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WorksheetsECONOMIC QUIZ
Total questions: 118
Worksheet time: 1hrs 16mins
What is gross profit?
The value of a company's assets
The total revenue of a company
The difference between revenue and the cost of goods sold.
The amount of money left after all expenses are paid
List 3 features of monopolistic market.
Product differentiation, non-price competition, and some degree of market power.
Monopoly, identical products, and high barriers to entry
Perfect competition, price competition, and no market power
Oligopoly, homogeneous products, and low barriers to entry
What is market in economic method?
Interaction between buyers and sellers to exchange goods and services
A method of advertising products to consumers
A place where people go to buy groceries
A type of currency used in a specific region
What is the mean of the following numbers: 4, 4, 4, 55, 66, 77, 8?
28
20
50
40
List 3 advantages of mean and geometry calculation.
1. Mean calculation helps in understanding the minimum value of a dataset. 2. Geometry calculation helps in analyzing temporal relationships and time. 3. Both calculations are essential for literary analysis and storytelling modeling.
1. Mean calculation helps in understanding the total value of a dataset. 2. Geometry calculation helps in analyzing musical relationships and notes. 3. Both calculations are essential for emotional analysis and expressive modeling.
1. Mean calculation helps in understanding the average value of a dataset. 2. Geometry calculation helps in analyzing spatial relationships and shapes. 3. Both calculations are essential for statistical analysis and spatial modeling.
1. Mean calculation helps in understanding the maximum value of a dataset. 2. Geometry calculation helps in analyzing historical relationships and events. 3. Both calculations are essential for artistic analysis and creative modeling.
Explain the concept of gross profit.
The difference between revenue and the cost of goods sold
The total expenses of a company
The amount of money left after paying all expenses
The revenue generated from selling goods
Discuss the characteristics of a monopolistic market.
Large number of sellers, differentiated products, some control over price
Small number of sellers, identical products, no control over price
Medium number of sellers, similar products, complete control over price
Large number of buyers, unique products, no control over price
Explain the role of market in economic method.
Facilitating the exchange of goods and services, determining prices, and allocating resources based on supply and demand.
Determining the color of products
Dictating government policies
Controlling the weather patterns
Calculate the mean of the following numbers: 3, 3, 3, 3, 3, 3, 3, 3, 3, 3.
10
3
7
5
How does mean help in analyzing data?
It gives insights into the frequency of each value in the data set
It provides a measure of central tendency and gives an idea of the average value of the data set.
It measures the spread of the data
It provides information about the highest value in the data set
What are the different types of profit in economics?
Fixed profit, variable profit, and total profit
Short-run profit, long-run profit, and equilibrium profit
Gross profit, net profit, and operating profit
Normal profit, economic profit, and accounting profit
Compare and contrast monopolistic competition and perfect competition.
Monopolistic competition allows for product differentiation and non-price competition, while perfect competition has homogeneous products and no barriers to entry.
Monopolistic competition has identical products and no barriers to entry
Monopolistic competition has no product differentiation and only price competition
Perfect competition allows for product differentiation and non-price competition
Explain the concept of market equilibrium.
The point where supply and demand are unrelated, resulting in fluctuating prices.
The point where supply exceeds demand, resulting in a decrease in price.
The point where demand exceeds supply, resulting in an increase in price.
The point where supply equals demand, resulting in a stable price.
Calculate the mean of the following numbers: 10, 20, 30, 40, 50, 60, 70, 80, 90, 100.
75
55
30
100
Discuss the importance of using mean and geometry calculation in economics.
Mean and geometry calculation help in analyzing and interpreting data, making predictions, and understanding economic trends.
Mean and geometry calculation are not important in economics
Mean and geometry calculation are only used in theoretical economics
Mean and geometry calculation are only used for basic calculations in economics
There are very high barriers these two structures
monopoly
monopolistic competition
oligopoly
pure / perfect competition
There are many buyers AND sellers in this market structure.
monopoly
monopolistic competition
oligopoly
pure/perfect competition
Their is only one supplier in this market structure.
monopoly
monopolistic competition
oligopoly
pure / perfect competition
Which structure uses differentiation to make its products unique?
monopoly
monopolistic competition
oligopoly
pure / perfect competition
Differentiation is _________________.
having identical products.
copying another business.
small differences that make your product unique.
having control of the market value.
Fast food restaurants are an example of _______________.
differentiation.
monopolistic competition.
pure / perfect competition.
monopolies.
The farmers' market is an example of _______________.
a monopoly.
a purely/perfectly competitive market.
an oligopoly.
a monopolistic competition.
Airlines are examples of _________________.
purely / perfectly competitive markets.
monopolies.
oligopolies.
monopolistic competition.
The 4 conditions for a purely / perfectly competitive market are:
The products are identical.
Buyers know a lot about the product.
The sellers control the market price.
Sellers can enter and exit the market easily.
There are many buyers and sellers.
Monopolies can control the price of a product because ______.
They are evil.
They are illegal.
The have a unique product.
The government supports them.
Which is NOT an example of non-price competition?
location
bargaining
service level
advertising
status
Oligopolies and monopolies are the same because ________.
They both have many buyers and sellers.
They both are the only sellers of their product.
They both have identical products.
They both have high barriers to entry.
Pure / perfect competition and monopolistic competition are the same because _____________.
They have unique products.
The have identical products.
They have many buyers and sellers.
They have many buyers.
Google is an example of a
oligopoly
monopoly
pure / perfect competition
monopolistic completion
Car producers are an example of
monopoly
oligopoly
monopolistic competition
pure / perfect competition
an organization that provides services related to money
commercial bank
charter
financial institution
Examples of these types of banks are Wells Fargo, Chase, and Regions
commercial banks
credit unions
charters
license authorizing a bank to operate usually called national banks
charter
FDIC
Savings and Loans association
an independent agency created by the federal government to protect bank customers by insuring their deposits
Federal Deposit Insurance Corporation
Financial Depository Insurance Company
Financial Department of Insurance Corporation
Two types includes mutual savings and loan associations and stock savings and loans association
credit unions
savings and loans associations
commercial banks
a non profit financial cooperative owned by and operated for the benefit of its members; services offered only to its members
credit union
commercial bank
savings and loans associations
the movement of money electronically from one financial institution to another
electronic funds transfer
electronic financial transitioning
automated teller machine
service offered by most banks and credit unions that requires a Personal Identification Number (PIN) to check account balances, make cash withdrawals and deposits, and move money from one account to another.
electronic funds tranfer
electronic financial transitioning
automated teller machine
also called a check card, allows you to make purchases by swiping your card through a point of sale(POS) terminal that is usually located at the merchant’s checkout counter
debit card
credit card
ATM card
a card issued by a bank that allows the holder to check account balances, withdraw and deposit cash, and transfer money from one account to another using an ATM
ATM card
debit card
credit card
a check written for an amount greater than the balance of the account
overdraft
overspend
fraud
a request for a financial institution to refuse to honor a check you wrote or a check that has been lost or stolen, as long as the check has not cleared your account and already been paid
stop-payment order
cashier check
certified check
a special type of check that the bank guarantees to pay; paid with cash withdrawn from your account
cashierś check
certified check
stop-payment order
a personal check that your bank certifies is genuine and that there is enough money in your account to cover the check
certified check
cashierś check
stop-payment order
a payment order for a specific amount of money payable to a specific payee; useful for those who do not have checking accounts to send money safely
money order
cashierś check
travelerś check
a special form of check that functions as cash; can be cashed at many places around the world; unused checks can be redeemed for cash; useful if traveling and do not want to carry large amounts of money
money order
travelerś check
cashierś check
Examples of this is CashApp and Paypal
peer-to payment
debit card
travelerś check
a written order for the bank to pay a specific amount to a person whom the item is written
check
money order
deposit slip
an organization that provides services related to money
commercial bank
charter
financial institution
Examples of these types of banks are Wells Fargo, Chase, and Regions
commercial banks
credit unions
charters
license authorizing a bank to operate usually called national banks
charter
FDIC
Savings and Loans association
an independent agency created by the federal government to protect bank customers by insuring their deposits
Federal Deposit Insurance Corporation
Financial Depository Insurance Company
Financial Department of Insurance Corporation
Two types includes mutual savings and loan associations and stock savings and loans association
credit unions
savings and loans associations
commercial banks
a non profit financial cooperative owned by and operated for the benefit of its members; services offered only to its members
credit union
commercial bank
savings and loans associations
the movement of money electronically from one financial institution to another
electronic funds transfer
electronic financial transitioning
automated teller machine
service offered by most banks and credit unions that requires a Personal Identification Number (PIN) to check account balances, make cash withdrawals and deposits, and move money from one account to another.
electronic funds tranfer
electronic financial transitioning
automated teller machine
also called a check card, allows you to make purchases by swiping your card through a point of sale(POS) terminal that is usually located at the merchant’s checkout counter
debit card
credit card
ATM card
a card issued by a bank that allows the holder to check account balances, withdraw and deposit cash, and transfer money from one account to another using an ATM
ATM card
debit card
credit card
a check written for an amount greater than the balance of the account
overdraft
overspend
fraud
a request for a financial institution to refuse to honor a check you wrote or a check that has been lost or stolen, as long as the check has not cleared your account and already been paid
stop-payment order
cashier check
certified check
a special type of check that the bank guarantees to pay; paid with cash withdrawn from your account
cashierś check
certified check
stop-payment order
a personal check that your bank certifies is genuine and that there is enough money in your account to cover the check
certified check
cashierś check
stop-payment order
a payment order for a specific amount of money payable to a specific payee; useful for those who do not have checking accounts to send money safely
money order
cashierś check
travelerś check
a special form of check that functions as cash; can be cashed at many places around the world; unused checks can be redeemed for cash; useful if traveling and do not want to carry large amounts of money
money order
travelerś check
cashierś check
Examples of this is CashApp and Paypal
peer-to payment
debit card
travelerś check
a written order for the bank to pay a specific amount to a person whom the item is written
check
money order
deposit slip
What is an opportunity cost?
The value of the option taken when a business makes a decision
The potential revenue and profitability lost by not being able to take on another project
The value of the option not taken when a business makes a decision
The cost of purchasing new equipment for a business
Which of the following is an example of opportunity cost?
Hiring new employees for a business
Investing in marketing campaigns
Purchasing two new tractors for a business
Expanding the business to a new location
When a business decides to purchase two new tractors, what is the opportunity cost?
The potential revenue and profitability lost by not being able to take on another project
The cost of purchasing the tractors
The value of the option taken by purchasing the tractors
The value of the option not taken by purchasing the tractors
What is the potential impact of opportunity cost on a business?
Increased revenue and profitability
Decreased competition in the market
Lost potential revenue and profitability
Improved decision-making process
How does opportunity cost relate to decision-making in a business?
It has no impact on decision-making
It helps businesses make more informed decisions
It only affects financial decisions
It is irrelevant in the business context
What is the concept of supply and demand?
The concept of supply and demand is an economic theory that explains the relationship between the availability of a product or service (supply) and the desire or need for that product or service (demand).
The concept of supply and demand is a social theory that explains the distribution of wealth in society.
The concept of supply and demand is a mathematical equation used to calculate the price of a product.
The concept of supply and demand is a marketing strategy used to manipulate consumer behavior.
How does supply and demand affect prices in a market?
Supply and demand create a balance between the quantity of goods or services available and the desire of consumers to buy them, resulting in price fluctuations.
Supply and demand have no impact on prices in a market.
Prices in a market are solely determined by government regulations.
Prices in a market are determined by the cost of production and have no relation to supply and demand.
What are the factors that can shift the supply and demand curves?
Changes in weather conditions, advertising campaigns, exchange rates
Changes in fashion trends, social media influence, transportation costs
Changes in government policies, labor market conditions, natural disasters
Changes in price, income, consumer preferences, population, technology, government regulations, and prices of related goods.
What is the concept of supply and demand?
The concept of supply and demand is a social theory that explains the distribution of wealth in society.
The concept of supply and demand is an economic theory that explains the relationship between the availability of a product or service (supply) and the desire or need for that product or service (demand).
The concept of supply and demand is a marketing strategy used to manipulate consumer behavior.
The concept of supply and demand is a mathematical equation used to calculate the price of a product.
What is an opportunity cost?
The value of the next best alternative that is forgone
The cost of an opportunity
The value of the last alternative chosen
The value of the least desirable alternative
When a business decides to purchase two new tractors, what is the opportunity cost?
The opportunity cost is the cost of the next best alternative that is chosen.
The opportunity cost is the value of the two new tractors.
The opportunity cost is the value of the next best alternative that is forgone.
The opportunity cost is the cost of purchasing the two new tractors.
Which of the following is an example of opportunity cost?
Choosing to watch a movie instead of going to work
Choosing to buy a new phone instead of paying bills
Choosing to go on vacation instead of saving money
Choosing to go to a concert instead of studying for an exam
Which of the following are fixed costs?
Rent
Cost of labour
Material costs
Loan payments
Fixed costs are also referred to as
Average fixed costs
Total Costs
Sales Costs
Total Fixed Costs
Select all the options that comprises short-run costs:
Variable Costs
Fixed Costs
Expense Costs
Sunk costs
Fixed costs + variable costs =
Average costs
Fixed Costs
Total Cost
Marginal Cost
When production increases fixed costs does what?
Increases
Decreases
Remains the same
Diminishes
In the long-run all costs are:
Variable Costs
Fixed Costs
Total Cost
Marginal Cost
When production is zero what would be the fixed cost?
Not enough information
More than zero
Zero
Same as if production was NOT zero
When production increases variable costs does what?
Increases
Decreases
Remains the same
Diminishes
When production increases average fixed costs does what?
Increases
Decreases
Remains the same
Decreases then increases
When production increases average total cost tends to do what?
Increases
Decreases
Remains the same
Decreases then increases
Identity curve number 3
Fixed cost
Variable cost
Total cost
Marginal cost
Identity curve number 2
Fixed cost
Variable cost
Total cost
Marginal cost
Marginal cost is
Total cost
minimum cost
Change in TC
Average cost is
Total cost
Cost per unit
always zero
Average revenue is equal to
Price
Total revenue
Total cost
Total revenue -total cost=
average cost
Profit
Marginal cost
The shape of Average cost is
upward sloping
downward sloping
U shaped
Marginal cost curve cuts Average cost curve at its
highest point
minimum point
Never cuts
Total cost is a sum of Fixed cost and
fixed revenue
variable cost
average cost
Cost which do not change with the level of output is
marginal cost
variable cost
fixed cost
Cost of raw materials is an e.g of
fixed cost
variable cost
none
Total revenue curve in perfect market is
Upward sloping
Downward sloping
Both
Which of the following is NOT a Market Structure?
Perfect Competition
Oligopoly
Monopoly
Corporation
Which market structure did the DeBeers Diamond industry fall under?
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
Google controls 67% of the web search market. The company has grown and branched off into email, online maps, GPS tracking systems, online data storage and mobile phones. There are competitors like Microsoft and Yahoo, but they own just 18% and 11% of the market, respectively. Which market structure(s) best fit Google? (There are two possible answers, pick both)
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
Using the pizza store graphic, what market structure best fits the pizza industry?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
Markets like automobiles, cell phones, film production studios, and internet providers are examples of which market structure?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
"In Belarus, the country north of Ukraine that has played a key role aiding Russia's attack, sanctions were applied to the country's authoritarian leader as well as his wife, Halina. They would block their property and interests in the United States, and prohibit Americans from engaging in transactions with them." Sanctions most nearly means:
Economic penalties applied by one country to another
Violation of the laws of war that holds people who committed them responsible
A reward for countries committing war crimes against their citizens
Global financial system that allows the rapid transfer of money across borders
The _________ _________ where the supply and demand curves cross
supply curve
demand curve
equilibrium point
market supply
Which market structure is characterized by a single seller with complete control over the market?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
What is the main barrier to entry in a monopoly market?
High product differentiation
Low economies of scale
Low market power
High barriers to entry
Which of the following is a strategy used by monopolies to charge different prices to different customers?
Price discrimination
Price fixing
Collusion
Predatory pricing
Which concept refers to the cost advantages that a monopoly enjoys due to its large scale of production?
Economies of scope
Economies of scale
Economies of agglomeration
Economies of density
Which type of monopoly arises when a single firm can produce output at a lower cost than any potential competitor?
Legal monopoly
Natural monopoly
Government monopoly
Technological monopoly
What is the primary source of market power for a monopoly?
Product differentiation
Low barriers to entry
Control over resources
Collusion with competitors
Which of the following is NOT a characteristic of a monopoly market?
High barriers to entry
Price taker
Single seller
Unique product
Which market structure is characterized by a few large firms dominating the market?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
Which term refers to the ability of a monopoly to control the price and quantity of a product in the market?
Market power
Market equilibrium
Market share
Market concentration
Which of the following is an example of a natural monopoly?
Electricity distribution
Smartphone manufacturing
Fast food restaurants
Clothing retail
