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Worksheets

Cumulative #2 Review

Total questions: 128

Worksheet time: 2hrs 18mins

Name
Class
Date
1.
What do the households provide businesses?
a)
Labour
b)
Wages
c)
Resources
d)
Goods and services
2.
In the products market
a)
firms buy goods and services from households
b)
firms sell goods and services to households
c)
firms sell resources to households
d)
firms buy resources from households
3.
What is being represented by the "green flow lines"
a)
Flow of Money
b)
Flow of Goods and Services
4.
What is being represented by the "red flow line"
a)
The flow of money
b)
The flow of goods and services
5.
What do businesses provide for consumers according to the circular flow model?
a)
goods and services
b)
only goods
c)
only services
d)
taxes
6.
In the circular flow model, the product market describes _____.
a)
stores that sell goods and services to households
b)
the government paying for public goods
c)
households selling their labor to businesses
d)
households receive income from businesses
7.
Arrows 4 and 7 on this circular flow diagram demonstrate
a)
prices
b)
taxes
c)
goods and services flow
d)
money flow
8.
Which term belongs in the empty box near the bottom of the picture?
a)
Government
b)
Resource market
c)
taxes
d)
goods and services
9.
What is shown in the picture?
a)
Circular Flow model of the economy
b)
Supply Curve
c)
Demand Curve
d)
Something economics
10.
What are the names for the money  that Firms put into the FACTOR market and that HOUSEHOLDS  receive for the sale of scarce resources
a)
Wages
b)
Profits
c)
Income
d)
All of the above
11.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
12.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
13.
An increase in the price of aspirin is likely to be paired with a(n) ___________________ in the demand for Tylenol because the two goods are __________________.
a)
increase; complements
b)
increase; substitutes 
c)
 decrease; complements 
d)
 decrease; substitutes
14.
If the price of printers goes down, what happens in the market for ink cartridges?
a)
Supply increases.
b)
Supply decreases.
c)
Demand increases.
d)
Demand decreases
15.
Printers and ink cartridges are typically purchased together.  Economists would call these
a)
Stubstitues
b)
Complements
c)
Elastic
d)
Inelastic
16.
Assume the image is showing the market for apples.  Which of the headlines could indicate the pictured shift is occurring in the market?
a)
Pesticides on apples linked to mouth cancer.
b)
Storms destroy apple orchards.
c)
An apple a day really does keep the doctor away.
d)
New genetic strain leads to apple trees that produce twice as many apples.
17.
A government payment made to a business is a
a)
tax
b)
regulation
c)
subsidy
d)
resource
18.
The following is a factor that will not cause the demand curve to shift:
a)
Advertising
b)
Population
c)
Price
d)
Consumer expectations
19.
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
20.
Consuming more of one good because of a change in price of another good is known as the 
a)
income effect
b)
substitution effect
c)
elasticity effect
d)
demand effect
21.
A table that lists the quantity of a good that a single person will buy at each price in a market.
a)
demand schedule
b)
market demand schedule
c)
elasticity chart
d)
supply and demand graph
22.
If a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?
a)
it will go up
b)
it will go down
c)
it will stay the same
d)
what does this have to do with the price of tea in China?
23.
In a market economy, who decides on the prices of goods and services?
a)
government
b)
buyers and sellers
c)
firms
d)
local leaders
24.
Generally speaking, the lower the price, the greater the quantity demand.
a)
True
b)
False
25.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
26.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
27.
If farmers stopped growing potatoes because it was too hard, this would cause the ___________ curve for Grippo's to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
28.
If Michael Jordan did advertisements for Steak and Shake, this would cause the ___________ curve for Steak and Shake to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
29.
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
30.
When CDs became popular, people stopped listening to tape cassettes. This caused the ___________ curve for tape cassettes to shift ____________.
a)
demand.........right
b)
demand.........left
c)
supply.......right
d)
supply....... left
31.
Jennifer Lopez is seen wearing a new short and sleek dress. People now want this dress. Which demand determinant is this most likely to fall under?
a)
Change in Consumer Income
b)
Change in Consumer Tastes
c)
Change in Price of Substitute Good
d)
Change in Consumer Price Expectations
32.
Oreo cookies are now extremely expensive to purchase. Instead of buying Oreo cookies, I now want to buy Chips Ahoy. What determinant of demand does this likely fall under?
a)
Change in Price of Complementary Good
b)
Change in Price of Substitute Good
c)
Change in Consumer Price Expectations
d)
Change in Number of Consumers in the Market
33.
The government is giving every individual 18 and above an extra $1,000.00 this year. What determinant of demand does this likely fall under?
a)
Change in Consumer Tastes
b)
Change in Consumer Price Expectations
c)
Change in Number of Consumers in the Market
d)
Change in Consumer Income
34.
I know that the iPhone 8 is coming out next year but really need a phone badly. I'm thinking about buying an iPhone 7 when the new iPhone comes to the market because it will be much cheaper than today's price. What determinant of demand does this suggest?
a)
Change in Price of Complementary Good
b)
Change in Consumer Price Expectations
c)
Change in Number of Consumers in the Market
d)
Change in Consumer Income
35.
McDonald's is having a special on their Big Mac purchases this week. Every Big Mac is $3 cheaper! When burger prices go down, this means you can buy more fries and a drink. What demand factor does this relate to?
a)
Change in Consumer Tastes
b)
Change in Price of Substitute Good
c)
Change in Price of Complementary Good
d)
Change in Number of Consumers in the Market
36.
Porterville, California is now a major immigration center for Russians. Over 10,000 Russians are living in Porterville now! What demand does this determine?
a)
Change in Consumer Income
b)
Change in Consumer Tastes
c)
Change in Consumer Price Expectations
d)
Change in Number of Consumers in the Market
37.
Labor costs are rising through the roof! Minimum wages are now at $25 an hour. This means even the basic item will need to cost more to keep up with rising costs. What determinant of supply does this most relate to?
a)
Change in Technology
b)
Change in Number of Sellers in the Market
c)
Change in Cost of Factors of Production
38.
A brand new machine cooks, cleans, and never messes up a fast food order. This means we can sell more fast food than ever before, leading to producers cutting cost of fast food. Which supply factor does this most likely relate to?
a)
Change in Technology
b)
Change in Profit Opportunities Producing other Products
c)
Change in Producers' Price Expectations
39.
The sellers of Twinkies also sell healthy foods. With all the health regulations we have now, the sellers of Twinkies want to sell more healthy foods. The supply of Twinkies will decrease. What supply factor does this best relate to?
a)
Change in Technology
b)
Change in Number of Sellers in the Market
c)
Change in Profit Opportunities Producing other Products
40.
I foresee gas prices rising tremendously in the next summer. I as a gas supplier, want to cut my supply now so gas prices continue to rise. What supply factor does this best relate to?
a)
Change in Technology
b)
Government Action
c)
Change in Producers' Price Expectations
41.
Takis have been taking the market by storm! Everyone and their mom wants in on selling this delicious treats! Companies that never thought about selling Takis-like products are now selling their version of a hot chip. What supply factor is this?
a)
Change in Technology
b)
Government Action
c)
Change in Number of Sellers in the Market
42.
The government has put a ban on all items that are unhealthy. No store can legally sell soda over 24 ounces. The supply of anything over 24 ounces becomes non-existent. What supply factor is this?
a)
Change in Technology
b)
Change in Cost of Factors of Production
c)
Government Action
43.
Which of the following is NOT one of the determinants of supply?
a)
Change in cost of resources/inputs
b)
Change in number of sellers
c)
Substitutes
d)
Change in technology
44.

Identify the correct determinant of supply:

Example: If the cost of electricity used to power an automotive factories falls, the supply of cars in the market increases

a)

Cost of resources

b)

Number of sellers

c)

Change in expectations

d)

Change in technology

45.
Identify the correct determinant of supply.
Example: If the government requires factories to reduce pollution, complying will initially increase costs of production in the market and reduce supply.
a)
Government regulation
b)
Cost of resources
c)
Change in education 
d)
Change in technology
46.
Identify the correct determinant of supply.
Example: As the demand for DVDs decreased due to consumer preference for streaming movies, the market price for DVDs fell. This lower market price caused sellers to leave the DVD market and supply decreased. 
a)
Government regulation
b)
Change in number of sellers
c)
Change in income
d)
Change in expectations
47.
Identify the correct determinant of supply.
Example: If airlines expect prices for airline tickets to fall in September when families are less likely to travel due the school calendar, they will supply more during the summer months when they can charge higher fares.
a)
Change in income
b)
Change in number of sellers
c)
Expectations
d)
Change in technology
48.
Identify the correct determinant of supply.
Examples: When auto manufacturer were able to implement robotics on the production line, automobiles were produced more quickly and at a smaller cost per unit. This allowed the industry to supply more cars.
a)
Government regulations
b)
Expectations
c)
Number of sellers
d)
Change in technology
49.
Identify the correct determinant of supply.
Example: An economic boom allows skilled workers to move from fast food jobs into white collar office administration jobs. Fast food producers are forced to hire less skilled workers and supply of fast food decreases. 
a)
Change in education
b)
Government regulation
c)
Number of sellers
d)
Expectations
50.

If there is a shortage, what will price do?

a)

Price will increase.

b)

Price will shift to the right.

c)

Price will stabilize.

d)

Price will exponentially decrease.

51.

How is a shortage created?

a)

When demand increases.

b)

When demand decreases.

c)

When demand stagnates.

d)

When supply increases.

52.

If there is a surplus, what will price do?

a)

Price will decrease.

b)

Price will stabilize.

c)

Price will fluctuate.

d)

Price will increase.

53.

When orange juice producers put OJ on sale because they have too much OJ in warehouses, this excess is called:

a)

Equilibrium.

b)

Leftovers.

c)

Surplus.

d)

Shortage

54.

States that people buy a different quantity of a product if that product’s price changes, appearing as a movement along the demand curve.

a)

Change in demand

b)

Change in supply

c)

Change in quantity demanded

d)

Change in quantity supplied

55.

You express demand for a product when you

a)

Are willing to purchase it

b)

Are able to purchase it

c)

Both are correct

d)

Neither are correct

56.

The effect that increasing or decreasing prices has on the buying power of a person is better known as....

a)

Income Effect

b)

Substitution Effect

c)

Diminishing Marginal Returns

d)

Inflation

57.

Goods for which demand goes down as income goes up are better known as....

a)

Inferior Goods

b)

Normal Goods

c)

Public Goods

d)

Private Goods

58.

This is a product that can be used in place of another product:

a)

Product Good

b)

Complementary Good

c)

Related Good

d)

Substitution

59.

Determinants of demand include income, expectations, taste, and...

a)

Consumer Preference

b)

Taxes

c)

Marginal Equity

d)

Unit Elasticity

60.

All of the following are examples of complements EXCEPT

a)

butter and margarine

b)

cameras and film

c)

peanut butter and jelly

d)

flashlights and batteries

61.

All of the following are determinants of demand elasticity EXCEPT

a)

Whether the purchase of the prouct can be delayed

b)

Whether there are adequate substitutes for the product

c)

Whether the purchase of the product requires a large portion of income

d)

Whether the product has utility

62.

Describes demand when a given change in price causes a relatively smaller change in quantity demanded:

a)

Inelastic

b)

Marginal Utility

c)

Elastic

d)

Market Demand

63.

Describes demand when a given change in price causes a relatively larger change in quantity demanded

a)

Inelastic

b)

Marginal Utility

c)

Substitution Effect

d)

Elastic

64.
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
65.
Which is not a cause for supply to change?
a)
subsidy
b)
government regulations
c)
taste
d)
competition
66.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
67.
Graph shows which of the following?
(actually use this graph to answer the question)
a)
a decrease in demand (shift) and a decrease in quantity supplied
b)
a decrease in demand (shift) and a decrease in supply
c)
a decrease in quantity demanded and a decrease in quantity supplied
d)
a decrease in quantity demanded and a decrease in supply (shift)
68.
Assume the image is showing the market for apples.  Which of the headlines could indicate the pictured shift is occurring in the market?
a)
Pesticides on apples linked to mouth cancer.
b)
Storms destroy apple orchards.
c)
An apple a day really does keep the doctor away.
d)
New genetic strain leads to apple trees that produce twice as many apples.
69.
What is demand?
a)
The desire to own something and the ability to afford it.
b)
A graph that shows the quantity demanded at every price.
c)
The usefulness of a product expressed in a dollar sign.
70.
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
71.
Goods that are bought and used together are 
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
72.
The diagram represents a
a)
increase in demand
b)
decrease in demand
73.
An decrease in demand for iPhones in HK could be caused by a(n)
a)
increase in price for Samsung Galaxy
b)
increase in population in HK
c)
the price for iPhones is expected to increase next week
d)
the price of iPhone apps increased
74.
A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in
a)
market size
b)
price of a substitute good
c)
price of a complementary good
d)
tastes and preferences 
75.
Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are 
a)
complements
b)
substitutes
c)
inferior goods
d)
resources
76.
Which of the following is the definition for sole proprietorship
a)
business investment that involves renting or leasing another successful business model
b)
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
c)
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
d)
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
77.
Which of the following is the definition for Corporation?
a)
business investment that involves renting or leasing another successful business model
b)
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
c)
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
d)
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
78.
Which of the following is the definition for Partnership?
a)
business investment that involves renting or leasing another successful business model
b)
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
c)
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
d)
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
79.
Which of the following is an advantage of a sole proprietorship
a)
easy to start up
b)
Decisions do not require the approval of a co-owner, boss, or other "higher-up
c)
the owner can keep the profits of successful management without having to share them with other owners. 
d)
All the other options
80.
Which of the following is an advantage of a partnership? 
a)
they are hard to start
b)
management is hard between two or more people
c)
 partnerships can usually attract financial capital more easily than proprietorships.
d)
They are inefficient. 
81.
Disadvantages include unlimited liability, difficult to raise financial capital, difficulty attracting qualified employees, limited life
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
82.
Disadvantages include limited life and
the potential for conflict between partners
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
83.
Disadvantages include double taxation and more government regulation
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
84.
Characteristics include owned by two or more people and may be general or limited
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
85.
You must file for permission to form from the national or state government
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
86.
Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. 
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
87.
Advantages include full control, ease of start up, no separate taxes, and ease of start up. 
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
88.

If a single firm raises its price it will not be able to sell any of its output.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

89.

A market that has a few sellers of basically the same goods.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

90.

It is extremely easy to go into and get out of the business.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

91.

One single firm controls the entire industry.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

92.

A market where brand-name loyalty is more important than product differentiation.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

93.

Only five firms produce this product in the Unites States.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

94.

The actions of an individual seller do not affect the overall supply or price of a good or service.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

95.

In this market, the producer is the least responsive to buyers' needs and wants.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

96.

Firms in this kind of market produce goods that are very close substitutes.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

97.

All buyers and sellers have sufficient information to maximize self-interest.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

98.

In this market, a good is protected from competition by a patent.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

99.

An action by one seller in this market will always affect all the others.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

100.

Public utilities are an example.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

101.

Which of the following is an example of the governments involvement in conservation?

a)

National park

b)

Lawn mowing service

c)

Department of Education

d)

Oranges

102.

Which of the following is not an example of a government funded public work?

a)

Roads

b)

Trucks

c)

Hospitals

d)

Schools

103.

In the circular flow of income, what do consumers get from producers in exchange for labour?

a)

income

b)

supplies

c)

resources

d)

savings

104.

In the circular flow of income, what do governments receive from consumers?

a)

Savings

b)

Resources

c)

Taxs

d)

Exports

105.

True or False: Police are an example of a public work supplied by the government.

a)

True

b)

False

106.

Which of the following is not an example of welfare supplied by the government?

a)

Care's allowance

b)

Disability allowance

c)

Aged pension

d)

Police

107.
A ______ Externality occurs when a cost of production or consumption falls on a 3rd Party.
a)
Negative
b)
Neutral
c)
Positive
108.
The Government seeks to encourage __________ Externalities.
a)
Negative
b)
Neutral
c)
Positive
109.
•Apartment dwellers who buy fire alarms or fire extinguishers?
a)
Negative externality
b)
Positive externality
110.
•New landscaping in neighbor’s yard?
a)
Negative externality
b)
Positive externality
111.

Market failure occurs whenever

a)

free markets fail to distribute resources efficiently.

b)

goods fail to arrive at a market in a timely fashion.

c)

government builds infrastructure.

d)

voluntary exchange in a market fails to result in a sale.

112.
Which is NOT a characteristic of a monopoly?
a)
Seller sets the market price
b)
Entry into the market is easy
c)
Firm sells a unique product
d)
One seller
113.
Perfect competition involves:
a)
Sellers working together to set prices
b)
A large number of buyers & sellers
c)
Difficulty entering & exiting the market
d)
Little information is available to buyers
114.
List the four market structures in order from least competitive to most competitive.
a)
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
b)
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
c)
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
d)
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
115.
If a major car company such as Ford lowers their prices, what are other car companies likely to do?
a)
Raise their prices
b)
Go out of business
c)
Maintain their current prices
d)
Lower their prices
116.
Which of the following can practice collusion?:
a)
a monopolistically-competitive firm
b)
a perfectly-competitive firm
c)
a monopoly
d)
an oligopoly
117.

A production possibilities curve deals with which of these concepts?

a)

equilibrium price

b)

opportunity costs

c)

cost-push inflation

d)

demand-pull inflation

118.

When governments break up monopolies and try to address shortages or surpluses, they are serving the role of

a)

redistributing income

b)

providing public goods

c)

resolving market failures

d)

protecting property rights

119.

Reducing laws and rules businesses have to follow is an example of

a)

comparative advantage

b)

production possibilities

c)

regulation

d)

deregulation

120.

In what way does specialization increase productivity?

a)

Specialization reduces scarcity

b)

Specialization reduces the costs of production

c)

Specialization increases the demand for a product

d)

Specialized workers are generally more highly educated

121.
Which of the following tends to make economies more efficient?
a)
specialization
b)
government ownership of property
c)
income redistribution
d)
regulations aimed at economic equity
122.

Is this device Input or Output?

Printer

a)

Input

b)

Output

123.
Is this device Input or Output?
Keyboard
a)
Input
b)
Output
124.
Is this device Input or Output?
Monitor
a)
Input
b)
Output
125.
Is this device Input or Output?
Projector
a)
Input
b)
Output
126.
Is this device Input or Output?
Speaker
a)
Input
b)
Output
127.
What type of device is this?
a)
Output
b)
Input
c)
Storage
128.
What type of device are these?
a)
Input
b)
Output
c)
Storage

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