WorksheetsACADEC Econ 23-24
Total questions: 20
Worksheet time: 10mins
What are the factors that shift the supply curve?
Input Prices, Technology, Expectations, and Number of Sellers
Income, The Prices of Related Goods, Tastes, Expectations, and Number of Buyers
Number of Sellers, Number of Buyers, Preference, and Technology
Input Prices, Number of Sellers, Expectations, and Tastes
What is a good example of a nearly competitive market?
T-Mobile
Transportation
Market for Gasoline
Local Bakeries
How are profits defined? (equation-wise)
total revenue divided by total costs
difference between the
firm’s total revenue and its total costs.
the total amount of revenue
the sum of the total revenue and the total costs
Bob increases his production from 50 to 100 loaves,
his total costs increase from $358 to $483, what is his marginal cost?
$5.33
$1.75
$2.50
$3.00
What is an example of a positive externality?
noise pollution
tourism
driving cars
bees pollinating trees
What is an example of a collective good?
satellite radio
haircuts
pizza
fish in the ocean
the average supermarket carries more than _____ different items
25,750
45,000
33,247
33,000
Normative economics uses the tools of economic analysis to
describe and explain economic phenomena and to
make predictions about what will happen under
particular circumstances.
True
False
Competitive markets tend to gravitate toward
the equilibrium quantity and price
False
True
Price elasticity of demand =
(Percentage change in quantity demanded) -
(Percentage change in price)
(Percentage change in quantity demanded) /
(Percentage change in price)
(Percentage change in quantity demanded) x
(Percentage change in price)
(Percentage change in quantity produced) /
(Percentage change in price)
The term “per capita” is
a Latin phrase literally meaning _____
“per head”
“per person”
“per business”
"per county"
The economy’s total output
divided by the total number of workers employed is
total hours for completion
average product produced
total productivity levels
average labor productivity
GDP = C + I + G + NX, what does I stand for
Imports
Income Statement
Inputs
Investment
Who regulates the supply of money in the United States?
The United States Reserves
The Federal Reserve System
The U.S. Treasury
The Bureau of Money
What are the two different measures of inflation?
5 Year Comparison and Business Cycle
Investments and Costs
CPI and GDP
NX and GIP
That portion of total unemployment
attributable to the mismatch between job openings
and job-seekers is called
We can summarize the standard of
living in three themes:
profits, exports, and personal income
cultural diversity, artistic expression, and religious freedom.
material hardship; isolation; and
disease and disaster.
economic growth, political stability, and technological advancement.
_______ discovered a way to make steel by blasting
the molten metal with air—reducing the process to
about twenty minutes.
Henry Bessemer
Adam Smith
Lorenz Helmschmied
Peter Wright
Who coined the term “creative
destruction” to describe the way in which old
methods of doing things are replaced by new and more
productive ways?
Adam Smith
John Maynard Keynes
Joseph
Schumpeter
Milton Friedman
The United States has spent
____ percent of GDP per year on R&D.
