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Economics Unit 3

Total questions: 107

Worksheet time: 3hrs 40mins

Name
Class
Date
1.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
2.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
3.
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
4.
A government payment made to a business is a
a)
tax
b)
regulation
c)
subsidy
d)
resource
5.
A change in quantity demanded is shown
a)

as movement along the demand curve

b)
with a new demand curve drawn above or below the original demand curve
c)
with a vertical line
6.
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
7.
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
8.
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
9.
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
10.

The price of Clif Bars increases. What happens to the market for Powerbars?

a)

Demand increases

b)

Demand decreases

c)

Supply increases

d)

Supply decreases

11.

Peanut butter becomes more expensive. What happens to the market for jelly?

a)

Demand increases

b)

Demand decreases

c)

Supply increases

d)

Supply decreases

12.

Which of these products are most likely to have elastic demand?

a)

Milk & Eggs

b)

Medications

c)

Electricity

d)

Luxury Automobiles

13.
Elastic or Inelastic?
a)
Elastic
b)
Inelastic
14.
Elastic or Inelastic
a)
Elastic
b)
Inelastic
15.
The diagram represents a
a)
increase in demand
b)
decrease in demand
16.

The law of demand states?

a)

As price decreases quantity demanded increases

b)

As price decreases quantity demanded decreases

c)

As price increases quantity demanded increases

d)

As price increases quantity demanded remains unchanged

17.

The cause of a change in the quantity demanded is?

a)

A change in taste

b)

A change in habits

c)

A change in income

d)

A change in price

18.

Graphically, a change in the quantity demanded is represented by?

a)

Shift of the entire demand curve to the left

b)

Shift of the entire demand curve to the right

c)

From one point to another point along the same demand curve

d)

From X to Y axis on the same supply curve

19.

Peanut butter and jelly are what types of goods

a)

substitutes

b)

complements

c)

yummy

d)

yucky

20.

Products that increase the use of other products are called?

a)

substitutes

b)

complements

c)

elasticity

d)

consumption

21.

items that you can use to replace another product are

a)

substitutes

b)

complements

c)

merit goods

d)

private goods

22.

Which of the following measures the responsiveness of producers to a price change?

a)

Marginal cost

b)

Elasticity of supply

c)

Equilibrium

23.

The place where the supply curve intersects the demand curve is known as which of the following?

a)

Utility

b)

Equilibrium

c)

Marginal cost

24.

Butter and margarine are examples of which of the following?

a)

complementary goods

b)

substitute goods

c)

shift goods

d)

raw goods

25.

A change in demand is shown

a)
along the demand curve
b)
with a new demand curve above or below the original demand curve
c)
without a demand graph
d)
with a totally vertical line
26.
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
27.
The demand curve always slopes
a)
down and to the right
b)
straight up and down
c)
down and to the left
d)
up and to the right
28.
Price goes on ________
a)
the vertical axis
b)
the horizontal axis
c)
at the origin
d)
the z axis
29.
What goes on the horizontal axis of a demand graph?
a)
price
b)
quantity demanded
c)
quantity supplied
d)
change in demand
30.
Which of the following would NOT cause a demand curve to shift?
a)
a change in a consumer's income level
b)
a change in population
c)
a change in a consumer's expectations
d)
a change in the price of a product.
31.
The demand for a good is _____ when a small change in price causes a large change in the quantity demanded.
a)
elastic
b)
inelastic
c)
related
d)
substituted
32.
Demand for a product is said to be _______ when a change in price causes very little change in quantity demanded.
a)
elastic 
b)
inelastic
c)
related
d)
rigid
33.

Movement along the demand curve is called

a)

Change in Quantity Demanded

b)

Change in Demand

c)

Change in Quantity Supplied

d)

Change in Supply

34.

A shift in the entire demand curve is known as

a)

Change in Demand

b)

Change in Quantity Demanded

c)

Change in Supply

d)

Change in Quantity Supplied

35.
What is created when prices are too low?
a)
surplus
b)
shortage
c)
equilibrium price
d)
subsidy
36.

Study of the economic behavior of individuals and firms

a)

demand elasticity

b)

microeconomics

c)

inelastic

d)

diminishing marginal utility

e)

income effect

37.

Extent to which a change in price causes a change in demand

a)

demand elasticity

b)

microeconomics

c)

inelastic

d)

diminishing marginal utility

e)

income effect

38.

Describes a given change in price that causes a relatively smaller change in quantity demanded

a)

demand elasticity

b)

microeconomics

c)

inelastic

d)

diminishing marginal utility

e)

income effect

39.

Decline in extra satisfaction from using additional quantities of a product

a)

demand elasticity

b)

microeconomics

c)

inelastic

d)

diminishing marginal utility

e)

income effect

40.

Change in quantity demanded because a price change altered consumer's real income

a)

demand elasticity

b)

microeconomics

c)

inelastic

d)

diminishing marginal utility

e)

income effect

41.
If the supply and demand curves intersect at a price of $20 then any price above that would result in a(n):
a)
shortage.
b)
equilibrium.
c)
increase in demand.
d)
surplus.
42.
the extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product
a)
supply
b)
demand
c)
marginal utility
d)
diminishing marginal utility
43.
Buying only one drink instead of two drinks at lunch time describes what concept?
a)
demand
b)
consumerism
c)
marginal utility
d)
diminishing marginal utility
44.
What is the main difference between the individual demand curve and the market demand curve?
a)
only the demand curve is downward sloping
b)
only the market demand curve shows a range of prices that might prevail in the market at a given time
c)
only the market demand curve shows demand for everyone in the market
d)
only the individual demand curve shows how prices affect demand.
45.
What type of expense is rent/mortgage?
a)
fixed expense
b)
variable expense
46.
What type of expense is car insurance?
a)
fixed expense
b)
variable expense
47.
What type of expense is cable/internet?
a)
fixed expense
b)
variable expense
48.

In simple terms, price inelastic supply means:

a)

It is easy to obtain more supply of a product

b)

It is very difficult to obtain more supply of a product

49.

Advertising

a)

Changes consumer expecatations

b)

lowers the cost of inputs

c)

changes producer expectations

d)

changes consumer taste and preferences

50.

If the cost of inputs increases

a)

quantity demanded decreases

b)

demand decreases

c)

quantity supplied decreases

d)

supply decreases

51.

If the number of producers in a market increases

a)

quantity demanded increases

b)

demand increases

c)

quantity supplied increases

d)

supply increases

52.

If technology makes things easier to produce then supply will

a)

increase

b)

decrease

c)

stay the same

d)

move along the supply curve

53.

If a producer expects the price to increase

a)

supply will increase in the short run

b)

supply will decrease in the long run

c)

demand will decrease in the short run

d)

supply will decrease in the short run

54.

If a product has many substitutes it is considered to have

a)

elastic demand

b)

inelastic demand

c)

elastic supply

d)

inelastic demand

55.

Milk & Eggs are necessities therefore

a)

demand is elastice

b)

demand is inelastic

c)

supply is elastic

d)

supply is inelastic

56.
What is the basic principle of the law of supply?
a)
The higher the price, the more people will want to produce the good.
b)
Everyone has a limited supply that they will make.
c)
When a good's price is lower, people will produce more of it.
d)
Services are of interest in the same way that goods are.
57.

DEMAND ELASTICITY

a)

Describes the proportional change in quantity.

b)

Analyzes the effects of a price change.

c)

Analyzes responsiveness to suppl changes.

d)

Measures the extent of change in price to changes in Q.D.

58.

Total revenue =

a)

Price x cost

b)

Price x quantity

c)

Cost x quantity

d)

Sales + costs

59.

Marginal utility refers to

a)

the additional product produced as the firm adds one additional unit of an input

b)

the additional utility that a consumer derives from consuming one additional unit of a good

c)

the amount of utility divided by the number of units produced

d)

all of the above

60.
The following graph illustrates
a)
The Law of Increasing Costs
b)
The Law of Demand
c)
Circular Flow Diagram of  Mixed Economy
d)
The Marginal Product of Labor
61.

Which of the following is not a variable cost of owning a vehicle?

a)
Gas
b)
Oil Change
c)
Vehicle Registration
d)
Air filters
62.

Additional cost associated with producing one additional unit of output:

a)

Fixed Costs

b)

Average Costs

c)

Marginal Costs

d)

Emplicit Costs

63.
The amount a firm receives after all costs have been paid.
a)
Revenue
b)
Marginal Profit
c)
Profit
d)
Marginal Revenue
64.

The short run is a production period is

a)
which is less than 3 months.
b)
which is very short. 
c)

in which only variable inputs are changing.

d)

in which all inputs (fixed and varibale) are changing.

65.

Costs that do not change when the quanity of output produced changes is called

a)

Fixed Costs

b)

Variable Costs

c)

Explicit Costs

d)

Implicit Costs

66.
Occurs when each addition of an input results in declining quantity of the output
a)
Diminishing Marginal Utility
b)
Diminishing Marginal Costs
c)
Diminishing Marginal Returns
d)
Diminishing Marginal Profits
67.

Illustrates the quantity demanded of everyone interested in purchasing a product

a)

demand curve

b)

change in demand

c)

Law of Demand

d)

complements

e)

market demand curve

68.

Extent to which a change in price causes a change in demand

a)

demand elasticity

b)

microeconomics

c)

inelastic

d)

diminishing marginal utility

e)

income effect

69.

Describes a given change in price that causes a relatively smaller change in quantity demanded

a)

demand elasticity

b)

microeconomics

c)

inelastic

d)

diminishing marginal utility

e)

income effect

70.

Decline in extra satisfaction from using additional quantities of a product

a)

demand elasticity

b)

microeconomics

c)

inelastic

d)

diminishing marginal utility

e)

income effect

71.

Change in quantity demanded because a price change altered consumer's real income

a)

demand elasticity

b)

microeconomics

c)

inelastic

d)

diminishing marginal utility

e)

income effect

72.
the extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product
a)
supply
b)
demand
c)
marginal utility
d)
diminishing marginal utility
73.

The table above shows the short run production function for picking apples. Based on the production data, which of the following statements about the marginal product of the fifth worker is true?

a)

it is the maximum that can be attained

b)

it is greater than the marginal product of the first worker due to increasing returns

c)

it is greater than the combined marginal products of all the other workers

d)

it is less than the marginal product of the third worker due to diminishing returns

e)

it is rising due to increasing marginal returns

74.

The table shows the short run production function of a perfectly competitive firm that produces potatoes using one variable input: labor. After which worker does diminishing marginal product first occur?

a)

2nd worker

b)

3rd worker

c)

4th worker

d)

5th worker

e)

6th worker

75.

Fixed Costs + Variable Cost = _____________

a)

Total Costs

b)

2

c)

3

d)

1

76.

the level of production in which the marginal product of labor increases as the number of workers increases

a)

Increasing Marginal Returns

b)

Diminishing Marginal Returns

c)

Marginal Product of Labor

d)

Marginal Cost

77.

a cost that rises or falls depending on how much is produced

a)

Variable Costs

b)

Fixed Costs

c)

Total Costs

d)

Marginal Cost

78.

Consumer tastes, advertising , the price of substitutes, the price of complements, and consumer expectations about future prices can cause ....

a)

stampede

b)

bank run

c)

a shift in the supply curve

d)

a shift in the demand curve

79.

The stages of production are based on

a)

the way inputs change in response to decisions

b)

the way total production changes over time

c)

the way marginal product changes as variable inputs are added

d)

the way output changes independent of input

80.

Increased government regulations can cause the supply curve to

a)

shift to the right

b)

increase

c)

decrease

d)

shift to the left

81.

In what order do the three stages of production occur?

a)

negative returns, diminishing returns, increasing returns

b)

increasing returns, negative returns, diminishing returns

c)

increasing returns, diminishing returns, negative returns

d)

diminishing returns, increasing returns, negative returns

82.

Profit is maximized when marginal cost is

a)

less than marginal revenue

b)

greater than the marginal revenue

c)

equal to the marginal revenue

d)

growing at the same rate as marginal revenue

83.

The period of production that allows producers to change the amounts of all inputs

a)

diminishing returns

b)

the short run

c)

increasing returns

d)

the long run

84.

Which of the following can cause an increase in supply?

a)

a decrease in productivity

b)

an increase in taxes

c)

fewer sellers in the market place

d)

a decrease in the costs of inputs

85.

Electricity is an example of a

a)

marginal cost

b)

total cost

c)

variable cost

d)

fixed cost

86.

Amount of a product that producers bring to the market at a given price

a)

Subsidy

b)

Quantity supplied

c)

Supply

d)

Long run

87.

Equals the number of units sold multiplied by the average price per unit

a)

Fixed cost

b)

Supply curve

c)

Total revenue

d)

Variable cost

88.
The production function
a)
Is the relationship between the quantity of inputs used and the resulting quantity of product.
b)
Tells us the maximum attainable output from a given combination of inputs.
c)
Expresses the technological relationship between inputs and output of a product.
d)
All the above.
89.

"The marginal cost of production" is..

a)

The cost of producing one more unit of something.

b)

the cost of becoming a major industry.

c)

the average daily cost of margarine

d)

the cost to purchasers, not the cost to sellers.

90.

If production is elastic...

a)

it is slow and difficult to start producing the product

b)

it is easy to get into the market and to increase production

c)

the industry tends to get very big and can't change production very rapidly.

d)

producers tend to keep producing when prices go down, because it is expensive to production.

91.

Which product is considered demand inelastic?

a)

gasoline

b)

fast food

92.
On a graph with both a supply and demand curve, where are shortages found?
a)
Above the equilibrium price.
b)
Below the equilibrium price.
93.
On a graph with both a supply and demand curve, where are surpluses found?
a)
Above the equilibrium price.
b)
Below the equilibrium price.
94.

Allocating something scarce among people who want more than is available

a)

Opportunity Cost

b)

Rationing

c)

Scarcity

d)

Demand

95.
What is the result of the government implementing a price floor of $60
a)
There would be a shortage of 100 since it is cheaper for consumers 
b)
There would be a surplus of 100 because it is more expensive for consumers 
c)
There would be a shortage of 100 because it is assisting the suppliers
d)
There would be a surplus of 100 because it is beneficial to consumers 
96.
What is the supply with a price floor of $60?
a)
50
b)
100
c)
150
d)
200
97.
What is the result of the government implementing a price floor of $60
a)
There would be a shortage of 100 since it is cheaper for consumers 
b)
There would be a surplus of 100 because it is more expensive for consumers 
c)
There would be a shortage of 100 because it is assisting the suppliers
d)
There would be a surplus of 100 because it is beneficial to consumers 
98.
What is the supply with a price floor of $60?
a)
50
b)
100
c)
150
d)
200
99.
3. Price floors and price ceilings prevent items from obtaining their equilibrium price.
a)
True
b)
False
100.

4. The minimum wage is an example of a government price floor

a)
True
b)
False
101.
What does this graph show?
a)
Shortage
b)
Surplus
c)
Supply Table
d)
Equilibrium
102.
What is the equilibrium quantity in this graph?
a)
$1.50
b)
$1.00
c)
600
d)
800
103.
At the price of 1.00 there is a 
a)
shortage of 200
b)
surplus of 200
c)
shortage of 400
d)
surplus of 400
104.
If the government set the price at $700, would that be a price ceiling or floor?
a)
Price Ceiling
b)
Price Floor 
c)
Neither
105.
If the government set the price at $300, what would be the result?
a)
Surplus of 4,000
b)
Surplus of 2,000
c)
Shortage of 4,000
d)
Shortage of 2,000
106.
A ___ ___ keeps prices form going any higher and causes a ___.
a)
price ceiling; shortage
b)
price ceiling; surplus
c)
price floor; shortage
d)
price floor; surplus
107.
What is the difference between a demand schedule and a demand curve?
a)
A schedule is a graph and a curve is a table
b)
A schedule is written on paper and a curve is a 3d model
c)
A schedule is a table and a curve is a graph
d)
All of the above

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