prices to make the goods appear higher in quality

d)

begin producing different products

25.

A volcano erupts in Hawaii that destroys or severely damages many of the pineapple orchards located there. What will be the effect on price and quantity of pineapples sold?

a)

price will fall and quantity will fall

b)

price will fall and quantity will rise

c)

price will rise and quantity will fall

d)

price will rise and quantity will also rise

26.

Prices set too high in a market will lead to which situation?

a)

stagflation

b)

stability

c)

surplus

d)

shortage

27.
Which of the following grants an inventor sole rights for his/her invention/innovation?
a)
Trademark
b)
LLC
c)
Copyright
d)
Patent
28.
Which is NOT required for a product to be in demand?
a)
ability
b)
scarcity
c)
willingness
d)
desire
29.
If the price of butter increases, then we would expect that the demand for margarine would fall.
a)
True
b)
False
30.
Which of the following best describes the Law of Demand?
a)
As price goes down, demand goes down. (and vice versa).
b)
As price goes down, demand goes up (and vice versa).
c)
As demand goes down, supply goes up.
d)
As demand goes up, price becomes elastic.
31.
A surplus happens when
a)
prices are too low relative to consumer demand.
b)
prices are too high relative to consumer demand.
c)
prices are too low relative to producer demand
d)
prices are too high relative to producer demand.
32.
The graph illustrates a ...
a)
Demand Curve
b)
Supply Curve
c)
Equilibrium
d)
Price Ceiling
33.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
34.
A person or company that makes, grows, or supplies goods to sell is called the?
a)
damand
b)
price
c)
producer
d)
shortage
35.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
36.
An individual or group who purchases goods.
a)
producer
b)
consumer
c)
goods
d)
services
37.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
38.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
39.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
40.
A change in quantity demanded is shown
a)
at various points on the demand curve
b)
with a new demand curve drawn above or below the original demand curve
c)
with a vertical line
41.
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 
a)
desire
b)
demand
c)
GDP
d)
scarcity
42.
Economics seeks the answer to the basic question of how to deal with ______. 
a)
money
b)
supply
c)
demand
d)
scarcity
43.
Demand is how many people want the goods that are available. If _____ people want the goods available, there is _____.
a)
many, high demand
b)
aren't many, high demand
c)
aren't many, satisfaction
d)
many, low demand
44.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
45.
The sacrifice that is made when a person chooses between two goods or services.
a)
Profit
b)
Economics
c)
Productivity
d)
Opportunity Costs
46.
Scarcity is defined when a product is HARD to get. What happens to the price of the product when the item is scarce?
a)
Price Increases
b)
Price Decreases
47.
If there ____ people who want the goods available, there is a ______.
a)
aren't many, high demand
b)
many, low demand
c)
aren't many, low demand
48.
When there are a surplus of items, the product is easy to get. What happens to the price of these products?
a)
Price Increases
b)
Price Decreases
49.
If the price of an item goes down, _____ consumers will purchase that item.
a)
fewer
b)
more
c)
the same amount
50.
Principle that producers will only produce goods that will yield them a profit because it is something consumers want is known as 
a)
Law of demand
b)
Equilibrium price
c)
Law of supply
d)
Law of supply and demand 
51.
If a study came out proving that chocolate milk was a healthy post-workout beverage, what would likely happen?
a)
Demand increases for Choc. Milk
b)
Demand Decreases for Choc. Milk
c)
Supply Increases for Choc. Milk
d)
Supply Decreases for Choc. Milk
52.

The quantity of a good or service that consumers are willing and able to buy at given prices in a given period of time

a)

supply

b)

demand

c)

total revenue

d)

partnership

53.

A good in joint demand, or a good which is demanded at the same time as the other good.

a)

substitute good

b)

fixed cost

c)

complementary good

d)

subsidy

54.

The price at which planned demand for a good or service exactly equals planned supply.

a)

disequilibrium

b)

price floors

c)

price equilibrium

d)

price ceiling

55.

A market dominated by a few firms.

a)

corporation

b)

partnership

c)

monopoly

d)

oligopoly

56.

maximum legal price

a)

price ceiling

b)

price floor

c)

variable cost

d)

fixed cost

57.

A good in competing demand, namely a good which can be used in place of the other good.

a)

complement

b)

substitute

c)

fixed cost

d)

variable cost

58.

The quantity of a good or service that firms are willing and able to sell at given prices and in a given period of time.

a)

demand

b)

supply

c)

substitutes

d)

complement

59.

Cost of production which changes with the amount that is produced,

a)

price ceiling

b)

variable cost

c)

fixed cost

d)

price floor

60.

Costs that do not vary with the level of output.

a)

price ceiling

b)

fixed cost

c)

variable cost

d)

price floor

61.

the study of how individuals make decisions and how these decisions interact

a)

Law of Supply

b)

Law of Demand

c)

economics

d)

microeconomics

62.

comparing the costs and benefits of doing a little bit more of an activity versus doing a little bit less.

a)

opportunity cost

b)

variable cost

c)

marginal analysis

d)

fixed cost

63.

As prices fall, there is an increased desire for the goods from consumers; consequently when prices rise, the desire for a good decreases.

a)

Law of Supply

b)

Law of Demand

c)

wants

d)

needs

64.

As prices rise, there is a greater availability of the goods by producers; whereas when prices fall, they provide less of the good.

a)

price ceiling

b)

Law of Supply

c)

Law of Demand

d)

price floor

65.

a company that has ownership based on stock

a)

partnership

b)

sole proprietorship

c)

corporation

66.
What is the fundamental problem of economics? 
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
67.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 
a)
What goods should be produced ?
b)
What is the price of the goods? 
c)
How should the goods be produced? 
d)
Who gets to consume the goods? 
68.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
69.
Which of the following would be an example of human capital? 
a)
The amount of workers who work in a Nike factory
b)
The skills of the shoe designers at Nike 
c)
Philip Knight, the CEO of Nike 
d)
The land that the Nike headquarters is located on in Beaverton Oregon
70.
Soil, minerals, air, water, and coal are all examples of
a)
Fossil fules
b)
Conservation
c)
recycling
d)
natural resources
71.

Rhemari has $50 and wants to buy a pair of Nike Shoes that cost $95. She has to settle for a pair of Sketchers for $45. In economic termsRhemari is facing the problem of:

a)

Shortage

b)

Scarcity

c)

Unemployment

d)

Marginal costs

72.
Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test.  However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam.  What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.
a)
An A on the exam 
b)
making a B on the exam 
c)
Losing one hour of sleep
d)
gaining one hour of sleep
73.
 The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not 
b)
Goods are tangible and services are not 
c)
Services are available in unlimited quantaties and goods are not 
d)
goods help satisfy unlimited wants and services do not
74.
What is the major difference between scarcity and a shortage? 
a)
They are really the same
b)
Shortages always exist and scarcity is temporary 
c)
Shortages are temporary and scarcity always exist. 
d)
Scarcity is limited and shortages are unlimited 
75.
What term describes the tools and technology used to make a product?
a)
capital goods
b)
human capital
c)
exports
d)
imports
76.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
77.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
78.
Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?
a)
Land 
b)
Labor  
c)
Capital  
d)
Entrepreneurship
79.
What is the meaning of Trade-Off?
a)
Having more than you want, or need.
b)
When people work in jobs where they produce a few special goods, or services.
c)
When you get a little lees of ne thing in order to get a little more of something else.
d)
Something one person does for someone else.
80.
What does Specialization mean?
a)
Something oe person does for someone else.
b)
Not being able to have everything that you want because of limited resources.
c)
Having more than you want, or need.
d)
When people work in jobs where they produce a few special goods, or services.
81.
What does a production possibility curve show?
a)
The prices of two types of products being produced
b)
The quantity of capital and consumer goods that people would like to be produced
c)
The maximum combination of two types of goods that can be produced with given resources.
d)
The relative profitability of capital and consumer goods 
82.
What does a point outside the PPC represent?
a)
A currently unattainable position 
b)
An inefficient position
c)
The maximum use of resources 
d)
Unused resources 
83.
1. People focus on producing a few things instead of making everything they want by themselves.
a)
interdependence
b)
specialization
c)
scarcity
d)
market
84.
2. People, businesses, and nations depend on the goods and services of others to satisfy the wants they cannot satisfy on their own.
a)
specialization
b)
interdependence
c)
market
d)
scarcity
85.
3. Interdependence is a result of________________
a)
price and value
b)
scarcity
c)
specialization
d)
supply and demand
86.
4. Wants are unlimited.  Resources are limited.
a)
price and value
b)
scarcity
c)
specialization
d)
supply and demand
87.
5. When there is a limited amount of resources, goods, or services and people really want them, the prices are usually higher.
a)
market
b)
interdependence
c)
specialization
d)
supply and demand
88.
6. The worth of a good or service that is determined by the total cost of economic resources that went into producing and providing that good or service.
a)
value
b)
price
c)
currency
d)
market
89.
7.  What a buyer pays a seller for a good or service.
a)
value
b)
price
c)
currency
d)
market
90.
8.  What is NOT an example of a market?
a)
Lee Middle School
b)
Amazon
c)
Starbucks
d)
CVS
91.
Scarcity & Opportunity Cost
a)
Principle 1: People want. This is why the economy exists.
b)
Principle 2: You can't always get what you want.  You have to make a decision.
c)
Principle 3: Economics requires that we rely on all people.
d)
Principle 4: Supply and Demand = Price
92.
10.  A medium of exchange used to buy and sell resources, goods, or services. 
a)
market
b)
price
c)
value
d)
currency
93.
Interdependence
a)
Principle 1: People want. This is why the economy exists.
b)
Principle 2: You can't always get what you want.  You have to make a decision.
c)
Principle 3: Economics requires that we rely on all people.
d)
Principle 4: Supply and Demand = Price
94.
Which is NOT true of an entrepreneur?
a)
take risks
b)
starts own business
c)
determine price
d)
hired as employee
95.
Which of the following is a producer?
a)
factory making tennis shoes
b)
shopper at Giant Eagle
c)
guest at dentist office
d)
student wearing tennis shoes
96.
What is true about a consumer?
a)
They make goods
b)
They provide services
c)
They buy goods and services
d)
They determine price
97.
Which is NOT a productive resource?
a)
Capital goods
b)
Entrepreneur
c)
Labor/employees
d)
Land/natural resources
98.
What is  agricultural influence?
a)
factories giving off pollution
b)
Lots of coal leads to factories making steel
c)
Farmers milk cows
d)
Good soil leads to Ohio farmers growing soybeans
99.
Which is natural resource influence?
a)
Lots of coal so Ohio factories produce steel
b)
Steel factories in Ohio so Ohio makes airplane parts
c)
good waterways in Ohio
d)
coal is a non-renewable resource
100.
Where are industrial centers often found? 
a)
rural
b)
suburban
c)
urban
d)
Nevada
101.
Which is NOT an alternative sources of energy?
a)
wind
b)
sun
c)
coal
d)
water
102.
Which of the following is the reason that Ohio has a strong economy?
a)
good water routes
b)
lots of natural resources
c)
smart inventors
d)
good location, good natural resources, skilled people- all of the above
103.
Which of the following is a reason that Ohio has a strong economy?  Why????
a)
good water routes
b)
lots of natural resources
c)
smart inventors
d)
location, natural resources, skilled people
104.
Which is NOT a way that humans modify the environment in a positive way?
a)
build dams to harness water energy
b)
build dams to prevent flooding
c)
use fertilizers to get better crops
d)
add manure to soil to add nutrients
105.
Which is an example of a primary resource?
a)
newspaper article about a new restaurant
b)
 a letter from the owner introducing her new restaurant to neighbors
c)
magazine article about new restaurant
d)
a commercial about a new restaurant
106.
Which is an example of a primary resource?
a)
newspaper article about a new restaurant
b)
 letter from the restaurant owner introducing her new restaurant
107.
Which is an opinion about economics?
a)
The United States has a system called free enterprise meaning anyone can start a business
b)
An entrepreneur pulls together productive resources
c)
Capital goods are man-made items needed to run a business
d)
Natural resources are the most important productive resource needed to start a business

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