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MIcro

economics

QuestionAnswer
1. What is a demand schedule? A. A graph showing supply B. A table showing the relationship between price and quantity demanded C. A list of production costs D. A graph showing equilibrium Answer: B
2. What is a demand curve? A. A graph showing the relationship between price and quantity demanded B. A table showing production costs C. A graph showing only supply D. A graph showing government spending Answer: A
3. What does ceteris paribus mean? A. Prices always increase B. Everything is changing C. Other things being equal D. Supply equals demand Answer: C
4. What is the law of demand? A. When price increases, quantity demanded increases B. When price decreases, quantity demanded decreases C. When price increases, quantity demanded decreases, ceteris paribus D. Price and quantity demanded always stay th Answer: C
5. What is a change in quantity demanded? A. A shift of the entire demand curve B. A movement along the demand curve caused by a change in price C. A change in consumer income D. A change in the number of buyers Answer: B
6. What causes a change in demand? A. A change in the product’s own price B. A change in a factor other than the product’s own price C. A movement along the same curve D. Nothing Answer: B
7. Which would cause the demand curve to shift? A. A change in the product’s own price B. A change in consumer income C. Moving along the demand curve D. A change in quantity demanded Answer: B
8. Pepsi and Coke are examples of: A. Complements B. Substitutes C. Unrelated goods D. Inferior goods Answer: B
9. Hot dogs and hot dog buns are examples of: A. Complements B. Substitutes C. Unrelated goods D. Luxury goods Answer: A
10. Peanut butter and strawberry jam are examples of: A. Substitutes B. Complements C. Unrelated goods D. Production goods Answer: B
11. iPods and Texas Instruments financial calculators are examples of: A. Complements B. Substitutes C. Unrelated goods D. Necessities Answer: C
2. What is a supply schedule? A. A table showing the relationship between price and quantity supplied B. A graph showing demand C. A list of consumer preferences D. A table showing income Answer: A
13. What is a supply curve? A. A graph showing the relationship between price and quantity supplied B. A graph showing consumer income C. A table showing demand D. A graph showing only equilibrium Answer: A
14. What is the law of supply? A. As price increases, quantity supplied decreases B. As price increases, quantity supplied increases, ceteris paribus C. Price has no effect on quantity supplied D. As price decreases, quantity supplied increases Answer: B
15. A movement along the supply curve is caused by: A. A change in the product’s own price B. A change in technology C. A change in input prices D. A change in the number of sellers Answer: A
16. Which would cause the supply curve to shift? A. A change in the product’s own price B. A change in production technology C. A movement along the curve D. A change in quantity supplied caused by price Answer: B
17. If more firms begin producing energy drinks, what happens to the supply of energy drinks? A. Supply decreases B. Supply increases C. Quantity demanded decreases D. Demand increases Answer: B
18. If production technology improves, what generally happens to supply? A. Supply decreases B. Supply increases C. Demand decreases D. Quantity demanded decreases Answer: B
19. If the prices of inputs such as sugar and corn syrup increase, what happens to the supply of soft drinks? A. Supply increases B. Supply decreases C. Demand increases D. Quantity demanded increases Answer: B
20. What is market equilibrium? A. When price is at its highest B. When quantity demanded equals quantity supplied C. When demand is greater than supply D. When supply is greater than demand Answer: B
21. What is the equilibrium price? A. The price where quantity demanded equals quantity supplied B. The highest possible price C. The lowest possible price D. The price chosen by consumers Answer: A
22. What happens when the current price is above the equilibrium price? A. There is a shortage B. There is a surplus C. Demand increases D. Supply decreases Answer: B
23. What happens when the current price is below the equilibrium price? A. There is a surplus B. There is a shortage C. Supply equals demand D. Demand disappears Answer: B
24. A shortage occurs when: A. Quantity supplied is greater than quantity demanded B. Quantity demanded is greater than quantity supplied C. Supply equals demand D. Price is above equilibrium Answer: B
25. A surplus occurs when: A. Quantity demanded is greater than quantity supplied B. Quantity supplied is greater than quantity demanded C. Demand equals supply D. Price is below equilibrium Answer: B
26. What generally happens to the market price when there is a shortage? A. The price tends to rise B. The price tends to fall C. The price stays at zero D. The price cannot change Answer: A
27. What generally happens to the market price when there is a surplus? A. The price tends to rise B. The price tends to fall C. Demand becomes zero D. Supply becomes zero Answer: B
28. If the demand curve shifts to the right, what does this mean? A. Demand has increased B. Demand has decreased C. Supply has increased D. Quantity demanded has decreased Answer: A
29. If the demand curve shifts to the left, what does this mean? A. Demand has increased B. Demand has decreased C. Supply has increased D. Quantity supplied has increased Answer: B
30. If the supply curve shifts to the right, what does this mean? A. Supply has decreased B. Supply has increased C. Demand has decreased D. Quantity demanded has decreased Answer: B
31. If the supply curve shifts to the left, what does this mean? A. Supply has increased B. Supply has decreased C. Demand has increased D. Quantity demanded has increased Answer: B
32. A decrease in the supply of Coke would cause the supply curve to: A. Shift right B. Shift left C. Stay in the same place D. Become the demand curve nswer: B
33. An improvement in soft-drink bottling technology would most likely cause supply to: A. Increase B. Decrease C. Stay the same D. Become demand Answer: A
34. If demand increases more than supply increases, the equilibrium price will generally: A. Rise B. Fall C. Stay the same D. Become zero Answer: A
35. If supply increases more than demand increases, the equilibrium price will generally: A. Rise B. Fall C. Stay the same D. Double automatically Answer: B
6. A company increases production because the price of snow shovels has increased. This is a: A. Change in supply B. Change in quantity supplied C. Change in demand D. Change in quantity demanded Answer: B
37. More firms begin producing energy drinks because Red Bull is successful. This is a: A. Change in quantity supplied B. Change in supply C. Change in quantity demanded D. Movement along the demand curve Answer: B
38. Oil production decreases because Hurricane Katrina damages oil production facilities. This is best described as: A. An increase in supply B. A decrease in supply C. An increase in demand D. An increase in quantity demanded Answer: B
39. On a standard demand-and-supply graph, the vertical axis usually represents: A. Quantity B. Price C. Income D. Number of consumers Answer: B
40. On a standard demand-and-supply graph, the horizontal axis usually represents: A. Price B. Quantity C. Income D. Production costs Answer: B
42. A typical supply curve slopes: A. Downward from left to right B. Upward from left to right C. Straight down D. Horizontally Answer: B
43. The point where the demand and supply curves intersect represents: A. A shortage B. A surplus C. Market equilibrium D. A price ceiling Answer: C
44. If demand shifts to the right while supply stays the same, equilibrium quantity will generally: A. Increase B. Decrease C. Stay the same D. Become zero Answer: A
5. If supply shifts to the left while demand stays the same, equilibrium price will generally: A. Decrease B. Increase C. Stay the same D. Become zero Answer: B
Created by: user-1995554
 

 



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