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Managerial Economics

Total questions: 117

Worksheet time: 2hrs 58mins

Name
Class
Date
1.

What might happen if the demand for a new type of XBOX began rising quickly?

a)

The manufacturer would begin making fewer new XBOXs

b)

Microsoft would raise the price of the new XBOXs

c)

Microsoft would stop selling the new XBOX

d)

Microsoft would lower the price of the new XBOX

2.

Which condition would lead to the highest prices?

a)

Low supply, high demand

b)

High supply, high demand

c)

High supply, low demand

d)

Low supply, low demand

3.

In a market, price is determine by the interaction of:

a)

inputs and outputs

b)

supply and demand

c)

push and pull factors

d)

demand and means on distribution

4.

If demand for a product increases beyond the ability of produces to supply the product, what will happen to the price of the product?

a)

the price will increase

b)

the price will decrease

c)

the prices will stay the same

d)

the price will decrease until producers can make more

5.

What might happen if the demand for a new type of sneaker began rising quickly?

a)

The manufacturer would begin making fewer sneakers

b)

The sneaker company would raise the price of the sneakers

c)

People would refuse to pay more money for the sneakers

d)

The sneaker company would lower the price of the sneakers

6.

What is likely to happen if the price of a new pair of sneakers went up?

a)

Demand for the sneakers would increase

b)

Demand for the sneakers would decrease

c)

Merchants would begin offering sales on the sneakers

d)

It would be impossible to find a pair in stores

7.
If the cost of computers falls, then…
a)
the demand for computers goes up.
b)
the supply of computers goes up.
c)
none of the choices
d)
the demand for computers goes down.
8.
Which of the following could cause the demand for airline travel to decrease? 
a)
The price for traveling by airplane decreases
b)
The price of traveling by airplane remains the same
c)
The price for traveling by airplane increases
d)
None of the choices
9.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
10.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
11.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
12.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
13.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
14.
The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?
a)
The price will go up.
b)
The price will go down.
15.
Few farmers have ripe cherries to sell. The supply of cherries is low. But many customers at the market want to buy cherries.The demand for cherries is high.  What will happen to the price of the cherries?
a)
The price will go up.
b)
The price will go down.
16.
Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?
a)
The price will go up.
b)
The price will go down.
17.
What happens to the price of objects when the demand for them decreases?
a)
The price will go down
b)
The price will go up
c)
The price will stay the same
d)
They will be free
18.

What determines the prices of goods and services?

a)

Supply

b)

Demand

c)

Supply and demand

d)

Goods

19.

What exists when quantity supplied is greater than quantity demanded?

a)

Surplus

b)

Shortage

c)

Overflow

d)

Mass outrage

20.

A market is said to be in equilibrium when

a)

when demand is higher than the supply

b)

when demand is lower than the supply

c)

when the demand and supply quantities are equal

d)

when the supply is doubled the demand

21.

the price at which a good is bought and sold in a market equilibrium is called

a)

retail price

b)

equilibrium price

c)

discount price

d)

base price

22.

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

a)

shortage

b)

surplus

c)

equilibrium

d)

supply

23.

What happens to price when the market has a surplus

a)

price drops

b)

price stays the same

c)

price increases

d)

price triples

24.

What is the price ceiling?

a)

The minimum price allowed set by the government

b)

The maximum price allowed set by the government

c)

The highest price on the market

d)

An overhead interior surface

25.

Defined as : of, relating to or made in one's own country.

a)

embargo

b)

service

c)

domestic

d)

tariff

26.
A group of buyer and sellers of a particular good or service
a)
Supply
b)
Demand
c)
Agency
d)
Market
27.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
28.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
29.
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
30.
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
31.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
32.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
33.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus 
c)
market price 
d)
supply
34.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
35.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
36.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
37.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
38.
Factors that cause the supply or demand to change are called?
a)
equilibrium
b)
shifter
c)
demand
d)
producer
39.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
40.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
41.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
42.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
43.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
44.
Goods that are bought and used together are 
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
45.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Change in the number of buyers
46.
Which of the following is likely to increase the demand for peanut butter?
a)
Fewer children in the population
b)
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
c)
A big increase in the price of jelly.
d)
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
47.
Which statement expresses a central idea of how the laws of supply and demand work?
a)
The government sets the prices for goods and services.
b)
Prices are determined by the interaction of producers and consumers.
c)
Consumers alone determine the prices for goods and services.
d)
Technology dictates the prices charged for goods and services.
48.
What does this graph show?
a)
Shortage
b)
Surplus
c)
Supply Table
d)
Equilibrium
49.
If a price floor was set at 320, what quantity would be purchased?
a)
20
b)
40
c)
60
d)
80
50.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
51.
The movement from Point A to Point B represents a(n)
a)
increase in the price.
b)
decrease in the quantity supplied.
c)
shift in the supply curve.
d)
Both Orange and Blue are correct.
52.
Which of the following would not shift the supply curve for iphones?
a)
an increase in the price of iphones
b)
a decrease in the number of sellers of iphone
c)
an increase in the price of plastic, an input into the production of iphones
d)
an improvement in the technology used to produce iphones
53.
The law of demand states that if the price of CD’s rise, consumers will
a)
Buy more CDs
b)
Buy fewer CDs
c)
Quantity demanded will not change
54.
The law of supply states that if the price of CD’s rise, suppliers will
a)
Supply more CDs
b)
Supply fewer CDs
c)
Quantity supplied will not change
55.
Which of the following will cause an increase in demand for snowboards?
a)
More costly production methods 
b)
A decrease in the price of lift tickets at resorts in Colorado 
c)
A decrease in consumer income   
d)
A decrease in the population 
56.
What does a “surplus” (extra amount) of goods in a market imply?
a)
Prices are too high
b)
Prices are too low
c)
Supply is too low
d)
Demand is too high
57.
The United States imports many cars from Japan. Suppose that the price of material(s) that Japan uses in making cars declines. What is the INITIAL (first) effect this will have on the Japanese car manufacturers?
a)
The input costs of Japanese made cars to the US will increase 
b)
The quantity supply of Japanese made cars sold in the US will decrease 
c)
The input costs of Japanese made cars in the US will decrease 
d)
The quantity demand of Japanese made cars sold in the US will decrease
58.
Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?
a)
Demand for gasoline will decrease 
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
59.
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
a)
Demand for gasoline will decrease 
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
60.
Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?
a)
Supply for gasoline will decrease 
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
61.
In an attempt to increase the production of oil and gasoline, Congress and the President have given the okay to drill in the Alaskan Arctic Preserve. What happens to the market for gasoline?
a)
Supply for gasoline will decrease
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
62.

A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?

a)

The supply probably went up.

b)

The supply probably went down.

63.

In 1940, scientists invented a new form of synthetic, or artificial, rubber. It was cheaper to work with than natural rubber. What happened to the overall supply of rubber tires after 1940?

a)

The supply went up

b)

The supply went down

64.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

65.

Last year, 50,000 people lived in the city of Fairfax.

But since then, 8,000 people have moved away. What probably happened to the overall supply of houses for sale in Fairfax?

a)

The supply probably went up

b)

The supply probably went down

66.

In the 1970s, several countries in the Middle East decided to pump less oil from their oil wells. Oil is often made into gasoline. What happened to the world's overall supply of gasoline?

a)

The supply went up

b)

The supply went down

67.

Long ago, all books were copied by hand. Making new copies was a lot of work and took a long time. But the invention of the printing press made copying books faster and easier. What happened to the overall supply of books after the printing press was invented?

a)

The supply went up.

b)

The supply went down

68.

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

69.

Generally speaking, the lower the price, the greater the quantity demand.

a)

True

b)

False

70.

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

71.
There is only one gas station on a stretch of highway. Then two more gas stations open next to the first. Demand for gas does not change during this time. What will happen to the price of gas on this stretch of highway and why?
a)
The price of gas will decrease because there is more competition among businesses.
b)
The price of gas will decrease because there is less competition among businesses.
c)
The price of gas will increase because there is more competition among businesses.
d)
The price of gas will increase because there is less competition among businesses.
72.
Part of the reason that LeBron James earns millions of dollars each year while school teachers may earn $30,000 is because…
a)
consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.
b)
the supply of superstar basketball players is low, while the supply of competent teachers is much larger.
c)
demand for LeBron James' talents is very high since he can generate so much revenue for a firm.
d)
all of the choices
73.
Which of the following could cause the price for automobiles to decrease?
a)
The local factory gives a big raise to its employees.
b)
None of the choices
c)
A brand new automobile dealership opens in town.
d)
The price of gasoline falls.
74.
If the cost of computers falls, then…
a)
the demand for computers goes up.
b)
the supply of computers goes up.
c)
none of the choices
d)
the demand for computers goes down.
75.

When the price of something increases, the quantity demanded ___?

a)

decreases

b)

reverses

c)

increases

d)

remains the same

76.

Which of the following would cause the demand curve to

shift to the left?

a)

the average annual income increases

b)

government corporate taxes increase

c)

consumers begin to like the product

d)

price of a complementary good increases

77.

What would not cause a change (shift) in the demand curve?

a)

a decrease in the salary’s of the population

b)

a change in popularity of the good

c)

a change in price of the good

d)

an increase in the price of a substitute good

78.

If price of tea decreases, what is the affect on the demand for coffee?

a)

the demand for tea is not affected

b)

the demand for coffee decreases

c)

the demand for tea decreases

d)

the demand for coffee increases

79.

Which of the following would cause the demand curve to

shift to the left?

a)

price of a substitution good decreases

b)

huge population increase

c)

new government regulations

d)

consumers begin to like the product

80.

Which of the following would cause the demand curve to

shift to the right?

a)

a popular toys loses appeal

b)

suppliers expect higher prices in the future

c)

price of a substitute good decreases

d)

huge population increase

81.

An increase in Demand is located by moving from point ________ to point_________

a)

Moving from A to B

b)

Moving from A to C

c)

Moving from C to A

d)

Moving from B to A

82.

An decrease in quantity Demanded is located by moving from point ________ to point_________

a)

Moving from A to B

b)

Moving from A to C

c)

Moving from C to A

d)

Moving from B to A

83.

An decrease in Demand is located by moving from point ________ to point_________

a)

Moving from A to B

b)

Moving from A to C

c)

Moving from C to A

d)

Moving from B to A

84.
A decrease in the price of a good will
a)
increase supply.
b)
decrease supply.
c)
increase quantity supplied.
d)
decrease quantity supplied.
85.
Which way does a supply curve slope?
a)
down
b)
up
c)
both
d)
neither
86.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
87.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
88.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
89.
How many cup holders are producers willing to supply at a price of $2.50?
a)
3,000
b)
4,000
c)
5,000
d)
7,000
90.
The Law of Supply states:
a)
as price increases, supply increases
b)
as prices decrease, supply increases
91.
a)

Change in Quantity Supplied

b)

Decrease in Supply

c)

Increase in Supply

d)

Decrease in Supply and Decrease in Demand

92.

Auto Union Workers Agree to Wage Cuts

a)
b)
c)
d)
93.

New robot increase efficiency for Autos

a)
b)
c)
d)
94.

Cost of Steel decreases

a)
b)
c)
d)
95.

Major Auto producer goes out of business

a)
b)
c)
d)
96.

Government gives Car producers Subsidies

a)
b)
c)
d)
97.

Cost of Steel decreases and effects autos

a)

increase in supply

b)

increase in quantity supplied

c)

decrease in supply

d)

decrease in quantity supplied

98.

Price of Autos increase

a)

increase in supply

b)

increase in quantity supplied

c)

decrease in supply

d)

decrease in quantity supplied

99.

Auto workers strike

a)

increase in supply

b)

increase in quantity supplied

c)

decrease in supply

d)

decrease in quantity supplied

100.
The price ceiling
a)
causes a shortage of 45 units of the good.
b)
makes it necessary for sellers to ration the good.
c)
is not binding because it is set below the equilibrium price.
d)
Both orange and red are correct.
101.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 
a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
102.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
103.
Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 
a)
The price will remain the same.
b)
The price will rise.
c)
The price will fall.
104.
Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 
a)
The price will remain the same.
b)
The price will rise.
c)
The price will fall.
105.
A new video game has just been released before the winter holiday season, when may families buy gifts. This is a video game that many children want. Many parents buy this video game system for their children. The price throughout December is $249.

What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?
a)
The price will go up for the new year then fall.
b)
Sellers will lower their prices when the demand for the video game slows.  
c)
The price for the video game will remain at $249.
d)
The price will rise since since the games manufacturer will refuse to produce anymore.
106.
A decrease in quantity demanded
a)
results in a movement downward and to the right along a demand curve.
b)
results in a movement upward and to the left along a demand curve.
c)
shifts the demand curve to the left.
d)
shifts the demand curve to the right.
107.
A movement upward and to the left along a demand curve is called a(n)
a)
increase in demand.
b)
decrease in demand.
c)
decrease in quantity demanded.
d)
increase in quantity demanded.
108.
Which of the following would cause the demand curve to shift from Demand B to Demand C in the market for DVDs in the United States?
a)
a decrease in the price of DVDs
b)
a decrease in the price of DVD players
c)
a change in consumer preferences toward watching movies in movie theaters rather than at home
d)
a decrease in the number of people in the United States
109.
A decrease in the price of a good will
a)
increase supply.
b)
decrease supply.
c)
increase quantity supplied.
d)
decrease quantity supplied.
110.
The movement from Point A to Point B represents a(n)
a)
increase in the price.
b)
decrease in the quantity supplied.
c)
shift in the supply curve.
d)
Both Orange and Blue are correct.
111.
A decrease in the price of a good will
a)
increase supply.
b)
decrease supply.
c)
increase quantity supplied.
d)
decrease quantity supplied.
112.
Which way does a supply curve slope?
a)
down
b)
up
c)
both
d)
neither
113.
Which graph below shows the SUPPLY CURVE?
a)
A
b)
B
c)
C
d)
D
114.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
115.
What happened to a supply curve when supply goes down?
a)
moves left
b)
moves rights
c)
moves up
d)
moves down
116.
What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store?
a)
surplus
b)

shortage

c)
equilibrium price
d)
subsidy
117.
More sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?
a)
they decrease (curve shifts left)
b)
they increase (curve shifts right)
c)
they stay the same (the curve stays)

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