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Microeconomics

Total questions: 81

Worksheet time: 2hrs 37mins

Name
Class
Date
1.
The graph represents: Demand or Supply?
a)
Demand
b)
Supply
2.
Law of demand says if the price of pizza falls, the demand for pizza will what?
a)
Increase
b)
Decrease
3.
What kind of graph is this?
a)
Supply
b)
Demand
4.
The Law of Supply states:
a)
as price increases, supply increases
b)
as prices decrease, demand increases
5.
Which is a cause for supply to change? HINT: TRICE
a)
Technology
b)
Taste
6.
What is Equilibrium?
a)
Price that buyers & sellers will accept
b)
Price that equals Goods
7.
What is a causes a shift for Demand? (HINT: MERIT)
a)
Weather
b)
Population
8.
One benefit of starting a corporation is...
a)
You are the only one responsible
b)
There is limited liability
c)
You have to come up with ALL of the start money
9.
A negative (drawback) of starting a sole proprietorship is...
a)
You have to raise ALL of the money yourself
b)
You make all of the decisions
c)
All of the profits belong to you
10.
The people who make the major policy and financial decisions in a corporation are the 
a)
investors
b)
board of directors
c)
managers
d)
owners
11.
VOCABULARY: Market structure where only a few very large sellers dominate an industry.
a)
Monopoly
b)
Oligopoly
c)
Supply
d)
Demand
12.
VOCABULARY: Market structure with only a single seller of a particular product.
a)
Oligopoly
b)
Demand
c)
Supply
d)
Monopoly
13.
VOCABULARY: The lowest legal price that can be paid for a good or service.
a)
Price Floor
b)
Price Ceiling
c)
Minimum Wage
d)
Subsidy
14.
VOCABULARY: A maximum legal price that can be charged for a product.
a)
Price Floor
b)
Price Ceiling
c)
Subsidy
d)
Minimum Wage
15.
By limiting the amount of diamonds in circulation, and over-advertising the message that diamonds are the best representation of one’s expression of love, the De Beers Diamond Co. was effectively manipulating what two factors of economics?
a)
Rise and Run
b)
Risk and Reward
c)
Surplus and Shortage
d)
Supply and Demand
16.
The graph represents: Demand or Supply?
a)
Demand
b)
Supply
17.

According to the chart, what do household exchange in the Product market for finished products?

a)

Consumption Expenditures

b)

Cost

c)

Goods and services

d)

Productive Resources

18.

According to the chart above, what do businesses receive from the factor market?

a)

Goods and Services

b)

Finished Goods

c)

Income

d)

Factors of Production

19.

According to the chart, what do businesses do with the productive resources they purchase?

a)

make finished goods and services and sell them in the product market

b)

make finished goods and services and sell them in the factor market

c)

make productive resources and sell them in the product market

d)

use them to gain a tax credit with the government

20.

According to the chart, who makes income?

a)

Businesses

b)

Factor Markets

c)

Product Markets

d)

Households

21.

What is the opportunity cost of moving from point A to point B?

a)

50 of good X

b)

35 of Good Y

c)

50 of Good X and 35 of Good Y

d)

What ever is given up by point B

22.

Which point on the curve is an efficient use of resources?

a)

F

b)

D

c)

E

d)

A

23.

Which point on the curve shows impossible production possibilities?

a)

A

b)

D

c)

E

d)

F

24.

An outward shift in the curve shows what?

a)

Economic Growth

b)

Less Production

c)

Less employment

d)

Full Employment

25.

Which of the following cause an outward shift in the curve?

a)

Improved technology

b)

Increasing workers education

c)

Provide greater Job training

d)

spread disease among the workers

26.

Investment in education, training, and skill development has been linked to

a)

declining job satisfaction.

b)

growing financial instability.

c)

increasing earnings for workers.

d)

decreasing political participation.

27.

Production is

a)

the relationship of outputs divided by inputs

b)

the relationship of inputs divided by outputs

c)

the relationship of inputs divided by inputs

d)

the relationship of outputs divided by outputs

28.

Your friend asked you to go to Georgia/Florida football game. Tickets cost $150; however, you choose to stay home and study for your really important Fundamentals of Economics test.


What is your opportunity cost?

a)

The time you gave up to study

b)

the $150 for the tickets to watch Georgia win

c)

Your friend

d)

The time you gave up to study and the $150 for the tickets to watch Georgia win

e)

Coach Stevens

29.
VOCABULARY: The lowest legal wage that can be paid to workers.
a)
Minimum Wage
b)
Price Ceiling
c)
Subsidy
d)
Price-Fixing
30.
VOCABULARY:The combination of desire, ability, and willingness to buy a product.
a)
Demand
b)
Supply
c)
Equilibrium Price
d)
Price Floor
31.
VOCABULARY: Market structure where only a few very large sellers dominate an industry.
a)
Monopoly
b)
Oligopoly
c)
Supply
d)
Demand
32.
VOCABULARY: The amount of any given commodity available for sale at a given time.     
a)
Subsidy
b)
Demand
c)
Supply
d)
Price Floor
33.
VOCABULARY: Market structure with only a single seller of a particular product.
a)
Oligopoly
b)
Demand
c)
Supply
d)
Monopoly
34.
VOCABULARY: The lowest legal price that can be paid for a good or service.
a)
Price Floor
b)
Price Ceiling
c)
Minimum Wage
d)
Subsidy
35.
VOCABULARY: A maximum legal price that can be charged for a product.
a)
Price Floor
b)
Price Ceiling
c)
Subsidy
d)
Minimum Wage
36.
VOCABULARY: Real or perceived differences between competing products in the same industry.
a)
Price-Fixing
b)
Supply
c)
Demand
d)
Product Differentiation
37.

In general, when does a Monopoly become bad?

a)

When they drop prices of a good, which does not hurt consumers

b)

When they rise the price of a good, which could hurt consumers

c)

Only when they own over 95% of the market on a particular good or service

d)

All of the above

38.
By limiting the amount of diamonds in circulation, and over-advertising the message that diamonds are the best representation of one’s expression of love, the De Beers Diamond Co. was effectively manipulating what two factors of economics?
a)
Rise and Run
b)
Risk and Reward
c)
Surplus and Shortage
d)
Supply and Demand
39.

In general, when does a Monopoly become bad?

a)

When they drop prices of a good, which does not hurt consumers

b)

When they rise the price of a good, which could hurt consumers

c)

Only when they own over 95% of the market on a particular good or service

d)

All of the above

40.
When too many watermelons are harvested, a market might be said to have a ‘surplus’, because more watermelons are produced then are demanded.  What is likely to happen to the price of watermelons under these conditions?
a)
The price would fall
b)
The price would stay the same
c)
The price would rise
d)
None of the Above
41.
When not enough watermelons are harvested to meet demand, a market might be said to have a ‘shortage’.  What is likely to happen to the price of watermelons under these conditions?
a)
The price would fall
b)
The price would rise
c)
The price would stay the same
d)
None of the Above
42.
Which of the following is characterized as ‘the point where the quantity of a good supplied is the same as the quantity demanded of that good’?
a)
The S/D Similarity       
b)
The Equilibrium Price
c)
Price-Fixing     
d)
Price Adjustment Point
43.
Which of the following market structures is characterized by 1) a large number of buyers and sellers who exchange identical products, 2) the number of sellers is so large that no single seller is large enough to affect the price of their goods, and 3) the market is generally easy to enter or leave?
a)
Perfect Competition
b)
Monopolistic Competition     
c)
Oligopoly
d)
Monopoly
44.
Which of the following reasons best suggests why Oligopolies tend to happen in Aircraft and Automobile manufacturing industries?
a)
Laws state that only a certain amount of manufacturers are allowed
b)
House prices in Detroit are too low for more people to move there
c)
Entering those industries is very expensive and requires engineering expertise
d)
New companies must pay a fee to enter into those industries
45.

According to the law of supply, the points on the curve are known as

a)

Supply

b)

Demand

c)

Quantity Demanded

d)

Quantity Supplied

46.

According to the law of supply, Price and quantity have which relationship?

a)

Negative

b)

Inverse

c)

Positive

d)

Neutral

47.

According to the law of supply, if the price of a good increases from $15 to $30, what would happen to the supply of that item?

a)

supply would increase

b)

demand would increase

c)

supply would decrease

d)

demand would decrease

48.

What causes changes in the supply of an item?

a)

changes in quanitity

b)

changes in supply

c)

changes in demand

d)

changes in price

49.

Which of the following would cause an outward shift in the supply curve

a)

Increase in the number of sellers

b)

Better Technology

c)

Greater regulations

d)

More expensive resources

50.

Which of the following would cause an inward shift of the supply curve

a)

Increased number of sellers

b)

Deregulation

c)

Hiring workers with less education

d)

Expectations that prices will increase

51.

Which curve is being shown in the picture above?

a)

Law of supply

b)

Demand

c)

Law of Demand

d)

Supply

52.

The law of supply is

a)

The quantity of an item that is desired

b)

The quantity of an item that is supplied

c)

The quantity of an item that is not desired

d)

The price of an item that is desired

53.

Which curve is being shown in the picture above

a)

Law of Demand

b)

Law of Supply

c)

Demand

d)

Supply

54.

Which curve is being shown in the picture above

a)

Law of Demand

b)

Law of Supply

c)

Demand

d)

Supply

55.

According the law of Demand, which is the relationship to quantity and price

a)

Price and quantity have a positive relationship

b)

Price and quantity have a negative relationship

c)

Price and quantity have an inverse relationship

d)

Price and quantity have never dated

56.

According to the law of supply, if prices increase the supply of that item will

a)

decrease

b)

remain constant

c)

increase

d)

change

57.

According to the law of demand, if prices decrease the demand of that item will

a)

Increase

b)

Remain constant

c)

Decrease

d)

negative

58.

What has caused the decrease in demand of the graph above?

a)

A price decrease

b)

A price increase

c)

There was no change in quantity

d)

a shift in the demand

59.

What are the points of the Demand curve known as?

a)

Quantity Supplied

b)

Supply

c)

Demand

d)

Quantity Demanded

60.

With respect to the circular flow model, businesses provide households with which of the following?

a)

taxes and interest

b)

labor and taxes

c)

goods, services, and incomes

d)

public goods and transfer payments

61.

A volcano erupts in Hawaii that destroys or damages many of the orchards that supply the U.S. with pineapples. What will be the effect on price and quantity of pineapples sold, assuming all else is equal?

a)

Price will rise and quantity will also rise.

b)

Price will drop and quantity will also drop.

c)

Price will drop but quantity will rise.

d)

Price will rise but quantity will drop.

62.

A breakthrough in nanotechnology allows silicon chips for computers to be produced much more quickly and cheaply. If demand for computers remains unchanged, what will be the effect upon market price and supply?

a)

Both price and supply will rise.

b)

Both price and supply will fall.

c)

The supply will rise while the price falls.

d)

The supply will fall while the price rises.

63.

All of the following are characteristics of perfectly competitive markets EXCEPT

a)

the firm's prices are kept confidential.

b)

production is similar in quality.

c)

there is a large number of buyers and sellers.

d)

there are few barriers to entering the market.

64.

A market structure in which only one producer supplies a good that is in demand, thereby permitting them to set the price by how much they supply, is called

a)

competition.

b)

monopoly.

c)

oligopoly.

d)

conglomerate.

65.

George has just saved enough money to buy the car he's dreamed of. He puts down $5,000 in cash and finances the rest through his local credit union. George's car is

a)

a consumer good.

b)

a capital good.

c)

a production cost.

d)

a renewable resource.

66.

The price at which total supply equals total demand is known as

a)

the middle price.

b)

the consumer price.

c)

consumer demand.

d)

the equilibrium price.

67.

Jordan works for Georgia as a teacher. His labor provides the government with a much-needed service, and they pay him a salary. With his salary, he buys goods from private businesses, and pays taxes to the government. Jordan's economic interdependence with the government and businesses is referred to as

a)

the money flow.

b)

the monetary cycle.

c)

circular flow of economic activity.

d)

economic independence.

68.
Will lead to a shift of the supply curve...
a)
Change in costs of production
b)
Change in firm's reputation
c)
Change in consumer preferences
69.
Will lead to a shift of the demand curve...
a)
Change in costs of production
b)
Change in firm's reputation
c)
Change in taxes
d)
Change in international tariffs
70.
Definition of market equilibrium
a)
Quantity demanded and quantity supplied are the same
b)
Quantity demanded and quantity supplied are different
c)
Quantity demanded is higher than quantity supplied
d)
Quantity demanded is lower than quantity supplied
71.
Will lead to a change along the demand curve
a)
Change in prices
b)
Change in firm's reputation
c)
Change in consumer preferences
72.
Will lead to a change along the supply curve
a)
Change in prices
b)
Change in costs of production
c)
Change in taxes
d)
Change in international tariffs
73.
The supply curve shows
a)
The amount of goods or services that are supplied at a given market price.
b)
The amount of goods or services that are consumed at a given market price.
c)
The amount of goods or services that are supplied at a given quantity.
74.
The demand curve shows
a)
The amount of goods or services that are consumed at a given market price.
b)
The amount of goods or services that are supplied at a given market price.
c)
The amount of goods or services that are consumed at a given quantity.
75.
The law of demand says that
a)
at higher prices, buyers will demand less of an economic good.
b)
at higher prices, buyers will demand more of an economic good.
c)
at higher prices, sellers will supply more of an economic good.
d)
at higher prices, sellers will supply less of an economic good.
76.
The law of supply says that
a)
at higher prices, sellers will supply more of an economic good.
b)
at higher prices, sellers will supply less of an economic good.
c)
at higher prices, buyers will demand less of an economic good.
d)
at higher prices, buyers will demand more of an economic good.
77.
The demand curve is
a)
downward sloping
b)
upward sloping
78.
The supply curve is
a)
downward sloping
b)
upward sloping
79.
An increase in a firm`s reputation can be represented by
a)
A rightward shift of the demand curve
b)
A leftward shift of the demand curve
c)
A rightward shift of the supply curve
d)
A leftward shift of the supply curve
80.
An increase in a firm`s costs of production can be represented by
a)
A rightward shift of the demand curve
b)
A leftward shift of the demand curve
c)
A rightward shift of the supply curve
d)
A leftward shift of the supply curve
81.
An increase in taxes can be represented by
a)
A rightward shift of the demand curve
b)
A leftward shift of the demand curve
c)
A rightward shift of the supply curve
d)
A leftward shift of the supply curve

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