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WorksheetsPart II Exam review
Total questions: 19
Worksheet time: 10mins
In economics, the main difference between the short run and long run is
At least 2 months
between 3-4 months
1 calendar year
Enough time has passed for people to adjust to changes
Which of the following would be considered an inferior good?
clothing from salvation army
Ford Mustang
Bose Headphones
Sony TV
The law of demand states
As price goes up, demand goes up
As price goes up, demand goes down
As price goes down, demand goes down
As price has no impact on demand
Which of the following would cause demand to increase?
if supply went up
if people took a pay cut
a product goes out of style
if people have more money
When the price of peanut butter increases, the demand for jelly will
increase
decrease
not change
double in rate
The law of supply states that
As price goes up supply goes down
As supply goes down, price goes up
As price goes up, supply goes up
As price does up, demand goes down
All of the following will cause supply to increase except
technology improves
the cost of production goes down
sellers exit the market
more labor becomes available
Which of the following is a controversy associated with an increase in the minimum wage?
Raising minimum wage will increase prices
Raising minimum wage will increase unemployment
Minimum wage workers are only high school and college kids.
The current minimum wage is not high enough for families to live off of
all of these are controversies
Which of the following would cause supply to decrease?
because of a lack of demand, prices have been dropping
plenty of sunshine and rain leads to successful farm season
customers enter a new market
sellers expect good things to happen
Equilibrium is
price is too low causing a shortage
price is too high causing a surplus
price is at a point where there is no surplus or shortage
no opportunity cost
A surplus of bananas in a competitive market would indicate that
the market will never find the equilibrium price and quantity
the demand curve will increase in order to consume the excess demand
consumers are willing to purchase more bananas the producers are willing to supply at the current price
supermarkets are not selling bananas because the price is too high
a price floor is
government sets a maximum price for a good
the government sets the minimum price for a good
government allows the market to set the price for a good
all the above is true
A price ceiling is
government sets a maximum price for a good
government sets a minimum price for a good
the government lets the market decide the price
all of these are true
The business cycle describes the fact that
unemployment levels are constantly changing
inflation rates are constantly changing
an economy's level of production fluctuates between times of recession and expansion
politicians pass laws that force the economy to act in unpredictable ways
Which of the following would best explain the relationship between GDP and unemployment?
When GDP increases, unemployment decreases
When GDP increases, unemployment increases
When GDP decreases, unemployment decreases
There is no relation between GDP & Unemployment
Which of the following is NOT included when calculating GDP for the United States?
Cars assembled in Michigan and sold in Ohio
Cars manufactured in the US, but sold in Japan
cars manufactured in Japan, but sold in the US
cars manufactured in Michigan, but sold to the US government
If using real GDP per capita for a measurement, economists consider the poorest continent to be
Asia
Africa
North America
South America
All of the following people are considered employed EXCEPT
Jen has been home sick for the past two weeks
Eric has only worked 10 hours last week
John has been on vacation for the past week from his job
Harold, who started his job yesterday on his 15th birthday
All of the following people are considered unemployed EXCEPT
Molly who filled out 3 applications this past week
Ryan who currently serves in the military
Rita who was fired from her job is actively looking for a job
none of the above
