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Macroeconomics Review

Total questions: 116

Worksheet time: 4hrs 52mins

Name
Class
Date
1.
Of the three major economic questions, which of the following is the best example of a "What?" question? 
a)
Should automobiles be produced using workers or robots? 
b)
Should higher-income or lower-income people buy SUVs?
c)
Should we make faster microprocessors or pest-resistant corn? 
d)
Should migrant workers or domestic workers be used to pick grapes?
2.
When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ___ question. 
a)
what
b)
how
c)
for whom
d)
where
3.
When the federal government decides to pay senators more than it pays soldiers, it answers the ____ question.
a)
why
b)
how
c)
for whom
d)
what
4.
The economic choices made by individuals, businesses, and governments and the interactions of those choices answer which three major economic questions?
a)
What?, How?, and Why?
b)
What?, How?, and For Whom?
c)
Why?, How much?, and At what price?
d)
At what price?, What?, and Why?
5.
When Ford decides to produce more hybrid cars that run on both gas and electricity, it directly answers the _____ question. 
a)
what
b)
how
c)
for whom
d)
why
6.
Of the three major economic questions, which of the following is the best example of a "How?" question?
a)
Should we produce more heavy fleece coats? 
b)
Should we collect tolls on turnpikes using human toll collectors or mechanized toll machines? 
c)
Should we build log homes or build factories from bricks? 
d)
Should we spend more on health care?
7.
The question of "What goods and services get produced?" most closely relates to which of the following issues?
a)
the distribution of goods and services in the economy
b)
producing goods and services in the least costly manner
c)
building a missile defense system, or putting a computer in every elementary school classroom 
d)
obtaining specialized training to increase one's income
8.
Canada has nationalized health care, so that everyone has some access to health care. Based on this, Canada has decided that "everyone, regardless of their ability to pay" is the answer to what microeconomic question? 
a)
What type of health care will be produced and in what quantity? 
b)
How will health care be produced?
c)
For whom will health care be produced?
d)
Why will we offer health care? 
9.
Anything within the production process, whether human or technological, that makes production more efficient
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
10.
All natural resources that go into the production of a good or service:
a)
Capital
b)
Entrepreneurship
c)
Land
d)
Labor
11.
The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
12.
The human effort involved in the production of goods and services is known as:
a)
Capital
b)
Entrepreneurship
c)
Labor
d)
Land
13.
All of the things necessary for production are known as:
a)
Production
b)
Entrepreneurship
c)
Outputs
d)
Resources
14.
The creation of any kind of good or service is known as:
a)
Input
b)
Resources
c)
Production
d)
Entrepreneurship
15.
In a competitive economy, which firms will have the most access to the factors of production (productive resources)?
a)
The firms that are most successful in meeting consumer demand
b)
The firms that are least successful in meeting consumer demand
c)
The firms that have the most production experience
d)
The firms that offer the greatest variety of goods/services
16.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

17.

Capital refers to...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

18.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

19.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

20.
A herd of cattle is an example of ...
a)
Land
b)
Labor
c)
Entrepreneur
d)
Capital
21.
Forests are examples of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
22.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
23.
Your Mail lady is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
24.

A market economy is best defined as

a)

An economic system with a central authority that makes major economic decisions

b)

An economic system in which supply, demand, and the price system help people make economic decisions

c)

An Economic system in which private citizens own and use the factors of production in order to generate profits.

d)

An economic system that has some combination of traditional, command, and market activities.

25.

A command economy is best defined as

a)

An economic system with a central authority that makes major economic decisions

b)

An economic system in which supply, demand, and the price system help people make economic decisions

c)

An Economic system in which private citizens own and use the factors of production in order to generate profits.

d)

An economic system that has some combination of traditional, command, and market activities.

26.
The term "factors of production" means:
a)
things or skills needed to produce goods or services
b)
how we spend our money
c)
the resources of the government
d)
how society creates jobs
27.

WHAT ARE THE 4 FACTORS OF PRODUCTION?

a)

Land, Capital, Need & Want

b)

Land, Labor, Capital, Entrepreneurs

c)

Water, Air, Food & Shelter

d)

Land, Capital, Good & Service

28.
Which type of economy is controlled by the government?
a)
Command
b)
Market
c)
Mixed
d)
Democratic
29.
Which type of economy is run by the businesses & business owners?
a)
Command
b)
Mixed
c)
Communist
d)
Market
30.
Government regulates certain industries.
a)
traditional 
b)
command
c)
market
d)
mixed
31.
Economy is...
a)
make (something needed or wanted) available to someone; provide
b)
the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
c)
arrange for (a room, seat, ticket, etc.) to be kept for the use of a particular person and not given to anyone else.
d)
Hallo
32.
A producer is...
a)
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
b)
A person
c)
Mars
d)
the state of being scarce or in short supply; shortage.
33.
How would a free market economy be described?
a)
An economy in which decisions are made by the government.
b)
The international exchange of goods.
c)
An economy based on supply and demand with little or no government control
d)
An economy that is communist
34.

In a command economy, which group tends to hold the most control?

a)

Government

b)

Businesses

c)

Citizens

d)

Corporations

35.

In a market economy, the citizens and "who else" act in self-interest.

a)

Government

b)

Businesses

c)

Universities

d)

All of the above

36.

In a command economy, who keeps all of the profits?

a)

Government

b)

Citizens

c)

Businesses

d)

None of the above

37.

The hands off type of economy is often call laissez-faire. Which of the following is accurate in this type of economy?

a)

The government has total control of the economy.

b)

The government has total control of the citizens.

c)

The government only gets involved to make a profit.

d)

The government does not get involved with the economy.

38.

How many different types of economies are there?

a)

1

b)

2

c)

3

d)

4

39.

Which type of economic system bases its decisions on custom?

a)

Market

b)

Command

c)

Mixed

d)

Traditional

40.

Which type of economy involves trading, and doesn't usually use money?

a)

Market

b)

Command

c)

Mixed

d)

Traditional

41.

If I produce cereal but, the government has to check to make sure I can put this product on the market, what economic system is this?

a)

Market

b)

Command

c)

Mixed

d)

Traditional

42.

Point B represents

a)

Product Market

b)

Factor Market

c)

Individuals

d)

Businesses

43.

What are the four main parts of the circular flow diagram?

a)

Product Market, Stock Market, Factor Market, Fish Market

b)

Product Market, House Market, Factor Market, Good Market

c)

Factor Market, Product Market, Households, Firms

d)

Factor Market, households, Stock Market, super market

44.

What does point A represent on the Circular flow diagram?

a)

Households

b)

Businesses

c)

Factor Market

d)

Product Market

45.

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

a)

Factor Market

b)

Product Market

c)

Firms

d)

Individuals

46.

Where do factors of production (land, labor, etc) come from in the circular flow model?

a)

Factor Market

b)

Product Market

c)

Firms

d)

Individuals

47.

In the circular flow diagram firms pay wages for which factor of production?

a)

Land

b)

Labor

c)

Entrepreneurship

d)

Raw materials

48.

What does point C represent on the Circular Flow diagram?

a)

Firm

b)

Factor Market

c)

Individual

d)

Product Market

49.

The exchange of money for goods/services to consumers is represented in which part of the circular flow diagram?

a)

1 and 2

b)

3 and 4

c)

5 and 6

d)

7 and 8

50.

The delivery of finished products for sale in exchange for revenue is represented in which arrows?

a)

1 and 2

b)

3 and 4

c)

5 and 6

d)

7 and 8

51.

Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?

a)

Product Market

b)

Factor Market

c)

Firms

d)

Individuals

52.

Money exchanged between businesses and individuals for labor.

a)

wages

b)

revenue

c)

spending

d)

profit

53.

2 sector model showing how businesses & households interact

a)

Circular Flow Diagram

b)

Demand Curve

c)

Supply Curve

d)

Price Controls

54.

Where buyers and sellers learn information from one another and voluntarily exchange goods, services, & money

a)

Market

b)

Partnership

c)

Specialization

d)

Command Economy

55.

Anything that is legally accepted payment for goods and services.

a)

Money

b)

Dividends

c)

Markets

d)

Economy

56.

The act of buyers and sellers freely & willingly engaging in market transactions

a)

Opportunity Cost

b)

Scarcity

c)

Specialization

d)

Voluntary Exchange

57.

when each worker performs a specific task in production

a)

Scarcity

b)

Specialization

c)

Voluntary Exchange

d)

Opportunity Cost

58.

The desire to have some good or service and the ability to pay for it

a)

supply

b)

equilibrium

c)

demand

d)

quantity demanded

59.

Which of these best describes the law of demand?

a)

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

b)

if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

c)

there is no law of demand, each situation is unique and demand and prices cannot be predicted

d)

prices will go up for certain goods when quantity demanded goes up and vice versa

60.

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

a)

the demand curve

b)

change in quantity demanded

c)

change in demand

d)

elasticity

61.

The quantity demanded of a good or service changes at all price levels best describes the concept of

a)

change in quantity demanded

b)

elasticity

c)

change in demand

d)

demand curve

62.

Which of these shows a decrease in the quantity demanded?

a)
b)
c)
d)
63.

Which of these shows an increase in the quantity demanded?

a)
b)
c)
d)
64.
The downward slope of a demand curve
a)
represents the law of demand
b)
shows that as the price of a good rises, consumers increase the quantity they demand
c)
indicates how the quantity demanded changes when incomes rise and the good is a normal good
d)
indicates how demand changes when incomes rise and the good is a normal good
65.
The phrase "a change in demand" most directly implies a 
a)
movement along the curve
b)
movement along the price curve
c)
change in quantity demanded of a good
d)
shift in the demand curve
66.

How is a decrease in the price of a good illustrated on a demand graph?

a)

The demand curve shifts to the right.

b)

The demand curve shifts to the left

c)

There is upward movement along the demand curve

d)

There is downward movement along the demand curve.

67.

When the price of good A rises, people start to drink good B. In this case, what is good B considered?

a)

luxury good

b)

complementary good

c)

substitute good

d)

normal good

68.

A decrease in the average incomes of consumers will result in which of the following?

a)

A decrease in the demand for goods and services

b)

An increase in the demand for goods and services

c)

A decrease in the supply of goods and services

d)

An increase in the supply of goods and services

69.

The law of demand states; there is an INVERSE relationship between price and quantity demanded. Which of the following is not a true statement?

a)

Price goes up qty demanded goes down.

b)

Price goes down, qty demanded goes up.

c)

Price goes up, demand goes down.

d)

All answers are correct.

70.
The formula for calculating elasticity of demand is:
a)
The % change in price over the % change in quantity demanded
b)
The % change in quantity demanded over the % change in price
c)
The change in price over the change in quantity demaned
d)
The change in quantity demanded over the change in price
71.
which of the following is not a determinant of demand elasticity?
a)
availability of substitutes
b)
share of consumer's budget spend on good
c)
duration of adjustment period
d)
government spending
72.
If the price on a product goes up the quantity demanded will go down. This follows the economic theory of:
a)
Law of Demand
b)
elasticity
c)
Ceteris Paribus
d)
Both A and C
73.

What does it mean?

Ed = 1

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

74.

What does it mean?

Ed > 1

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

75.

What does it mean?

Ed < 1

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

76.

Which of the following is an example of inelastic demand?

a)

Jason wants the most expensive cellphone. He decides to get a cheaper model.

b)

Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener.

c)

Tianna wants to try out a new, expensive restaurant. She goes to another restaurant whose food is excellent and costs less.

d)

Shawn wants to buy a house in one neighborhood. But after searching, he decides to buy a house elsewhere instead.

77.

Elasticity refers to

a)

how producers of goods and services react to price changes

b)

how consumers of goods and services react to price changes

c)

how far a supply of scarce goods can be stretched

d)

how often the price of a good or service changes when quantity demanded changes

78.
A complement example would be all except
a)
butter and margarine 
b)
peanut-butter and jelly
c)
flashlight and batteries 
d)
cameras and film 
79.
When replacing a certain item with with a less costly item is an example of
a)
the substitution effect 
b)
the income effect 
c)
demand elasticity 
d)
complements 
80.
An increase in the number of consumers can cause 
a)
the demand curve to shift left
b)
the demand curve to shift right 
c)
the demand curve to shift up
d)
diminishing returns 
81.
An increase or a decrease in quantity demanded due to a change in the relative price of the replacement product 
a)
Substitute 
b)
Substitute effect 
c)
marginal utility 
d)
income effect 
82.
Change in quantity demanded due to a change in price that alters a consumers real income 
a)
elasticity 
b)
inelastic 
c)
income effect 
d)
total expenditures 
83.
An increase in demand will shift the demand curve...
a)
Right 
b)
Left 
c)
no movement 
d)
no change
84.

When producers offer fewer products for sale at the same prices

a)

Supply curve shifts right

b)

Supply curve shifts left

c)

They expect subsidies

d)

The price per unit has decrease

85.

the amount of product producers are willing to bring to the market at any price.

a)

quantity supplied

b)

total product

c)

theory of production

d)

law of supply

86.

Suppliers will normally offer more for sale at high prices and less for sale at lower prices

a)

Quantity supplied

b)

Law of Supply

c)

total production

d)

short run

87.

The willingness and ability of a producer to make a product is referred to as

a)

quantity supplied

b)

quantity demanded

c)

supply

d)

demand

88.

Movement along a supply curve demonstrates

a)

a change in quantity supplied

b)

a change in quantity demanded

c)

a change in supply

d)

a change in demand

89.

A decrease in supply is demonstrated by which of the following?

a)
b)
c)
d)
90.

Which of the following supply curves demonstrates a decrease in the quantity supplied?

a)
b)
c)
d)
91.

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

a)
b)
c)
d)
92.

The prices for houses steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?

a)
b)
c)
d)
93.

Identify the correct determinant of supply.

Example: If the government requires factories to reduce pollution, complying will initially increase costs of production in the market and reduce supply.

a)

Government regulation

b)

Cost of resources

c)

Worker productivity/motivation

d)

Change in technology

94.

Identify the correct determinant of supply:

Example: If the cost of electricity used to power an automotive factories falls, the supply of cars in the market increases

a)

Cost of production/resources

b)

Number of sellers

c)

Change in expectations

d)

Change in technology

95.
Identify the correct determinant of supply.
Example: As the demand for DVDs decreased due to consumer preference for streaming movies, the market price for DVDs fell. This lower market price caused sellers to leave the DVD market and supply decreased. 
a)
Government regulation
b)
Change in number of sellers
c)
Change in income
d)
Change in expectations
96.
Identify the correct determinant of supply.
Example: If airlines expect prices for airline tickets to fall in September when families are less likely to travel due the school calendar, they will supply more during the summer months when they can charge higher fares.
a)
Change in income
b)
Change in number of sellers
c)
Expectations
d)
Change in technology
97.

Which of the following is NOT a determinant of supply?

a)

Change in cost of production

b)

Technology

c)

Change in number of consumers

d)

Government regulations

98.

Which of these best defines equilibrium in a market?

a)

a situation in which quantity supplied is greater than quantity demanded

b)

a situation in which quantity demanded is greater than quantity supplied

c)

a situation in which quantity supplied and quantity demanded are equal

d)

a situation where a minimum price is set

99.

A situation in which the quantity supplied is greater than the quantity demanded is

a)

a shortage

b)

a surplus

c)

a price floor

d)

a price ceiling

100.

A situation in which quantity demanded is greater than quantity supplied is

a)

a shortage

b)

a surplus

c)

a price floor

d)

a price ceiling

101.

A situation in which a minimum price is set is referred to as

a)

a shortage

b)

a surplus

c)

a price ceiling

d)

a price floor

102.

A situation in which a maximum price is set is referred to as

a)

a shortage

b)

a surplus

c)

a price ceiling

d)

a price floor

103.

Which of the following demonstrates price equilibrium?

a)
b)
c)
d)
104.

Which of these demonstrates a surplus of goods?

a)
b)
c)
d)
105.

Which of these demonstrates a shortage of goods?

a)
b)
c)
d)
106.

If there is a shortage of beef at Fry's which of the following is the MOST likely to happen?

a)

They will produce more beef

b)

The price will rise

c)

The price will fall

d)

There will be no change

107.

Supply is from the point of view of the____________.

a)

Politician

b)

Consumer

c)

Producer

d)

Individual

108.

Which of the following best describes a subsidy?

a)

Taxes on a consumer to discourage an activity.

b)

Money taken from consumers to encourage an activity.

c)

Money given to a business to encourage an activity.

d)

No money changes hands.

109.

When there is a decrease in the price of DVD players what does change?

a)

The quantity supplied does not change

b)

The quantity demanded does not change

c)

We can not determine

d)

The quantity supplied changes

110.

If there is an increase in the price of DVD players what will happen to the supply curve?

a)

It will shift to the left

b)

No change

c)

It will shift to the right

d)

We can not determine

111.

If there is an increase in feed prices what will happen to the supply curve for beef?

a)

There will be no change

b)

A shift to the right

c)

We can not determine

d)

A shift to the left

112.

What is the equilibrium point?

a)

(7,5)

b)

(5,30)

c)

(4,20)

d)

(2,30)

113.

Coordinates Demand (5,10) and Supply (5,30), is this a surplus or a shortage?

a)

Surplus

b)

Shortage

c)

No change

d)

Equilibrium

114.

What is the surplus or shortage for coordinates demand(5,10) and supply(5,30)?

a)

10

b)

30

c)

0

d)

20

115.

For coordinates demand(2,30) and supply(2,15), is this a surplus or shortage?

a)

Surplus

b)

Shortage

c)

Equilibrium

d)

No change

116.

What is the surplus or shortage for coordinates demand(2,30) and supply(2,15)?

a)

30

b)

15

c)

0

d)

2

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