stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
MR. BLACK'S PART 1 MICRO QUIZ 30 secs/ Flashcards | StudBud
Explore
/
MR. BLACK'S PART 1 MICRO QUIZ 30 secs/
MR. BLACK'S PART 1 MICRO QUIZ 30 secs/
21 terms
·
StudBud Administration
·
108 plays
PART 1 - Standards 1 and 2 Circular Flow, Money, Supply and Demand, Shifters, and Price Controls
Flashcards
21 cards
F
Practice quiz
P
Host live
L
Questions
21
Answers
1
The market stucture in which there is only one seller is known as
Oligopoly
Monopoly
Monarchy
Monopolistic Competition
2
Which of the following is considered a negative consequence of a higher minimum wage law?
an increase in unemployment
failure to meet production goals
increased demand for workers
full employment
3
Which of the following is NOT a role of money
A measure of a person's overall wealth
A unit of account to compare prices and value
A medium of exchanging rersources, goods and services
A store of value for saving
4
The circular flow model shows...
Markets for factors of production
Flow of goods and services and money
Flow from businesses and households
Circular flow of economies to each other
5
The Law of Supply states
As prices increase quantity demanded decreases
As prices decrease supply decreases
As prices decrease quantity demanded decreases
As supply increases demand decreases
6
Which of the following is NOT a characteristic of Money
flexible
portable
durable
divisible
7
You expect the price of gasoline to increase tomorrow, so fill up today. This is an example of
change in consumer expectations
substitution effect
market effect
income effect
8
Which of the following is NOT a factor of production?
Land owned or rented by firms
Human Capital or Labor
The creativity, ambition and focus of the business owner
Profit made by firms
9
Which of the following is NOT a shifter of the Demand Curve?
Change in price
Change in expectations of future pricing
Change in consumer incomes
Change in consumer tastes and preferences
10
Price ceilings are usually set below the natural equilibrium price
TRUE
FALSE
11
If Good ABC and Good XYZ equally satisfy the same need or want, then they are _______________
normal goods
substitute goods
complementary goods
inferior goods
12
The equilibrium price of a product is determined by the interaction of
competing producers only
the government and regulated producers
price ceilings and price floors
supply and demand
13
If cost of wood used in producing houses increases, the supply of houses will most likely
supply curve will shift to the right
decrease
remain the same due to increased demand
increase
14
In a Circular Flow Diagram, households provide businesses with
Taxes and Transfer Payments
Goods and Services and Incomes
Public Goods and Services
Factors of Production and Revenue
15
When a minimum wage is set above the equilibrium price, it is an example of
Price ceiling
Market failure
Market equilibrium price
Price floor
16
When price increases, quantity demanded increases
FALSE
TRUE
17
What is the market clearing price?
$25
$35
$15
$45
18
The use of money in an economy solves which of the following problems?
Scarcity
Opportunity Cost
An efficient means of economic exchange
Trade barriers
19
Cars and tires are complementary goods. When the price of cars decrease, demand for tires
demand curve for tires shifts to left
increases
decrerases
demand curve for tires shifts to right
20
If the US government buys planes from Boeing Corp., the government is participating in the...
Product market
Factor market
Public market
Stock market
21
The Law of Demand states
As prices decrease supply decreases
As prices increase quantity demanded decreases
As supply increases demand decreases
As prices decrease quantity demanded decreases
