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Economics - Micro-Economics Vocabulary Quiz

Total questions: 32

Worksheet time: 16mins

Name
Class
Date
1.
Types of changes in a market that will cause the entire demand curve to move (shift) to the right or to the left. All consumers of a good, service, or productive resource will be willing and able to purchase more or less or a product at all prices in the market.
a)
determinants of supply
b)
Households (resource market)
c)
Businesses (resource market)
d)
determinants of demand
2.
Producers of goods and services - sell goods and services to households - earn revenue in exchange for goods and services
a)
Businesses (resource market)
b)
Households (resource market)
c)
Households (product market)
d)
Businesses (product market)
3.
Types of changes in a market that will cause the entire supply curve to move(shift) to the right or to the left - all sellers of a good, service, or productive resource will be willing and able to supply more or less of their product at all prices in the market
a)
determinants of demand
b)
determinants of supply
c)
Households (resource market)
d)
Businesses (resource market)
4.
Model economists use to show the characteristics and relationships that exist between households and businesses in the economy
a)
circular flow diagram
b)
production possibilities curve
c)
market demand curve
d)
market supply curve
5.
Consumers of the productive resources - purchase the use of land, labor, capital, and entrepreneurship from households to the factor market using the revenue they earned in the product market
a)
Businesses (resource market)
b)
Households (product market)
c)
Businesses (product market)
d)
Households (resource market)
6.
Consumers of goods and services - buy goods and services from businesses - spend the income they earned to buy the goods and services
a)
Businesses (product market)
b)
Households (product market)
c)
Businesses (resource market)
d)
Households (resource market)
7.
Quantity a seller is willing and able to see at each price
a)
supply
b)
supply schedule
c)
quantity supplied
d)
demand
8.
Total income from sales of output
a)
expenditures
b)
supply
c)
revenue
d)
demand
9.
Spending money
a)
expenditures
b)
price floor
c)
demand schedule
d)
revenue
10.
Point of intersection between the market demand curve and the market supply curve - point at which the quantity demanded by consumers is equal to the quanitity supplied by producers
a)
Businesses (resource market)
b)
Households (resource market)
c)
market clearing (equilibrium) price
d)
market demand curve
11.
Owners of the productive resources - sell land, labor, capital, and entrepreneurship to businesses in the factor market in exchange for income payments
a)
Households (product market)
b)
Businesses (product market)
c)
Businesses (resource market)
d)
Households (resource market)
12.
one where the quantity of a good that buyers are willing and able to buy matches the quantity of a good that producers are willing and able to sell
a)
equilibrium price
b)
price ceiling
c)
price floor
d)
market demand curve
13.
table representing all the quantities of a good, service, or resource sellers are willing and able to sell at each price
a)
market demand curve
b)
supply schedule
c)
demand schedule
d)
market supply curve
14.
price set above equilibrium price - larger quantity supplied than there is quantity demanded - result is a surplus of the product
a)
price ceiling
b)
market clearing price
c)
shortage
d)
price floor
15.
graph representing all the quantities of a good, service, or resource buyers are willing and able to buy at each price
a)
market demand curve
b)
supply schedule
c)
market supply curve
d)
demand schedule
16.
a graph representing all the quantities of a good, service, or resource sellers are willing and able to sell at each price
a)
market demand curve
b)
supply schedule
c)
market supply curve
d)
demand schedule
17.
as the price of a good rises the quantity of the good consumers are willing and able to buy will decrease
a)
equilibrium price
b)
law of demand
c)
law of diminishing marginal utility
d)
law of supply
18.
price set below equilibrium price - larger quantity demanded than there is quantity supplied - result is a shortage of the product
a)
price ceiling
b)
market clearing price
c)
price floor
d)
surplus
19.
quantity a consumer is willing and able to purchase at each price
a)
supply
b)
quantity supplied
c)
demand
d)
quantity demanded
20.
table representing all the quantities of a good, service, or resource buyers are willing and able to buy at each price
a)
demand schedule
b)
market demand curve
c)
supply schedule
d)
market supply curve
21.
as price rises the quantity a seller is willing and able to sell will increase
a)
equilibrium price
b)
law of demand
c)
law of diminishing marginal utility
d)
law of supply
22.
amount of a good, service, or resource sellers are willing and able to sell at one specific price
a)
supply
b)
quantity supplied
c)
demand
d)
quantity demanded
23.
amount of a good, service, or resource buyers are willing and able to buy at one specific price
a)
supply
b)
quantity supplied
c)
demand
d)
quantity demanded
24.

What is the term for the maximum price that can be legally charged for a good or service?

a)

market price

b)

equilibrium price

c)

price ceiling

d)

price floor

25.

Which of the following represents a situation where the quantity demanded exceeds the quantity supplied?

a)

price floor

b)

shortage

c)

equilibrium

d)

surplus

26.

What is the graphical representation of the relationship between the price of a good and the quantity supplied?

a)

demand curve

b)

price curve

c)

supply curve

d)

equilibrium curve

27.

What is the term for the minimum price that can be legally charged for a good or service?

a)

price ceiling

b)

equilibrium price

c)

market price

d)

price floor

28.

What happens to the quantity demanded when the price of a good decreases, according to the law of demand?

a)

It remains the same

b)

It decreases

c)

It becomes zero

d)

It increases

29.

Which of the following is a graphical representation of the relationship between the price of a good and the quantity demanded?

a)

supply curve

b)

price curve

c)

demand curve

d)

equilibrium curve

30.

What is the term for the situation where the quantity supplied exceeds the quantity demanded?

a)

equilibrium

b)

shortage

c)

price ceiling

d)

surplus

31.

Which of the following factors can cause a shift in the demand curve?

a)

change in the number of suppliers

b)

change in production technology

c)

change in the cost of raw materials

d)

change in consumer income

32.

What is the effect on the equilibrium price when there is an increase in demand and supply remains constant?

a)

Equilibrium price decreases

b)

Equilibrium price remains the same

c)

Equilibrium price becomes zero

d)

Equilibrium price increases

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