wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Extra Credit - KGB Microeconomics

Total questions: 115

Worksheet time: 3hrs 52mins

Name
Class
Date
1.

The problem of unlimited desires and limited resources is the problem of

a)

wants

b)

marginal benefit

c)

scarcity

d)

free enterprise

2.

When you buy a game system and games together, this is an example of which economic concept?

a)

Complements

b)

Substitutions

c)

Elasticity

d)

Economics

3.

The problem of unlimited desires and limited resources is the problem of

a)

wants

b)

marginal benefit

c)

scarcity

d)

free enterprise

4.

When you buy a game system and games together, this is an example of which economic concept?

a)

Complements

b)

Substitutions

c)

Elasticity

d)

Economics

5.

When you buy a PlayStation instead of an X-Box because the price of the PlayStation went up, this is an example of what?

a)

Complements

b)

Substitutions

c)

Elasticity

d)

Economics

6.

According to the _____, quantity demanded and price move in opposite directions.

a)

law of demand

b)

demand curve

c)

demand schedule

d)

market demand

7.

In a ____, most economic decisions are made by individuals looking out for their own interests.

a)

free exchange

b)

market economy

c)

privatized economy

d)

socialist market

8.

____ are rewards offered to try to get people to take certain economic actions.

a)

Profits

b)

Incentives

c)

Marginal benefits

d)

Trade-offs

9.

When economists look at supply and demand schedules and/or supply and demand curves, what are the only two variables examined?

a)

Price and Demand

b)

Price and Supply

c)

Price and Quantity

d)

Price and Equilibrium Point

10.

What determines if an item's demand is elastic?

a)

If an item is on sale

b)

If an item continues to be bought, despite the rise in price

c)

If an item stops being bought because of a rise in price

d)

If an item is not on sale

11.

A ____ system allows businesses to compete for profit with a minimum of government interference.

a)

Free Market

b)

Traditional

c)

Command

d)

Mixed

12.

A _____ is a graph that lists prices on the vertical axis and quantities on the horizontal axis.

a)

demand curve

b)

market demand

c)

utility demand

d)

demand schedule

13.

_____ refers to the desire, willingness, and ability to buy a good or service.

a)

Supply

b)

Demand

c)

Law of Demand

d)

Market Supply

14.

A ____ is a chart or table showing quantities supplied at different possible prices.

a)

supply schedule

b)

supply curve

c)

market table

d)

profit graph

15.

What is the term for the principle that suppliers will normally offer more for sale at higher prices and less at lower prices?

a)

law of supply

b)

supply schedule

c)

law of demand

d)

market demand

16.

____ is the struggle between buyers and sellers to get the best products at the lowest prices.

a)

Competition

b)

Productivity

c)

Free enterprise

d)

Economic freedom

17.

How are milk and cereal complements?

a)

You usually buy milk and cereal together

b)

They are eaten together

c)

You get complements based on your choices of each

d)

Cereal is expensive but Milk is not

18.

This graph demonstrates

a)

A shift in the Supply Curve

b)

A higher market price after the shift of the Demand Curve

c)

A lower market price after the shift of the Demand Curve

d)

No change in the market quantity after the shift of the Demand Curve

19.

The graph below is an example of a

a)

Demand Schedule

b)

Demand Curve

c)

Supply Schedule

d)

Supply Curve

20.

The table below is an example of a

a)

Supply Schedule

b)

Supply Curve

c)

Demand Curve

d)

Demand Schedule

21.

When a new producer of soap enters the market, and the supply curve shifts to the right, which determinant of supply shift is this an example of?

a)

Number of Sellers

b)

Subsidies

c)

Producer Expectations

d)

Input Costs

22.
Elastic or Inelastic
a)
Elastic
b)
Inelastic
23.
Law of demand says if the price of pizza falls, the demand for pizza will what?
a)
Increase
b)
Decrease
24.
When the population of Ankeny increases, the demand will: increase or decrease?
a)
Increase
b)
Decrease
25.
Is this graph: Supply or Demand?
a)
Demand
b)
Supply
26.
This activity (Picture) was an example of what?
a)
Diminishing Marginal Return
b)
Elastic Supply
27.
Paying rent is an example of what type of cost?
a)
Fixed
b)
Variable
28.
The Law of Supply states:
a)
as price increases, supply increases
b)
as prices decrease, demand increases
29.
Too many "cooks in the kitchen" is an example of?
a)
Law of Supply
b)
Diminishing Marginal Return (Adding more workers will increase or decrease production)
30.
The graph represents: Demand or Supply?
a)
Demand
b)
Supply
31.
Elastic or Inelastic
a)
Elastic
b)
Inelastic
32.
Amount of a product consumers will buy at a given prices is called what?
a)
Substitute
b)
Demand
33.
A necessity is something we need to live. Which answer describes a necessity?
a)
Food
b)
School
34.
What kind of graph is this?
a)
Supply
b)
Demand
35.
What is quantity of a good or service that producers sell at a market price?
a)
supply
b)
demand
36.
Which is a cause for supply to change? HINT: TRICE
a)
Technology
b)
Taste
37.
When the number of goods is greater than producers are willing to sell is called?
a)
Surplus
b)
Shortage
38.
What is Equilibrium?
a)
Price that buyers & sellers will accept
b)
Price that equals Goods
39.
The electric changes from month to month. This is an example of.....
a)
Fixed
b)
Variable
40.
What is a causes a shift for Demand? (HINT: MERIT)
a)
Weather
b)
Population
41.

What is economics?

4 lines
42.

Microeconomics deals with

a)

Government intervention

b)

individual choice

c)

All of the above

43.

Take an action if and only if the extra benefits are at least as great as the extra costs. This represents the

a)

Cost Benefit Principle

b)

Opportunity Cost

c)

Scarcity Principle

44.

What is Demand?

4 lines
45.

Name 3 factors that determine demand

4 lines
46.

The law of demand says

a)

the higher the price the greater the demand

b)

the lower the price the greater the demand

c)

none of the above

47.

Name two factors that causes a shift to the right in the demand curve.

4 lines
48.

Name two factors that cause the demand to shift to the left.

4 lines
49.

What is a downward movement on the demand curve means?

4 lines
50.

What does a movement up the demand curve means?

4 lines
51.

Monopoly power is high when

a)

There are no close substitutes

b)

There are no rivals

c)

There is only a single seller of the product

d)

All of the above

52.

The concept of pure monopoly was first given by

a)

Robinson

b)

Stigler

c)

Sraffa

d)

Chamberlain

53.

The term x-efficiency is coined by

(a)  

54.

Patent right for invention leads to

a)

Natural monopoly

b)

Fiscal monopoly

c)

Legal monopoly

d)

Technical monopoly

55.

Predatory pricing policy is designed to

a)

Drive competitors out of business

b)

Maximize profits

c)

Encourage entrants into the market

d)

Attain least cost output

56.

The lerner's index of monopoly power has a value

a)

Zero

b)

One

c)

Between zero to unity

d)

Two

57.

Pure monopoly may be based on

a)

Increasing return to scale

b)

Control over the supply of raw materials

c)

Patent or government franchise

d)

All of the above

58.

Under the monopoly MC is

a)

More than the price

b)

Less than the price

c)

Equal to the price

d)

All of the above

59.

In short run, the monopolists

a)

Incurs a loss

b)

Makes a profit

c)

Break even

d)

Any of the above

60.

The monopoly supply curve cannot be drawn simply because

a)

The monopolists itself control price

b)

He has no rivals

c)

The demand is indeterminate

d)

All of the above

61.
At 100 units of output, a firm's total cost is $10,000. If the firm's total fixed cost is $4,000, its average variable cost is equal to:
a)
$140
b)
$100
c)
$60
d)
$40
62.

The image above shows a firm making

a)

Economic Profit

b)

Economic loss

c)

Breaking even

d)

Shutting down

63.

Should the following firm shutdown?

a)

Yes

b)

No

c)

Not enough information present

64.

Product differentiation is MOST important in which market structure?

a)

monopoly

b)

corporation

c)

monopolistic competition

d)

pure competition

65.

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.

66.

In this supply & demand schedule, what would happen if the price of the socks was set at $2.50 a pair?

a)

All socks would sell because it would be the equilibrium price.

b)

a shortage.

c)

a surplus.

d)

No socks would be produced because it would be the equilibrium price.

67.

In a perfect market economy, for what price will the socks be sold?

a)

$1.50

b)

$2.00

c)

$3.00

d)

$4.50

68.

What is the Profit Maximizing Formula?

a)

Revenue > Expenses

b)

MR > ATC

c)

MR = MC

d)

AFC + AVC = ATC

69.

What is the difference between Accounting (Normal) Profit and Economic Profit?

a)

Merchandise Costs

b)

Opportunity Cost

c)

Labor Cost

d)

Expenses

70.

According to the Profit Maximizing Formula, how many units should this firm produce?

a)

2

b)

3

c)

4

d)

5

71.

Which of the following is the best definition for Marginal Cost?

a)

The cost of producing more units

b)

The cost of producing one additional unit

c)

Fixed costs

d)

Variable Costs

72.

With which worker does this firm begin to experience Diminishing Marginal Returns?

a)

First

b)

Second

c)

Third

d)

Fourth

73.

A firm expands its fixed resources and its overall costs of production go down. It is experiencing...

a)

Increasing returns to scale

b)

Constant returns to scale

c)

Negative returns to scale

74.

In the long run, a Perfectly Competitive Firm will..

a)

Earn zero economic profit

b)

Earn an economic profit

c)

Make an economic loss

d)

Shut down

75.

A market structure in which a large number of firms all produce the same product and no single seller controls supply or prices.

a)

Monopoly

b)

Monopolistic Comeptition

c)

Oligopoly

d)

Perfect Competition

76.

The above figure shows a perfectly competitive firm. If the market price is $15, the firm

a)

is incurring an economic loss.

b)

is making an economic profit.

c)

is making zero economic profit.

d)

will immediately shut down.

e)

might shut down but more information is needed about the AVC.

77.

How does an increase in Fixed Costs affect a firm's output in the short run?

a)

Output Increases

b)

Output Decreases

c)

Output is unaffected in the short run

78.

Which of the following best describes Productive Efficiency? (Maximum output for minimum cost)

a)

Minimum ATC

b)

Minimum AVC

c)

Minimum MC

d)

Minimum AFC

79.

Which of the following best describes an output representing Allocative Efficiency? (An outcome in which all mutually beneficial transactions occur, AKA Equilibrium)

a)

D = ATC

b)

D = AVC

c)

D = MC

d)

Run = DMC

80.
What is demand?
a)
The amount producers are willing and able to make
b)
The amount consumers are willing and able to buy
c)
A heavy water-proof cloth, generally of tough canvas
d)
A fictional horse-like creature depicted with a horn and hooves
81.
What is equilibrium?
a)
When supply is greater than demand
b)
When demand is greater than supply
c)
When supply and demand are equal
d)
When supply and demand move
82.
What is a shortage?
a)
When supply is greater than demand
b)
When demand is greater than supply
c)
When supply and demand are equal
d)
When supply and demand move
83.
What is a surplus?
a)
When supply is greater than demand
b)
When demand is greater than supply
c)
When supply and demand are equal
d)
When supply and demand move
84.
What is the law of demand?
a)
As price increases, demand increases
b)
As price increases, demand decreases
c)
As supply increases, demand decreases
d)
As supply increases, demand increases
85.
What is the law of supply?
a)
As price increases, supply increases
b)
As price decreases, supply increases
c)
As demand increases, supply increases
d)
As demand increases, supply decreases
86.
What does it mean if demand is elastic?
a)
The good does not have many substitutes
b)
The good does not have many complements
c)
Demand is very responsive to changes in price
d)
Demand is not very responsive to changes in price
87.
What does it mean if demand is inelastic?
a)
Demand is very responsive to changes in price
b)
Demand is not very responsive to changes in price
c)
Demand is greater than supply
d)
Supply is greater than demand
88.
What happens if demand decreases?
a)
Price increases; quantity increases
b)
Price increases; quantity decreases
c)
Price decreases; quantity increases
d)
Price decreases; quantity decreases
89.
What happens if supply increases?
a)
Price increases; quantity increases
b)
Price increases; quantity decreases
c)
Price decreases; quantity increases
d)
Price decreases; quantity decreases
90.
What happens if supply decreases?
a)
Price increases; quantity increases
b)
Price increases; quantity decreases
c)
Price decreases; quantity increases
d)
Price decreases; quantity decreases
91.
Is economics important?
a)
Yes
b)
No
c)
No
d)
No
92.
In which kind of economy do supply and demand determine the price of goods and services?
a)
Market Economy
b)
Command Economy
c)
Mixed Economy
d)
Traditional Economy
93.
What is economics?
a)
A social science that studies how people choose to use limited resources
b)
Lemon
c)
Fish
d)
Lemon Fish
94.
What is a command economy?
a)
An economy where supply and demand determine price
b)
An economy where the government makes economic decisions
c)
An economy where businesses and individuals make economic decisions
d)
An economy where people make economic decisions based on tradition
95.
Which is an advantage of a market economy?
a)
It uses few resources
b)
It creates equality between individuals
c)
It generates many goods and services
d)
It creates close relationships between people
96.
What happens if demand increases?
a)
Price increases; quantity increases
b)
Price decreases; quantity increases
c)
Price increases; quantity decreases
d)
Price decreases; quantity decreases
97.
What is supply?
a)
The amount producers are willing and able to make
b)
The amount consumers are willing and able to buy
c)
The star at the center of the solar system
d)
The son of Erik the Red and founder of Greenland
98.
In which economic structure does one producer control the price?
a)
Monopoly
b)
Oligopoly
c)
Perfect Competition
d)
Imperfect Competition
99.
How does greater competition between producers affect price?
a)
It increases price
b)
It does not affect price
c)
It may increase or decrease price
d)
It decreases price
100.
An item that is scarce must meet three requirements. Which of the following is NOT one of these requirements?
a)
Limited in quantity
b)
Expensive
c)
More than one use
d)
Desirable
101.
Scarcity exists when _____ exceed the capacity of available _____.
a)
Investments; capital
b)
Supplies; resources
c)
Inventions; materials
d)
Wants; resources
102.
Which productive resources are scarce?
a)
Land
b)
Labor
c)
Capital
d)
All of these
103.
Why is radioactive waste not scarce?
a)
It is expensive
b)
It does not require inputs to make
c)
It is not desirable
d)
It is not limited in quantity
104.
Saudi Arabia has lots of oil, bit it is still scarce. Why?
a)
Many countries want oil
b)
It is inexpensive to purchase
c)
It is not desirable
d)
It is expensive to purchase
105.
In a command economy, the three economic questions are answered by…
a)
The central government
b)
The central government and businesses
c)
The market
d)
The market with some government input
106.
In which type of economy do communities generally have the lowest standard of living?
a)
Market
b)
Command
c)
Mixed
d)
All of these
107.
A free market economy is...
a)
Always the least efficient economic system
b)
An economic system in which the government makes all the decisions about the production and consumption of goods and services
c)
Also called socialism, and features minimal government involvement
d)
An economic system with no government involvement
108.
A mixed economy is…
a)
A market economic system with some government involvement
b)
An economic system in which the government regulates all prices, production, and products
c)
Exactly the same as a planned economy
d)
The exact opposite of a free enterprise system
109.
Who owns the land, labor, and capital in a command economy?
a)
Consumers
b)
Firms
c)
Government
d)
Households
110.
Which best describes a traditional economy?
a)
Based on habits and customs passed down from previous generations
b)
A free market economy
c)
Produces more goods and services than needed to allow for trade relationships
d)
Unemployment is a problem
111.
A lack of economic security, the unequal distribution of goods and services, and a lack of income equality are features of…
a)
A market economy
b)
A command economy
c)
A mixed, mostly command, economy
d)
A traditional economy
112.
Which of the following DOES NOT apply to a command economy?
a)
Businesses and individuals make economic decisions
b)
Government provides employment opportunities
c)
Lower standard of living than market economies
d)
Needs of buyers cannot always be met by the government
113.
The best description of the U.S. economy is…
a)
Command
b)
Market
c)
Mixed, mostly command
d)
Mixed, mostly market
114.
The best description of most modern economies is...
a)
Mixed
b)
Market
c)
Command
d)
Traditional
115.
What is demand?
a)
The amount producers are willing and able to make
b)
The amount consumers are willing and able to buy
c)
A heavy water-proof cloth, generally of tough canvas
d)
A fictional horse-like creature depicted with a horn and hooves

Similar Resources on Wayground

Econ Final Exam Review

118 questions

Econ Final Exam Review

quiz

Worksheet

•

12th Grade

09/15 1st District Assessment review

115 questions

09/15 1st District Assessment review

quiz

Worksheet

•

6th Grade - University

Unit 9 and 10 Test Review

116 questions

Unit 9 and 10 Test Review

quiz

Worksheet

•

9th - 12th Grade

Mod US 22 Sem Exam Review

120 questions

Mod US 22 Sem Exam Review

quiz

Worksheet

•

9th - 12th Grade

2025.2

114 questions

2025.2

quiz

Worksheet

•

9th - 12th Grade

USCIS Citizenship 120 Point Practice Test Questions

120 questions

USCIS Citizenship 120 Point Practice Test Questions

quiz

Worksheet

•

6th - 12th Grade

AP Psychology Cumulative Review 2020

115 questions

AP Psychology Cumulative Review 2020

quiz

Worksheet

•

10th - 12th Grade

Domain two

112 questions

Domain two

quiz

Worksheet

•

11th - 12th Grade