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Microeconomics CDA
Microeconomics CDA
30 terms
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Questions
30
Answers
1
Price ceilings result in...
surplus
nothing
who knows
shortage
2
This is the main disadvantage for sole propreitorship.
unlimited liability
conflict among partners
double taxation
hard to start
3
What is it called when buyers and sellers agree on a price and quantity?
Market connection
Market Clearing Price
Equilibrium
The price
4
At what price would there be a shortage?
$7.50
$1.50
$9.00
$6.00
5
What would make a supply curve shift to the right?
increase in the # of consumers
increase in technology
decrease in technology
increase in consumer taste
6
What is the study of microeconomics?
individual countries
microorganisms
the entire economy
individual businesses
7
Who can set a price floor or price ceiling?
the government
Wal-Mart
buyers and sellers
Mrs. Mathis
8
Many businesses that sell similar products.
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
9
More competition = ...
higher prices
lower prices
10
Which of the following is a disadvantage for a sole proprietorship?
Conflict
Limited Liability
Double Taxation
Unlimited Liability
11
All of the following can shift demand,
EXCEPT:
consumer taste
government regulation
cost of inputs
income
12
Stock holders are responsible for this type of business.
Monopoly
Partnership
Sole Propreitorship
Corporation
13
The more sellers of a product...
price doesn't matter
the higher the price
the lower the price
the less competition
14
What is the #1 reason to start your own business?
being your own boss
Profit
headaches
15
If Delta increases prices, what will happen to the demand for American Airlines?
shift to the right
shift to the left
no change
16
PRICE MAKER
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly
17
What is the equilibrium price and quantity?
$4, Q= 80
$2, Q= 70
$3, Q= 100
$3, Q=70
18
Few firms run the market (i.e. Coke and Pepsi)
Oligopoly
Perfect Competition
Monopolistic Competition
Monopoly
19
Burger King, McDonalds and Chick-Fil-A are all considered to be this type of market structure.
Perfect Competition
Oligopoly
Monopoly
Monopolistic Competition
20
What price is equilibrium?
$4.50
$1.50
$6.00
$3.00
21
What would cause the shift to the left?
increased government regulation
decrease in taxes
increase in technology
decrease in income
22
A minimum price that a business can charge is called a
inelastic
price ceiling
price floor
elastic
23
What is it called when a company produces too much and there is little demand?
oops
monopoly
surplus
shortage
24
What is this called?
Circular Flow of Money
A chart
A Circle
Circular Flow of Goods and Services
25
Producers will make less and consumers will buy more when...
price is high
price is low
no change in price
26
A tornado destroys a wheat field, what will happen to the price of wheat?
tornado's can't destroy wheat fields
it will decrease
it will increase
it will stay the same
27
Double taxation is a disadvantage for which of the following types of businesses?
Corporation
Monopoly
Partnership
Sole Propreitorship
28
What is the Law of Demand?
P↑ QD ↑
P↑ QD ↓
29
Where are human resources exchanged for wages?
Business
Households
Product Market
Resource Market
30
If someone wanted to buy a coke, where would they buy it?
The government
Resource Market
Product Market
Households
