Exam 1
1.What two factors are necessary for demand?
a. desire for a good or service and its availability in the market
b. desire for a good or service and the ability to pay for it
c. the availability of a good or service and the ability to pay for it
d. familiarity with a good or service and the desire to pay for it
b. desire for a good or service and the ability to pay for it
6.Supply is defined as
a. the willingness and ability of consumers to purchase goods and services
b. the willingness and ability of the government to offer protections to citizens
c. the willingness and ability of producers to offer goods and services for sale
d. the willingness and ability of laborers to work for producers for pay
c. the willingness and ability of producers to offer goods and services for sale
11.Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers
a. are different
b. are equal
c. is higher for the product demanded
d. is higher for the product supplied
b. are equal
16.In a market economy with perfect competition, sellers
a. control prices
b. enter and exit the market freely
c. join with other sellers to influence prices
d. have incomplete information about market conditions
b. enter and exit the market freely
Correct Answer Gets 10 extra points on the test
Question:
Which market type has all firms selling products so identical that buyers do not care from which firm they buy?
Sike!!...JK you will know on Thursday
2. An actress sets off a craze for wearing camouflage clothing among her fans. What factor is affecting demand?
a. consumer expectation
b. consumer taste
c. Complements
d. substitutes
b. consumer taste
7.According to the law of supply, when prices increases,
a. demand increases
b. quantity demanded increases
c. supply increases
d. quantity supplied increases
d. quantity supplied increases
12.On a market demand and supply graph, the vertical axis shows
a. Demand
b. Equilibrium
c. Prices
d. quantity
c. Prices
17.Some examples of standardized products include
a. agricultural products, such as eggs and milk
b. clothing products, such as shirts and jeans
c. electronic products, such as DVD players and TVs
d. furniture products, such as chairs and tables
a. agricultural products, such as eggs and milk
What happened in Libya
Flooding
3.What is a market demand curve?
a. a table showing how much of a product an individual is willing and able to buy
b. a table showing how much of a product a market is willing and able to buy
c. a graph showing how much of a product an individual is willing and able to buy
d. a graph showing how much of a product a market is willing and able to buy
d. a graph showing how much of a product a market is willing and able to buy
8.Economists use a supply curve to a. show the law of supply in chart form
b. show the law of supply in graph form
c. show the law of supply in table form
d. show the law of supply in a written description
b. show the law of supply in graph form
13.On a market demand and supply graph, the horizontal axis shows
a. Demand
b. Equilibrium
c. Prices
d. quantity
d. quantity
18.In a market economy with imperfect competition sellers
a. are always well-informed of market conditions
b. never have any control over price
c. offer only standardized products
d. sometimes join with other sellers to influence prices
d. sometimes join with other sellers to influence prices
What is used to fight California Fires?
AI
4.How is total revenue calculated?
a. multiplying price by change in demand
b. multiplying price by quantity sold
c. multiplying change in price by change in quantity demanded
d. multiplying change in price by quantity sold
b. multiplying price by quantity sold
9.The appearance of a supply curve is
a. an upward slope, bottom left to top right
b. a downward slope, top left to bottom right
c. a horizontal line
d. a vertical line
a. an upward slope, bottom left to top right
14.On a market demand and supply graph, the point of market equilibrium always happens
a. at the highest point on the demand curve
b. at the point where the demand and supply curves intersect
c. at the lowest point of the supply curve
d. at the center point of the graph, irrespective of the curves
b. at the point where the demand and supply curves intersect
19.A market structure in which only one seller sells a product for which there are no close substitutes is called a
a. Cartel
b. Monopoly
c. Oligopoly
d. trust
b. Monopoly
Who are the Big 3 (Automakers) on strike
General Motors, Ford and Stellantis
5.What do business owners use to gather information for market demand schedules?
a. income effect
b. marginal utility
c. market research
d. substitution effect
c. market research
10.The change in total output that results from hiring one additional worker is called
a. marginal cost
b. marginal labor
c. marginal product
d. marginal revenue
c. marginal product
15.When there is a shortage, producers raise prices in an attempt to
a. separate the quantity supplied and demanded
b. raise the quantity demanded
c. equalize the quantity supplied and demanded
d. lower the quantity supplied
c. equalize the quantity supplied and demanded
20.Monopolists are able to control prices because they have
a. much competition and there are many substitutes for their products
b. much competition and there are no close substitutes for their products
c. no competition and there are many substitutes for their products
d. no competition and there are no close substitutes for their products
d. no competition and there are no close substitutes for their products
Where did the rescue mission happen (in a cave) and what was it for
Turkey, to save the world's best cave diver when he had internal bleeding