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WorksheetsEcon - Benchmark #2 Review
Total questions: 58
Worksheet time: 34mins
Which of the following would NOT be counted in the GDP?
A used car your grandfather sold you
You buy a new pair of shoes online
A business buys tires to resell
A city government's spending on a new park
A general increase in prices is called
inflation
purchasing power
the CPI
a price index
The _______ is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Consumer Price Index
Aggregate supply
Producer Price Index
Aggregate demand
A person who provides a good or service
producer
need
want
consumer
What would cause a PPC (Production Possibilities Curve) to shift outward (to the right)?
A decrease in available resources
A decrease in the amount of resources used
An increase in the price of finished goods and services
An increase in available resources or an increase in the efficiency with which existing resources are used
Veronica has been wearing a popular perfume for several years, and recently the price increased by $10. How will the price likely affect the quantity demanded and supplied?
Supply will decrease, demand will increase.
Supply will increase, and demand will decrease.
Supply will increase, and demand will stay the same.
Supply will stay the same, demand will increase.
The price of airline flights increased recently. Some economists suggest that the price increased because there has been an increase in the number of business travelers. If they are correct, it must be the case that...
Demand decreased
Demand increased
Supply increased
Supply decreased
If the market for corn is in equilibrium:
All consumers of corn receive the same quantity of corn.
All producers of corn earn the same amount of income form the sale of corn.
Every producer who sells corn can do so
The price is at a level where the quantity of corn supplied is equal to the quantity of corn demanded.
A maximum price set below the equilibrium price is a:
Demand price
Price ceiling
Price floor
Supply price
A price that the government guarantees farmer will receive for a particular crop is a:
Excise tax
Export price
Price ceiling
Price floor
When the demand for Halloween candy decreases after October 31th, what will happen to the price of the leftover candy?
It will increase
It will decrease
No change
It will double because candy is rare
The law of supply states...
Producers will offer less supply at higher prices
Producers will offer more supply at lower prices
Producers will offer more supply at higher prices
Producers will offer less supply at lower prices
A shift to the left in the demand curve indicates a(n)
decrease in price.
decrease in demand.
increase in population.
increase in demand.
If two products are complementary goods, how will a decrease in the price of one affect the other?
demand will increase
price will increase
demand will decrease
price will decrease
On the PPC, which point is unattainable?
Sony gets new technology that will allow more PlayStation 5s to be produced each hour. How will this affect the supply of PS5s?
No shift in the supply curve, it is a price change
The government places strict regulations on fracking (a way of drilling for oil) to prevent oil spills and other problems that can harm the environment. How will this affect the supply of oil?
No shift in the supply curve, it is a price change
A terrible blizzard destroys the herds of most ranchers in the western U.S. How will this affect the supply of beef?
No shift in the supply curve, it is a price change
Which of these best describes the law of demand?
if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up
if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down
there is no law of demand, each situation is unique and demand and prices cannot be predicted
prices will go up for certain goods when quantity demanded goes up and vice versa
This reflects those who are actively seeking employment.
full employment
unemployment rate
labor force
underemployed
It is the study of the nations economy as a whole.
Microeconomics
National economy
National output
Macroeconomics
It is the measure of a country's total production of final goods and services in a given period of time.
Gross National Product
Gross Domestic Product
Exports
Imports
Which of the following scenarios show cyclical unemployment?
John got laid-off from work since the company is not making enough money.
Jeff was laid off from his job because business is slow.
Ramon quit his jobs to move to Canada for a better job offer.
Alberto works as a call center agent after graduating nursing
Which of the following situation describes frictional unemployment?
Robert is a full-time student.
Sharon just graduated from college.
George earns 70 pesos an hour.
Gene works after school as a bagger at a local grocery store.
It captures the prices of goods and services that consumers typically buy.
Total Weighted Price
Weighted Price
Consumer Price Index
Consumer Product Index
In order to measure the rate of inflation, it is necessary to measure the rate at which prices:
differ
increase
decrease
change
Which is a Gross Domestic Product calculation that adjusted for inflation?
Nominal GDP
Real GDP
A monopoly's prices are determined by
competing firms
market equilibrium
perfect competition
the monopoly itself
What is monopolisitc competition?
one company selling identical products under different names
many companies selling similar but not identical products
a very few companies selling identical products
one company selling different products under different names
The government takes part in the US economy to
encourage competition and fair play
reduce the effects of imperfect competition
regulate industries that serve the public good
all of these are correct
An agreement among firms to divide the market or set prices is known as collusion.
True
False
Which industry best exemplifies an oligopoly?
cell phone providers
farming
women's clothing
publishing
It is the most ideal market structure.
perfect competition
monopolistic competition
oligopoly
monopoly
An industry or market that is dominated by a few firms is
a Monopoly
an Oligopoly
a Competitive market
In a Perfect Competition, products are basically..
differentiated
identical
similar
opposite
An Oligopoly is when there are
few producers who control the market
only one producer
an open market with plenty of producers
a market that hasn't yet been discovered
When buying produce at the grocery store, many people shop around for the best deal, because when it comes down to it, an apple is an apple. This is an example of:
monopoy
monopolistic competition
oligopoly
perfect competition
Nike signed Michael Jordan in 1984 in order to get more young people to buy Nike instead of Converse or adidas. They tried to show their shoe was cool and therefore superior. This is-
monopoly
monopolistic competition
oligopoly
perfect competition
Your family can only get electricity or natural gas to their home through one provider. There is no other option. This is an example of_
monopoly
monopolistic competition
oligopoly
perfect competition
