Font size
WorksheetsMicroeconomics Review (Unit 2)
Total questions: 64
Worksheet time: 44mins
What is economics? (the study of...)
Money
The Stock Market
Decision Making
Supply and Demand
(a) is where goods and services are sold.
Which is NOT one of the factors of production?
Land
Entrepreneurship
Labor
Capital
All of these are factors of production.
(a) is where the factors of production are sold.
Which is NOT one of the three basic economic questions?
What to produce?
Where to produce?
How to produce?
For whom to produce?
(a) purchase goods and services from businesses and firms.
(a) purchase the factors of production from households.
What is represented by the flow of money in the Circular Flow Diagram?
Expenditures
Goods and services
Trade offs
Natural Resources
The law of (a) is influenced by consumers.
The law of (a) is influenced by producers.
(a) is a graph that represents the law of demand.
(a) is a graph that represents the law of supply.
What factors cause shifts in quantity demanded and supplied?
Technology
Determinants
Resources
Goods and Services
If there is an increase in consumer income, the demand for a product will (a) .
If there is a decrease in the price of a complementary good, the demand for a product would (a) .
If there is an increase in the cost of resources, the supply of a product would (a) .
If there is a decrease in producer expectations for future prices, the supply would (a) (in the present.)
As prices increase, supply will generally (a) .
As prices decrease, demand will generally (a) .
As prices decrease, supply will generally (a) .
As prices increase, demand will generally (a) .
If there is an increase in supply, which direction will the curve shift?
Right
Left
Up
Down
If there is a decrease in supply, which direction will the curve shift?
Right
Left
Up
Down
If there is a decrease in demand, which direction will the curve shift?
Right
Left
Up
Down
If there is an increase in demand, which direction will the curve shift?
Right
Left
Up
Down
Which direction does the demand curve always flow in?
Up
Down
Right
Left
What direction does the supply curve always flow in?
Up
Down
Right
Left
(a) is the amount of a good, service, or resource buyers are willing and able to purchase at one specific price.
The market demand curve represents all the quantities of a good, service, or resource buyers are willing and able to buy at each price.
True
False
Change in price does NOT cause the demand curve to shift.
False
True
Which is a table that represents the relationship between price and quantity demanded?
Supply Schedule
Supply Curve
Demand Schedule
Demand Curve
Which of these ARE demand determinants?
Change in the price of related goods.
Change in consumer income.
Change in consumer expectations for future prices.
Changes in consumer tastes and preferences.
Change in the number of consumers in a market.
What are related goods?
Substitute goods
Complementary goods
Both A & B
None of these
(a) is the amount of goods, services, or resources that sellers are willing and able to sell at one specific price.
Which refers to ALL the quantities of a good, service, or resource sellers are willing and able to sell at each price?
Demand Curve
Supply Curve
Supply Schedule
Demand Schedule
Change in price does NOT cause a shift in the supply curve.
True
False
Which is a chart that represents the relationship between price and quantity supplied?
Supply Curve
Demand Curve
Supply Schedule
Demand Schedule
Which ARE determinants of supply?
Change in the cost of productive resources.
Change in government regulations.
Change in the number of sellers.
Change in producer expectations for future prices.
Change in technology.
Decline in technology is unusual, but still possible.
False
True
Which of these might cause a decline in technology?
Natural Disaster
Cyber Attack
Both A & B
Neither A nor B
Which of these is NOT a basic business organization?
Corporation
Partnership
Sole Proprietorship
Monopoly
Which business is owned by two or more individuals?
Sole Proprietorship
Partnership
Corporation
Which business is owned by only one individual?
Sole Proprietorship
Partnership
Corporation
Which business is owned by stockholders?
Sole Proprietorship
Partnership
Corporation
In which business does the owner have the most control over decisions, but the most liability?
Sole Proprietorship
Partnership
Corporation
Which business has an unlimited lifespan and has the most access to funds?
Sole Proprietorship
Partnership
Corporation
Which business confronts the most government regulations and taxation?
Sole Proprietorship
Partnership
Corporation
Walmart is an example of which business organization?
Sole Proprietorship
Partnership
Corporation
Al's Pancake World is an example of which business organization?
Sole Proprietorship
Partnership
Corporation
Smith & Sons Accounting Firm is an example of which business organization?
Sole Proprietorship
Partnership
Corporation
Which businesses have limited lifespans?
Sole Proprietorship
Partnership
Corporation
It is easiest to start up which business organization?
Sole Proprietorship
Partnership
Corporation
(a) refers to businesses and firms adjusting prices and products to attract consumers?
Which of these is/ are the basic market structures?
Perfect Competition
Monopolistic Competition
Monopoly
Oligopoly
All of the above
Which market structure has numerous buyers and sellers?
Perfect Competition
Monopolistic Competition
Both A & B
Neither A nor B
Which of the following market structures has high barriers to entry?
Perfect Competition
Monopolistic Competition
Monopoly
None of these
Which of the following market structures has strong control over prices?
Perfect Competition
Monopolistic Competition
Monopoly
None of these
Which of the following market structures has no product differentiation?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Which of the following market structures has only one seller?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Which of the following market structures must utilize non-price competition?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Both B & C
Which is an example of Perfect Competition?
Bottled Water
Cars
Oranges
Microsoft
Cell phones
Which is an example of an Oligopoly?
Cell-Phone Companies
Fast Food Restaurants
Natural Gas
Laundry Detergent
Car Manufacturers
Which is an example of Monopolistic Competition?
Natural-Gas Companies
Cars
Fast-Food Restaurants
Laundry Detergent
Oranges
Which is an example of a Monopoly?
Laundry Detergent
Microsoft
Bottled Water
Cell Phones
Natural Gas
