WorksheetsPhần 1 Introduction to Economics
Total questions: 50
Worksheet time: 37mins
A bakery would be willing to supply 500 bagels per day at a price of $0.50 each. At a price of $0.80, the bakery would be willing to supply 1,100 bagels. Using the midpoint method, the elasticity of supply for bagels is about
1.24.
0.62.
0.77.
1.63.
A bakery would be willing to supply 500 bagels per day at a price of $0.50 each. At a price of $0.80, the bakery would be willing to supply 1,100 bagels. Using the midpoint method, the elasticity of supply for bagels is about
1.63.
0.77.
0.62.
1.24.
A certain cowboy spends 10 hours per day mending fences and herding cattle. For him, a graph that shows his various possible mixes of output is called his
Trade-off curve.
Consumption possibilities frontier.
Line of tastes.
Production possibilities frontier.
A change in ______ leads to a change in demand that causes a ______.
Income or price of other goods; movement along the demand curve
Income or price of the original produce; movement along the demand curve
Income or price of other goods; shift in the demand curve
The price of the original product; shift of the demand curve
A change in the ______ of a good or service leads to a change in ______ that leads to a ______.
Supply; demand; change in price
Price; quantity demanded; movement along the demand curve
Quantity; supply; change in demand
Demand; quantity demanded; change in supply
A circular-flow diagram is a model that
Helps to explain how the economy is organized (2).
(1) and (2) are incorrect.
Helps to explain how participants in the economy interact with one another (1).
(1) and (2) are correct.
A country's GDP would be affected by
income earned by the country's residents abroad.
changes in exchange rates.
ncome earned by foreign residents within the country.
government spending on foreign aid.
A drought in California destroys many red grapes. As a result of the drought, the consumer surplus in the market for red grapes.
Increases, and the consumer surplus in the market for red wine decreases.
Increases, and the consumer surplus in the market for red wine increases.
Decreases, and the consumer surplus in the market for red wine decreases.
Decreases, and the consumer surplus in the market for red wine increases.
A German citizen buys an automobile produced in the United States by a Japanese company. As a result,
U.S. net exports and GDP are unaffected, Japanese GNP increases, and german net exports, GNP, and GDP decrease.
U.S. net exports increase, U.S. GDP is unaffected, Japanese GNP increases, german net exports decrease, and German GNP and GDP are unaffected.
U.S. net exports and GDP increase, Japanese GNP increases, German net exports decrease, and German GNP and GDP are unaffected.
U.S. net exports and GDP increase, Japanese GNP increases, German net exports decrease, German gnp is unaffected, and German GDP decreases.
A group of buyers and sellers of a good or service is called a
Coalition
Market
Economy
Competition
A legal maximum price at which a good can be sold is a price
Stabilization.
Floor.
Support.
Ceiling.
A legal maximum price at which a good can be sold is a price
Ceiling.
Support.
Stabilization.
Floor.
A legal minimum price at which a good can be sold is
Called a price ceiling.
Usually intended to enhance efficiency in a market.
Called a price floor.
Exemplified by rent-control laws.
A legal minimum price at which a good can be sold is
Called a price floor.
Called a price ceiling.
Usually intended to enhance efficiency in a market.
Exemplified by rent-control laws.
A movement along a demand curve is caused by
A shift in supply
A change in income
A change in preferences
A change in the price of the good
A nation's standard of living is best measured by its
Nominal GDP per person.
Real GDP per person.
Real GDP.
Nominal GDP.
A person who quits their job to look for a better one is considered:
Frictionally unemployed
Structurally unemployed
Cyclically unemployed
Not unemployed
A price above the equilibrium price results in
A surplus.
Excess demand.
A further price rise.
A shortage.
A price below the equilibrium price results in
A surplus.
A shortage.
Excess supply.
A further price fall.
A price ceiling will be binding only if it is set
Above equilibrium price.
Equal to equilibrium price.
Below equilibrium price.
None of the above; a price ceiling is never binding.
A price ceiling will be binding only if it is set
None of the above; a price ceiling is never binding.
Above equilibrium price.
Below equilibrium price.
Equal to equilibrium price.
A production possibilities frontier is bowed outward when
An economy is self-sufficient.
The rate of tradeoff between goods is constant.
The more resources the economy uses to produce one good, the fewer resources it has for the other good.
The rate of tradeoff depends on how much of each good is produced.
A recent college graduate who is looking for their first job is considered:
Cyclically unemployed
Frictionally unemployed
Not unemployed
Structurally unemployed
A rightward shift in the demand curve indicates
An increase in demand
No change in demand
A decrease in demand
A movement along the curve
A seller's opportunity cost measures the
Value of everything she must give up to produce a good.
Out of pocket expenses to produce a good but not the value of her time.
Consumer surplus.
Amount she is paid for a good minus her cost of providing it.
A severe drought has damaged this year’s lettuce crop. The initial effect on the lettuce market is a
Decrease in the demand for lettuce.
Decrease in the supply of lettuce.
Rightward movement along the demand curve for lettuce.
Decrease in both the demand and supply of lettuce.
A tax of $0.10 per Snickers bar on the sellers of Snickers will cause the
Supply curve for Snickers to shift down by $0.05.
Demand curve for Snickers to shift up by $0.10.
Supply curve for Snickers to shift up by $0.10.
Supply curve for Snickers to shift down by $0.10.
A tax of $0.10 per Snickers bar on the sellers of Snickers will cause the
Demand curve for Snickers to shift up by $0.10.
Supply curve for Snickers to shift down by $0.05.
Supply curve for Snickers to shift down by $0.10.
Supply curve for Snickers to shift up by $0.10.
A transfer payment is
A payment that is automatically transferred from your bank account to pay a bill or some other obligation.
A form of government spending that is not made in exchange for a currently produced good or service.
A payment for moving expenses a worker receives when he or she is transferred by an employer to a new location.
The benefit that a person receives from an expenditure by government minus the taxes that were collected by government to fund that expenditure.
Absolute advantage is found by comparing different producers’
Payments to land, labor, and capital.
Input requirements per unit of output.
Opportunity costs.
Locational and logistical circumstances.
