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WorksheetsMT Micro uncle
Total questions: 70
Worksheet time: 40mins
The amount of a good that a producer is willing to sell at a specific price
Supply
Law of Supply
Demand
Law of Demand
The Law of Supply states that as prices go up...
Supply will decrease
Demand will decrease
Supply will increase
Everything will stay the same
The car company had a fire and all robots that build cars were destroyed. Supply of cars will ______ due to ______.
Increase, income
Increase, expectations
remain constant, technology
decrease, technology
A measure of the way quantity supplied reacts to a change in price
Supply Chain
Market Failure
Elasticity of Supply
Elasticity of Demand
Which of the following are all factors that can cause a change in supply?
Number of Sellers, Expectations, Technology
Expectations, Stalemate, Subsidies
Technology, Productivity, Shortage
Stalemate, Number of Sellers, Productivity
A market that has a few sellers of basically the same goods.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
Which of the following describes the selling of the same product to different consumers at different prices?
Price discrimination
Interdependent Pricing
Price competition
The Price is Right with Bob Barker
How might an oligopoly control prices?
Collusion
Price leadership
Nonprice competition
All of the above
The US Gov't passed "antitrust" laws in an effort to eliminate the ability for businesses to __
create new techonologies
enlarge profits
become a monopoly
compete for market share
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
Other things remaining the same, the amount demanded increases with a fall in price and diminishes with a rise in price.
It is true for Law if Supply
It is incorrect for the Law of Demand
It is true for Law of Demand
It is incorrect for the Law of Supply
Pizza and a burger would be an example for;
Complementary goods
Both
Substitute goods
Neither
Thousands of people leave a small town due to a factory closing down causing a(n) ________ in demand at local stores. This change in demand was caused due to a decrease in __________.
increase; consumer preferences
decrease; consumer preferences
decrease; number of buyers
increase; number of buyers
A decrease in the price of peanut butter has led to a(n) _________ in demand for both peanut butter and jelly because they are ___________ goods.
decrease; substitute
increase; substitute
decrease; complementary
increase; complementary
A increase in the average incomes of consumers will result in which of the following?
A decrease in the demand for goods and services
An increase in the demand for goods and services
A decrease in the supply of goods and services
An increase in the supply of goods and services
Take two goods: Good A and Good B. The Price for Good A increases which causes a direct increase in demand for Good B. This means that Good A and Good B are _______ goods.
luxury goods
complementary goods
substitute goods
normal goods
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
In a market economy, what most strongly affects the price and quality of goods and services?
tariffs
competition as well as supply and demand
trade barriers
government control
If Sebbie’s expenses are greater than his income, what must he do to balance his budget?
What is a plan for how you spend your money?
income
sales tax
budget
deposits
Investment
Written order instructing your bank to pay money from your account to another party.
Something acquired with the goal of making money.
A promissory note to repay a certain amount of money from your account to another party.
A savings dedicated to be used only during in-between job hunting situation is_____?
in-between job fund
accident insurance
failed relationship redemption fund
It is not savings if ____
you just delay spending it for something
it will be used for your future needs
you try to spend less
Jose has decided to buy some water balloons rather than get an extra milk at lunch. Choosing among economic alternatives is referred to as
What is the fundamental economic problem?
Racism
Scarcity
Money
Greed
What are resources?
Different sources used in the economy
The use of things to meet the problem of scarcity
Inputs used in the production of goods and services
Technological progress
Which of the following statements is true about scarcity?
A. Scarcity is our inability to satisfy all of our wants.
B. Scarcity problem arises because our wants are greater than resources available.
C. The poor and the rich both face scarcity.
D. All of the above.
Who decides how much the commodity should be priced?
Customers
Seller
NEWS Reporter
Lawyer
Maneuvering consists in turning the devious into the direct, and misfortune into _____
plain
gain
losses
surprises
To be near the goal while the competitor is still far from it, to wait at ease while the competitor is toiling and struggling, to be well-fed while the competitor is famished:— this is the art of husbanding one’s strength. This means we should______ in making decisions.
Don't be late and be early always
Don't be early or you will be sorry
Don't be slow and happy
Think before you apply for a job.
Which business competitors must be not attacked?
organized
weak
silent
chaotic
In business, war or love strategy, for them to win, requires _______ strategy too.
enemy's
education
resources
rule book
How many strategy can be used in a business?
one
two
four
as much as needed
What are things you need to keep in mind before buying an existing business?
The business has bad reputation
The business has high debt & financial liability
Does the business have on going legal problems
All choices are correct
In order to make a profit or savings, a business or a person must...
keep costs low and income high
keep income low and costs high
Making rational decisions "at the margin" means that people
make those decisions that do not impose a marginal cost.
compare the marginal costs and marginal benefits of each decision.
evaluate how easily a decision can be reversed if problems arise.
always calculate the marginal dollar costs for each decision.
A dress that GandaBebeko really wants is on sale. She wouldn't have bought it at its original price, but now that it is 10% off she buys it.
Principle 1: People face tradeoffs
Principles 9: Prices rise when the government prints too much money
Principle 3: Rational people think at the margin
Principle 4: People respond to incentives
When you join the economics association on campus, you get a free t-shirt and some pizza. But, in order to get those free things you must give up your time for club meetings.
Principle 1: People face tradeoffs
Principle 10: Society faces a short-run tradeoff between inflation and unemployment
Principle 5: Trade can make everyone better off
Principle 3: Rational people think at the margin
Jam Cruz, who is at heart a craftsperson, recently started a firm to manufacture a new innovative food blender. Jam's desire is to sell his food blender to as many people as possible because he firmly believes in the merits of his product. Jam's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?
Product/customer focus
Execution intelligence
Tenacity despite failure
A desire to gain financial rewards
The internet is a great tool for starting and running a business.
True
False
Not all opportunities are to be taken some are ____.
crafts
beautiful traps
success
beautiful chance
The most important requirement for a business to succeed is____
Capital
Customer
Connection
Curiosity
What is Marginal Advantage (Analysis)?
Making a decision by comparing costs and benefits
Making a decision by comparing scarcity and choice
Living on the edge because you have an advantage
The advantage of using margarine
