WorksheetsMicroeconomics Review B
Total questions: 10
Worksheet time: 12mins
Suppose the government sets the price for chocolate bars at $2.00.
Which of the following statements best describes the effect of this price control?
There would be a surplus of 400 chocolate bars.
There would be a shortage of 200 chocolate bars.
The price would remain at equilibrium.
Suppose the government sets the price for chocolate bars at $0.80.
Which of the following statements best describes the effect of this price control?
There would be a surplus of 100 chocolate bars.
There would be a shortage of 200 chocolate bars.
The price would remain at equilibrium.
Jamie owns an auto repair shop. Which option will NOT change the supply curve?
Consumers in the area decide they want their oil changed instead of having their tires rotated.
Jamie has to pay her workers a higher wage.
Technology advances for oil changes.
The number of auto repair shops in her area
books and magazines
pork and beef
ice cream and frozen yogurt
coffee and coffee makers
bread and butter
cereal and milk
Unlimited liability is a disadvantage of a (a)
A corporation raises money by (a) .
What is determined by where the supply and demand curve intersect?
The Equilibrium Price
The allocation method used to distribute resources
The price set by the government
The type of businesses that are allowed by the government
Match the following disadvantages to the type of business.
No shared liability or costs
Sole Proprietorship
Shared liability
Partnership
Most regulations
Corporation
Which of the following will change the supply of tires in the area?
Consumer income increases
Car owners decide they want larger tires
The number of tire stores nearby
The price of tires might go up
Match the following
Consumers
Law of Demand
Producers
Law of Supply
Goes up
Supply Curve
Goes down
Demand Curve
