WorksheetsUnit 1 Part 1 Quiz - EPF
Total questions: 25
Worksheet time: 13mins
The Law of Supply states than a/an ____ relationship exists between price and quantity supplied.
simple
negative
inverse
direct
Microeconomics focuses on
the big picture, looking at the economy as a whole
the economic impact of implementing fiscal and monetary policy
international trade and finance
small economic units, such as individuals, farms, and markets
The Law of Demand states that a/an ____ relationship exists between price and quanity demanded.
simple
direct
positive
inverse
this occurs when quantity demanded is greater than quantity supplied
shortage
surplus
elasticity
equlibrium
What scenario below best represents a monopoly?
Sofa Mart and Chairtopia together control 80% of the couch market in the country.
A local company wins a bid to be the sale phone and internet service provider in the region.
Hundreds of firms compete against one another to sell tomatoes in a large regional market.
Two new burger fast food restaurants open to compete with the many other franchised restaurants in town.
In economics, the term "scarcity" is best illustrated by which of the following situations?
entrepreneurs lack the start up money to produce a new invention
all of the above
consumers lack the time and finance to buy all the goods and services they want
producers lack the productive resources needed to produce goods and services
When a consumer's need to a particular product is not urgent and varies deeply based on the price demand for that product is called
elastic
inelastic
unit elastic
complementary
The concept of the invisible hand refers to which of the following?
The Federal Reserve adjusting interest rates
Congress passing a new law
Individuals acting in their own best self-interest
Government regulation
the increase in the price of milk results in a decrease in the demand for cereal, these two products are
unrelated
substitutes
complements
replacements
which of the following motivates entrepreneurs to take risks?
prices
gross domestic product
credit score
profit
freedom of choice and competition are most commonly associated with which type of economic system?
communist
command
market
traditional
which of the following choices would cause the change shown in the graph
inputs become less expensive
costs for producers increase
technology improves production
the number of sellers in the market increase
which of the following choices would cause the change shown in the graph
an increase in the number of consumers
inputs become more expensive
people expected the price of a product to decrease next month
the price of product increased
which of the following lists the three basic economic questions?
what to produce? when to produce? for whom to produce?
what to produce? how to produce? why to produce?
when to produce? how to produce? for whom to produce?
what to produce? how to produce? for whom to produce?
in the production of loves of bread, which best represents the factor of capital?
the oven used to bake the bread
the flour used in the dough
the worker who kneaded the dough
the reseller who sells the bread
rank the market structures in order from MOST to LEAST competitive
monopoly - oligopoly - monopolistic competition - perfect competition
perfect competition - monopoly - oligopoly - monopolistic competition
perfect competition - monopolistic competition - oligopoly - monopoly
oligopoly - monopoly - perfect competition - monopoly
the decrease in the price of hamburgers results in a decrease in the demand for hotdogs, these two products are
complements
unrrealted
replacements
substitutes
which type of business organization has the advantage of being your own boss, but the disadvantage of unlimited personal liability?
partnership
corporation
sole proprietorship
conglemercrate ?
which scenario below best represents a perfect competition?
Sofa Mart and Chairtopia together control 80% of the couch market in the country
A local company wins a bid to be the sole phone and internet service provider for the region
Hundreds of firms compete against one another to sell __ in a large regional market
two new burger fast food restaurants open to compete with the many other franchised restaurants in town
the point where quantity supplied and quantity demand meet on the graph is called
dequilibrium
equilibrium
surplus
shortage
George and Jacob want to start a lawn care business. They are the only 2 owners and have agreed to share all the profits and loses evenly between them. What type of business is this?
partnership
conglomerate
sole proprietorship
corporation
Imagine you have decided to buy a movie ticket for $15. Which of the following best describe the opportunity cost of your decison?
the time spent watching previews before the movie
the time you spent deciding which movie you should watch
the money and time you spend on the movie
the 5 dollars you pay for popcorn
in a command economy, the role of the government is to
encourage entrepreneurs
meet the needs and wants of consumers
make major economic decisions
promote competition
an increase in the price of a product would cause the following change
a decrease in the quantity demanded for a product
a decrease in the supply of a product
an increase in the quantity demanded for a product
an increase in the demand for a product
Which type of business organization has the advantage of having the financial capital to hire specialists and has limited liability, but the disadvantages of increase regulation and double taxation?
corporation
partnership
conglomerate
sole proprietorship
