Microeconomics

Question 1

Which of the following would not shift the demand curve for beef?

Accepted Answer

The price of the food for cows goes down

Question 2

The “raw materials” that flow into the market.

Accepted Answer

resources

Question 3

Minimum wage is an example of which of the following economic situations?

Accepted Answer

floor

Question 4

What is considered to be the motivation of producers?

Accepted Answer

make a profit

Question 5

What happens when the price of a good is set above the equilibrium price?

Accepted Answer

surplus

Question 6

If the output of computers is increased, the output of cars...

Accepted Answer

must be decreased

Question 7

A business that is owned and operated by one person is called a(n):

Accepted Answer

sole proprietorship

Question 8

Which of the following best describes the relationship between price and quantity demanded?

Accepted Answer

inverse

Question 9

When the demand curve for product “C” shifts to the right, what event must have occurred?

Accepted Answer

An increase in income if C is an inferior good.

Question 10

The term used by economists to describe a movement of the entire demand or supply curves.

Accepted Answer

shift

Question 11

A “T chart” that shows quantities demanded or supplied at different levels is called...

Accepted Answer

demand schedule

Question 12

The demand curve shows the relationship between...

Accepted Answer

Price and quantity demanded

Question 13

What is the economic word for "consumer satisfaction"?

Accepted Answer

utility

Question 14

In economics, a shift to the left for a supply curve might be caused by:

Accepted Answer

Some firms within the industry going out of business.

Question 15

Which of the following is defined as “the desire, ability, and willingness to buy a product”?

Accepted Answer

Demand

Question 16

On a CFM, what flows from the Product Market to Households?

Accepted Answer

goods and services

Question 17

All things being equal, Pepsi and Coke are this type of good.

Accepted Answer

substitutes

Question 18

Quantity Demanded equals the amount of that good that a producer has made. This is defined as:

Accepted Answer

equilibrium

Question 19

A consumer needs milk AND cereal; not milk OR cereal. These goods are:

Accepted Answer

complementary

Question 20

Corporations make money by:

Accepted Answer

Selling goods or services

Questions 20