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WorksheetsEPF - Unit 7 Test Review Part 2
Total questions: 10
Worksheet time: 20mins
Select all examples of substitute goods.
Burger King and McDonalds
Sandals and Flip Flops
Pancakes and Maple Syrup
iPhone and Samsung Galaxy
Select all complementary goods.
A car and gas
Cereal and Milk
Tennis balls and tennis rackets
Coffee and ice cream
Technological advances that improve production efficiency will ____
shift a supply curve to
the right.
shift a supply curve to the left.
not shift the supply curve
A change in consumer taste and preferences will ____
shift the demand curve
shift the supply curve
change the demand
change the price
Changes in income will ____
shift the demand curve
shift the supply curve
change the demand
change the price
Changes in consumer expectations will ____
shift the demand curve
shift the supply curve
change the demand
change the price
Changes in the number of consumers will ____
shift the demand curve
shift the supply curve
change the demand
change the price
The Law of Diminishing Marginal Utility describes the idea that the more times a good is consumed, the satisfaction provided by that good _______
increases
decreases
stays the same
A(n) _______ is an incentive given by the government to individuals or businesses in the form of cash, grants, tax breaks that improve the supply or price of certain goods and services.
subsidy
grant
donation
annuity
Choose all the barriers to entry for a monopoly or oligopoly.
consumer loyalty
patents, trademarks and copyrights
control of the supply chain
low start up costs
