WorksheetsMHRS Intro to Business - Economics
Total questions: 25
Worksheet time: 20mins
The 5 types of economic utilities are Time Utility, Place Utility, Form Utility, Possession Utility, and Information Utility
True
False
Monopolies
Small Business
Meat Packaging
Joint-Stock Companies
This market structure has the least competition
Oligopoly
Monopoly
Termopoly
Hetermopoly
If there is more supply than there is demand--what can happen?
The price doubles.
The products/goods become more expensive!
The product becomes harder to find in stores.
The product can become cheaper/less expensive
The market for automobiles is an oligopoly
True
False
Suppose that the market for coats is described as follows: What is the equilibrium price of coats?
120
100
80
60
When demand increases, the equilibrium price and quantity supplied will both
increase
decrease
stay the same
If there is more demand than there is supply, what will happen?
The product/goods becomes more expensive.
Things for free!
The prices come down!
Buy-one-get-one-free!
Refer to Graph 4-5. According to the graph, what are the equilibrium price and quantity?
$7, 20.
$7, 60.
$5, 40.
$3, 60.
Interest rate is
The price of goods and services
Price of money - tells you how high the cost of borrowing is, or high the rewards are for saving.
The price you have to pay when you want to buy sth cash
Not very important number you will see when borrowing money
Many companies selling similar (not identical) products
Natural Monopoly
Proprietorship
Government Cooperative
Monopolistic Competition
Which of the following industries is an example of a monopoly?
utilities/water
departments stores
auto industry
commercial airlines
What type of economy does the United States have?
Traditional
Command
Market
Mixed
The law of DEMAND says that ________
The lower the price, the greater the demand.
The higher the price, the lower the demand.
The higher the price, the higher the demand.
The lower the price, the lower the demand.
There is only one producer making the good.
Businesses secretly agree to share their profits.
Competition between businesses is prohibited.
Several producers compete to sell goods to the public.
What are three causes of Inflation?
Supply Chain (Lack of goods available)
Overspending
Federal Reserve (interest rate is too low)
Gas Prices
There are many fast food franchises that sell hamburgers. Each one has its own flagship hamburger product that distinguishes itself amongst the competition.
monopoly
monopolistic competition
oligolpoly
perfect competition
The Law of Supply says that when prices go up, supply does what?
goes up
stays the same
goes down
goes away
