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100
The Law of Demand is different than the law of Supply because it states:
a. As quantity demanded increases, so does price b. As prices increase so does quantity supplied c. The price and quantity supplied both decrease d. As the price decreases, the quantity demanded increases
100
All of the following can change the market supply curve EXCEPT
a. The cost of labor b.The expectation that prices are about to increase c.A change in the demand for the product d.The number of sellers offering the product
100
Which of the following is an example of a price ceiling?
a. Minimum wage b. “free lunch” program c. Rent control d. Government subsidies
100
Which of the following would not result in labor union collective bargaining?
a. better wages b. safer working conditions c. medical insurance d. perfect competition
100
What are the two phases of the business cycle?
a. peak and trough b. depression and recession c. depression and expansion d. recession and expansion
200
Public utilities are businesses that
a. are government owned and usually has no competition. b. privately owned and has competition c. distributes natural resources d. are unregulated.
200
All of the following are characteristics of allocation by rationing EXCEPT
a. lack of fairness b. high administration cost c. efficiency d. diminished incentive for workers
200
Producers desiring efficient work output from their workers will see
a. good quality workmanship and proper time management b. poor time management and a rush to finish c. poor quality workmanship & high output of goods d. putting off today what you can do tomorrow
200
All of the following are methods used by unions except
a. a strike b. a picket c. a boycott d. a lockout
200
A severe recession with high unemployment, acute shortages, and excess manufacturing capacity is known as
a. a trend line b. a depression c. a trough d. a business fluctuation
300
When corporations involved in different steps of manufacturing or marketing merge, it is known as a(n)
a. multinational merger b. horizontal merger c. vertical merger d. conglomerate
300
The equilibrium price is the point at which
a. The demand and supply meet b. Demand is greater than the amount supplied c. Supply is greater than the amount demanded d. All costs are equal
300
The area of economics that deals with the economy as a whole is
a. microeconomics b. macroeconomics c. craft union d. trade union
300
The wage theory that states that differences in wage rates are determined by collective bargaining is the
a. traditional theory of wage determination b. theory of equilibrium wage rate c. theory of negotiated wages d. signaling theory
300
This is the point in the business cycle when real GDP stops increasing
a. peak b. expansion c. fluctuation d. stand still
400
Which of the following illustrates the difference between surplus and shortage?
a. There is no difference b. Surplus is having extra, shortage is not having enough c. A shortage is more common than surplus d. All of the above
400
A demand schedule shows
a. An upward-sloping curve that illustrates the positive relationship between price and quantity demanded b. A listing of the various quantities demanded of a particular product at all prices that might prevail in the market c. The fluctuations in demand that occurred over a specified period of time d. The fluctuations in demand scheduled to occur over the following year
400
Minimum wage can best be described as an example of
a. government hurting businesses b. theory of negotiated wages. c. price controls known as price floor d. seniority for underpaid workers
400
The financial institutions that brings together funds that savers provide and then lend those funds to others are called
a. mutual funds b. financial systems c. financial assets d. financial intermediaries
400
A recovery from a recession is known as a
a. business cycle b. real GDP c. trough d. expansion
500
An increase in the price of milk causes a decrease in the demand for cereal. The two products are
a. Substitutes b. Complements c. Unrelated d. Demand elastic
500
At a given price, a surplus occurs when
a. The quantity demanded is more than the quantity supplied b. The quantity demanded is the same as the quantity supplied c. The quantity supplied is less than the quantity demanded d. The quantity supplied is greater than the quantity demanded
500
Unions are important in today’s economy because
a. they play a major role in promoting legislation affecting wages today b. they play a major role in promoting legislation affecting working conditions today c. they have a membership of nearly 16.3 million people d . all of the above
500
All of the following are examples of financial assets except
a. bonds b. savings books c. mutual funds d. certificates of deposit
500
The Fed is responsible for all of the following except
a. regulating holding companies b. supervising foreign banks in the United States c. approving bank mergers d. regulating credit unions