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Micro Unit II Test
Micro Unit II Test
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Answers
1
Is a check sent to farmers that makes up the difference between the actual market price and the target price.
Defiency Payment
Welfare Check
Rebate Payment
Delequent Payment
2
__________ was very popular back in WW II because everyone sacrificed only buying their fair share?
Price-Fixing
Rationing
Big Band Music
Price War
3
If prices of natural resources go way up, this would be a change in what?
Sellers in the market
Technology
Change of Demand
The Cost of Factors of Production
4
Which of the following represents the change in total revenue that results from a 1-unit increase in the quantity sold?
Marginal Output
Marginal Cost
Marginal Profit
Marginal Revenue
5
On the Graph: Everything above $6 would be a _____________?
Shortage
Surplus
MCP
MVP
6
Price of beef to rise in June: What will happen to the demand curve for beef?
No Change
Shift to the Left
Shift to the right
Straight up and down
7
Black Hills Energy has what type of Monopoly?
Natural
Technology
Geographic
Government
8
The price of beef skyrockets, what happens to the demand for beef?
Increases
Decreases
No Change
None of The Above
9
What best describes the income effect when talking about a change in quantity demanded?
A person loses their job, can buy more now.
A person feels wealthier because the price has dropped.
A person gets a raise and is now able to afford more product
When the price of a good rises the quantity demanded also rises
10
Ticket sales increase considerably for Hannah Montana tickets because she is real popular with girls from 7-12 years old
Change of consumers
Change in Price Expectations
Change in Consumer Tastes
Change in consumer income
11
If the actual market price were fixed at $10 per unit what would be the shortage or surplus?
Surplus 40 units
Shortage 10 units
surplus 10 units
Shortage 40 units
12
When cost of production decrease, supply will _____________?
Decrease
Increase
No Change
None of the Above
13
Insulin is ____________?
Both
Elastic
None of the Above
In-Elastic
14
Which of the following represents a change in Income?
BNSF gives everyone a 4% raise.
A complimentary good becomes available for much less
You find a Benjamin Franklin
Price of an item drops by $3
15
A corporation will issue ________ too start up their company?
Money
Stocks
Taxes
Tickets
16
Everything below $6 on graph would be a ______________?
Zero Change
Shortage
MCP
Surplus
17
__________ is an economic term used to represent satisfaction or happiness.
Economics
Socialism
Demand
Utility
18
European Vacation is ____________?
None of the Above
Elastic
Both
In-Elastic
19
Similar to a ticket, entitles people to buy certain products?
Ration Coupon
Blue Light Special
Special Coupon
Rebate
20
Which of the following would be a substitute good for a bottle of pop?
Cheeseburger
Wine
Bottle of Gatorade
Pizza
21
Demand is typically more ____________ in the long run than in the short run.
Unitary elastic
Elastic
Total Receipts
In-Elastic
22
Gasoline is ___________ in the short run?
Both
Elastic
In-Elastic
None of the Above
23
These are earnings from sales, dividends, interest, or other operations?
Revenue
Profit
Mortgage
Taxes
24
A demand curve shows the relationship between quantity demanded and ____________:
Price of a Product
Consumer tastes/preference
Income
Substitute Good
25
The Law of Demand states that price and quantity demanded are related in a _________ way.
Inverse
Same
Good
Productive
26
Cost of Steel rises is an example of what supply shifter?
Change in the number of producers
Change in Technology
Change in costs of inputs to production
Government prices
27
What is true about the graph?
Lowest price sellers will to spend is $4 for 40 units
Highest price buyers are willing to buy is $4 40 units
Surplus of 40 units would result in $4 price
All the Above
28
When I graph a demand schedule, what is the vertical line labeled?
Price
Supply
Demand
Quantity
29
What is Total Revenue if price = $30, Total Cost = $100, Profit = $50 Quantity = 5
$300
$50
$15
$150
30
After WW II apartment rent was made affordable in New York City, Example of what?
Price Floor
Surplus
Shortage
Price Ceiling
31
A demand curve generally slopes __________
Straight up and down
Down and to the right
To the Left
Down and to the Left
32
In Economic Terms, demand means_________
You need to do it
To be able to afford goods
Money you made
The willingness and ability to buy
33
The study of economics in terms of individual areas of activity:
Microeconomics
Consumer Demand
Law of Demand
Macroeconomics
34
I bought a package of light bulbs and received a $5 check in the mail because I sent in the ____ for the light bulbs?
Coupon
Rebate
Loan
Loss Leader
35
What happens when the supply and demand lines cross?
Shortage
Sell More
Nothing
Equilibrium occurs
36
When the price increases, what happens to demand when the good is In-Elastic?
Supply changes
Increases
Stays the Same
Decreases
37
Auto workers wages are cut: Will the supply curve shift and what direction?
No, it will not shift
Yes, shift to the right
No but will shift to the left
Yes, shift to the left
38
Marginal cost (MC) is the cost of producing an extra unit of __________.
Raw Materials
Elastic
Output
Input
39
Pork prices drop: Will the demand shift for beef? and Decrease or increase the demand for beef?
No/increase
Yes/decrease
No, decrease
yes/increase
40
When I graph a supply schedule, what is the horizontal line labeled?
Quantity Supplied
Equilibrium
Demand Supplied
Price
41
New Technology usually _____ costs?
Stabalize
No change
Decreases
Increases
42
Millions of Immigrants swell into the USA is an example of what Demand Determinant?
Change in the price of a substitute good
Change in the consumer income
Change in consumer tastes.
Change in the number of consumers in the market
43
New Cars are ________?
None of the above
Elastic
both
In-Elastic
44
Microsoft would be an example of a what ___________?
Monopoly
Oligopoly
Franchise
Patent
45
The Discovery of new oil will make oil more abundant. This can be shown as a ______________
shift
in the supply curve
Upward
Downward
Leftward
Rightward
46
Which of the following could be a complementary good for a Hershey's candy bar?
Snickers
Marshmallows
Pencil
gum
47
I am the owner of Westco, I make a deal with Sinclair to charge $6.75 for Gas: Example of what?
Price-Fixing
Cheating
Price Loss
Price Gouging
48
What is Equilibrium price and quantity?
$8 and 40 units
$4 and 20 units
$8 and 20 units
$6 and 30 units
49
An item specially priced low to attract customers is called_________?
Loss Leader
Price Ceiling
Price Floor
Price War
50
Salt is _________?
None of the above
In-Elastic
Elastic
Rare
51
You have a grocery store in a desolate area of Alaska and charge $10 for your milk. You have what kind of Monopoly?
Geographic
Technical
Natural
Government
52
Approved July 2, 1890, The _________
Anti-Trust Act
was the first Federal
act
that outlawed monopolies:
Shamrock
Wilson
Clayton
Sherman
53
Products that have many substitutes tend to have a_________ demand.
In-Elastic
Great
Elastic
Increase
54
A drop in a price of a product would cause______________?
No Change
Leftward shift of the demand curve
Rightward shift of the demand curve
Vertical Shift
55
Federal Trade Commission regulates the ______________?
Agriculture
Stock Market
Railroads
Media
56
You invent a new car that runs on oxygen: You would want to get a _____ for your invention?
Corporation
Copyright
Patent
Franchise
57
The difference between total revenue and total cost or production cost is?
Marginal cost
Profit
Variable Cost
Fixed Cost
58
I buy a Subway Shop, this would be an example of what?
Shares
Patent
Franchise
Corporation
59
The ___________ Antitrust
Act
is a piece of legislation passed by the U.S. Congress in 1914.
Clayton
Roosevelt
Mansfield
Sherman
60
One modern example of a price __________ is a
minimum wage
.
Basement
Ceiling
Floor
Roof
