Kenneth needed a new shirt for the football game this Friday. He went to the mall and purchased a shirt from H&M. Which market does Kenneth receive his wages to purchase the shirt?
Micro-Economics Test Review
11th - 12th Grade
•15 Qs
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Micro-Economics Test Review
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11th - 12th Grade
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187 plays
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Hard
15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
product market
factor market
firms
household
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do individuals contribute to the circular flow of economic activity?
Businesses buy goods and services from individuals
Businesses purchase productive resources in product markets
Individuals provide labor for factor markets and buy goods in product markets
Individuals buy productive resources from factor markets and provide labor for product markets
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The principle that consumers tend to buy less of a good or service when its price increases, all else held equal, is called
a. the law of supply
a. the law of demand
a. the law of increasing cost
a. the law of maximum satisfaction
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the relationship between quantity supplied and price?
a. They are not related.
a. They are directly related.
They are inversely related
They are related through demand.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do supply and demand influence market price?
Supply determines market price because the seller sets the price.
The price is determined by the highest price consumers are willing to pay.
The price is determined by the lowest price producers are willing to accept.
The market clearing price is where quantity demanded is equal to quantity supplied.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to the graph, what is the quantity at equilibrium?
14
400
600
1200
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If OPEC decided to cut oil production for the coming year, what would be the MOST LIKELY effect?
a. prices would not change
a. oil prices would probably rise
a. oil prices would probably decline
a. the price for substitute products would decline
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