WorksheetsMicroeconomics Quiz 1 Review
Total questions: 34
Worksheet time: 28mins
Which of the following Market structures has the most sellers?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
If a town has only one gas station then the market for gas in that town is in which market structure?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Which of these market structures has the least control over price in the marketplace?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
5 cell phone makers control about 85% of the market for cell phones so they are in what market structure:
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
A ton of companies make clothing but some brands are able to charge more because of perceived status or quality. This puts them in which market structure?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Which of the following is a very difficult (but not impossible) market structure to get into?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
In this market structure there is little of no difference between the product no matter what company produces it.
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Which market structure has the least competition in the marketplace?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
When a market has more competition between firms in the market what will happen to price for the product in that market?
It will rise
It will fall
stays the same
Unknowable
Rank the market structures from MOST competitive (left side) to LEAST competitive (right side).
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Rank the market structures from the structure that has the MOST price control (left side) to LEAST price control (right side).
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
A new surf shop opens in the middle of Brooklyn, New York. This shop lacks...
Time Utlity
Place Utility
Information Utility
Possession Utility
A new vending machine in school begins offering Apple Pay along with their standard cash and debit card pay options. This is an example of....
Time Utility
Information Utility
Form Utility
Possession Utility
Coke Zero updates its product label to communicate its sugar free features. This is an example of...
Place Utility
Information Utility
Form Utility
Possession Utility
Apple's latest product took shock resistant glass to create a shatter proof screen. This is an example of...
Form Utility
Information Utility
Place Utility
Possession Utility
A school begins offering tutoring hours to meet the needs of their working students who are seeking tutoring. This is example of...
Place Utility
Information Utility
Time Utility
Form Utility
Which is an example of form utility?
A business changes the shape of a product
A business installs a paypal system
A business adds a drive thru
A business offers free delivery
Which is an example of possession utility?
A clothing store manager creates an Instagram ad
A glassmaker produces a greater supply as Christmas approaches
A salesman is unable to sell a new car to a customer who showed great interest
A giant retailer extends the hours it's open during the summer months
Which is an example of place utility?
Adequate stock to meet the increased demand certain times of the year
Creating a payment plan to assist customers who want to make a purchase
A television commercial during the 6:00p.m. local news show to reach an older demographic
Shopping malls and shopping centers
Which of the following helps to create information utility?
Television commercial
An email about a department meeting
Sugar in cookies
Mannequin display
Which statement describes the law of demand?
As prices rise, quantity demanded decreases
As prices rise, demand decreases.
As prices fall, quantity demanded decreases.
As prices fall, demand decreases.
Which is an example of the Law of Demand at work?
The price of the pizza goes up when the price of cheese goes up.
Demand for pizza goes down when tacos become more popular
The price of pizza falls when the demand for pizza falls
Demand for pizza rises when the price of pizza falls
The market equilibrium price is the price at which
surpluses depress the number of goods supplied
shortages and surpluses will have no effect on the market
the government will not intervene in the market
the quantity demanded is the same as the quantity supplied
When there is a shortage the price will usually?
rise
fall
remain the same
equilibrium
Much of the tea in the U.K. is imported from India. If wages for Indian tea workers rose, thus increasing input costs, how would this effect supply of tea in the U.K.?
Supply would increase
Supply would Decrease
Supply would stay the same
India is not a real country
If a wave of Peruvian immigrants migrated to south Florida, how might this affect the demand for Peruvian goods in the region?
Demand would increase
Demand would decrease
Demand would be unchanged
Quantity Demanded would increase
In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly
elastic
inelastic
When price increases, quantity supplied
increases
decreases
This term means the good things or pros of a business decision.
costs
outcome
benefits
intangibles
This term means the expenses or the cons to making a business decision.
benefit
cost
payback period
analysis
Essentially, what is a cost-benefit analysis?
a list of all the employees you want to hire
a pros-cons list
a christmas wishlist
a list of all the projects you want to do
