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Microeconomics
Microeconomics
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Goods, Services, and Money Supply and Demand Business and Market Structure
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which is not one of the 3 things needed for demand?
Passion
Ability
Desire
Willingness
2
What is minimum wage?
price floor
price ceiling
3
How confident are you about passing the EOC?
Very confident
Slightly confident
not sure
Not confident
4
Where are price floors located on a graph?
above the equilibrium point
on the equilibrium point
below the equilibrium point
5
If the price of peanut butter increases, what will happen to the supply curve shift of jelly?
right
the same
left
unknown
6
What is the Law of Demand?
The lower the price, the lower the demand.
The higher the price, the lower the demand.
The higher the price, the higher the demand.
7
The point where P and Q intersect is called?
Set point
Balance point
Equilibrium point
Equal point
8
What is one advantage of having sole proprietorship?
Double Taxation
Unlimited liability
No specialization
Complete control
9
Which is not one of the 3 characteristics of money?
standard of value
medium of exchange
store of value
minimum of exchange
10
What is demand?
The amount of products sold out at a certain price.
Quantity of a product consumers are willing & able to buy.
The quantity of a product that consumers want.
The amount of products produced at a certain price.
11
If Mr.Dewitt got a raise, what will happen to the supply curve shift of Sean Jean shorts?
Stay the same, his wife won't allow him to buy more shorts.
We don't know because we would have to ask Mr. Dewitt.
right
left
12
The price of chocolate increases, but the demand only changes slightly.
inelastic
elastic
13
In the circular flow of resources, what does the product market receive from businesses?
labor
goods/ services
income
revenue
14
If 3 companies decide to produce the exact same product what type of market structure is shown?
Oligopoly
Perfect Competition
Monopolistic competition
Monopoly
15
In the circular flow of resources, what does the factor market receive from households?
labor
goods/services
resources
revenue
