Unit 2 Review Spring 16

Question 1

WHEN SUPPLY DECREASES PRICE WILL __________________ AND QUANTITY WILL______________________.

Accepted Answer

INCREASE; DECREASE

Question 2

Which of the following occurs when the price of a product increases?

Accepted Answer

quantity supplied increases

Question 3

A beacon tower repairman will make more money than an office secretary primarily because.....

Accepted Answer

it is a more dangerous work environment

Question 4

College graduates make more money than high school graduates largely because....?

Accepted Answer

they have more human capital

Question 5

Which of the following will lead to an increase in the demand for chocolate?

Accepted Answer

Valenties Day is coming up

Question 6

If the price of hamburgers increases......?

Accepted Answer

quantity demanded decreases

Question 7

When bacon is on sale (Yum!), which of the following should happen in the egg market?

Accepted Answer

Increase in Demand

Question 8

Doctors, Lawyers, and Accountants are all considered to be.........

Accepted Answer

professional workers

Question 9

What happens to equilibrium price and quantity when workers receive a pay raise?

Accepted Answer

Price Increases; Quantity Decreases

Question 10

If a business prices its product above the market price it will experience a .......?

Accepted Answer

a surplus

Question 11

A lifeguard, an exterminator, and a nursing assistant are all examples of

Accepted Answer

semi-skilled labor

Question 12

If Congress decides to subsidize American corn farmers, which of the following would happen?

Accepted Answer

Supply of Corn will Increase

Question 13

If a Business prices its product below the current market price it will experience a

Accepted Answer

shortage

Question 14

WHEN DEMAND INCREASES PRICE WILL ____________________ AND QUANTITY WILL____________________.

Accepted Answer

INCREASE; INCREASE

Question 15

If demand decreases and supply increases we KNOW FOR SURE THAT.....?

Accepted Answer

PRICE WILL DECREASES

Question 16

WHEN SUPPLY DECREASES, THE SUPPLY CURVE WILL MOVE TO THE_______________________.

Accepted Answer

LEFT

Question 17

Which of the following would we expect to happen if minimum wage increases?

Accepted Answer

The unemployment rate would increase

Question 18

Policeman, Firefighters, and Electricians are examples of

Accepted Answer

Skilled Workers

Question 19

WHICH OF THE FOLLOWING WILL LEAD TO AN INCREASE IN THE SUPPLY OF APPLES?

Accepted Answer

DECREASE IN WAGES PAID TO APPLE PICKERS

Question 20

When demand increases, the demand curve moves which way?

Accepted Answer

RIGHT

Question 21

If supply increases and demand increases then we know for SURE THAT ......?

Accepted Answer

QUANTITY INCREASES

Question 22

Which two must be present to have demand for a product?

Accepted Answer

desire and ability to pay

Question 23

Which of the following has the highest average salary?

Accepted Answer

a professional workers

Question 24

The average annual American salary is......?

Accepted Answer

$46,000

Question 25

Janitors, Shampoers, and Dishwashers are examples of......?

Accepted Answer

Unskilled Workers

Unit 2 Review Spring 16

Questions 25

Unit 2 Review Spring 16

Questions 25