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Microeconomics
Microeconomics
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Microeconomics Review
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
Which of the following is NOT a change in Demand shifter?
Price of the Product
Tastes and Preferences of Consumers
Income of Consumers
Size of the Population/Market
2
Which of the following is an example of a price ceiling?
When the government sets the price of rent below the equilibrium
When the government gives people money
When the government sets the price of corn above equilibrium
When the government taxes corporations
3
Firms purchase resources from households in the ___________ Market.
Super
Product
Entrepreneur
Factor
4
What is shown on this graph?
An X and dotted lines
A Surplus
Equilibrium
A shortage
5
The price of cookies decreases. What does this mean for the demand for milk?
It will increase (shift right)
There will be no change
It will decrease (shift left)
There is no way to tell
6
Goods typically used with each other
Complementary Goods
Law of Supply
Substitute Goods
Law of Demand
7
If a company is expected to raise the price of products next month, the current demand will...
stay the same (no shift)
no way to tell
increase (shift right)
decrease (shift left)
8
When the price of a product increases, the quantity supplied will increase
Market Structure
Law of Demand
Command Economy
Law of Supply
9
If the U.S. government begins to tax a good, what happens to supply?
Supply will decrease (shift left)
Supply will increase (shift right)
Supply will stay the same
No way to tell
10
Which of the following is NOT a shifter of supply?
The price of the resources used to make a product
The price of the product produced
The number of sellers in a market
Government intervention (taxes or subsidies)
11
If the government provides a subsidy to a company, what will happen to supply?
It will decrease (Shift Left)
There is no way to tell
It will increase (Shift Right)
It will stay the same
12
Goods that can be easily used in place of another
Law of Supply
Law of Demand
Substitute Goods
Complementary Goods
13
What causes this movement on the Demand Curve?
Price of Related Goods
Price Change for the Product
Tastes and Preferences of Consumers
Number of Consumers
14
The quantity demanded of a good falls when the price of the good rises.
Law of Demand
Market Structure
Market Equilibrium
Law of Supply
15
When the price floor is set above equilibrium, will this lead to a surplus or a shortage?
Too Many Lines!
Shortage
Surplus
Equilibrium
16
A positive shift in Demand or Supply will always shift
Down
Up
Left
Right
17
A negative shift in Supply or Demand will always shift
Right
Down
Left
Up
18
What is happening on the graph?
Demand is decreasing
Demand is increasing
Supply is decreasing
Supply is increasing
19
Households purchase goods and services from businesses in the __________ Market
Product
Resource
Super
Exchange
20
What is happening on this graph?
Demand is increasing
Supply is decreasing
Supply is increasing
Demand is decreasing
21
Buyers determine __________, and sellers determine _________.
Demand, Supply
Market, Resources
Resources, Market
Supply, Demand
22
The price for blueberries decreases. What does this mean for the demand of raspberries?
The demand will increase (shift right)
The demand will decrease (shift left)
People will buy both at an increased rate
There will be no change
23
The point where the quantity supplied is equal to the quantity demanded
Law of Supply
Market Equilibrium
Market Structure
Inelastic Demand
24
What will result when a price ceiling is set below the market equilibrium?
There will be a surplus
There will be no change
Way too many lines, Mr. Rooks!
There will be a shortage
