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- 1. Multiple Choice
Price causes Supply to shift
True
False
- 2. Multiple Choice
An increase in input cost will create an increase in my supply
True
False
- 3. Multiple Choice
Fixed cost is what a business pays even if they produce nothing
True
False
- 4. Multiple Choice
Minimum wage is an example of a price ceiling
True
False
- 5. Multiple Choice
Technology changes influence which curve
Supply
Demand
- 6. Multiple Choice
A shift in price causes the supply curve to
shift left
shift right
shift up
shift down
no shift
- 7. Multiple Choice
A small change in price will result in a large change in quantity describes which type of curve
Inelastic
Elastic
Totally elastic
Totally Inelastic
- 8. Multiple Choice
Which of these will cause demand to shift negatively
Income amounts double
Urban population booms
A negative ad comes out about a product
Taxes decrease
- 9. Multiple Choice
A shortage occurs when
Quantity Supplied is less than Quantity Demanded
Quantity Supplied is more than Quantity Demanded
Quantity Supplied is the same as Quantity Demanded
Shortage will never happen!
- 10. Multiple Choice
Price controls and Minimum wage are examples of
The Government messing up our economy
what is needed for equilibrium to occur
the government taking the economy out of equilibrium
natural things that help our economy run
- 11. Multiple Choice
A change in quantity supplied means that changes have occurred
In our population
In preferences
In income
In all of these
In none of these
- 12. Multiple Choice
Inelastic supply curves are almost
flat
vertical
curved
circular
perfectly angled
- 13. Multiple Choice
This curve is an example of_____ and two goods are____
an elastic supply curve: CD's and DVD's
an inelastic supply curve: CD's and Dvd's
an elastic supply curve: Skyscrapers and Space shuttles
an inelastic supply curve: Skyscrapers and Space shuttles
- 14. Multiple Choice
The image here is an example of a ________, which causes a _________
Price Ceiling: Shortage
Price Ceiling: Surplus
Price Floor: Shortage
Price Floor: Surplus
- 15. Multiple Choice
The image here is an example of a _________, which causes a________
Price Ceiling: Shortage
Price Ceiling: Surplus
Price Floor: Shortage
Price Floor: Surplus
- 16. Multiple Choice
The law of demand states
As price increases, quantity demanded increases
As price decreases, quantity demanded decreases
As price increases, quantity demanded decreases
As price increases, quantity demanded stays the same
- 17. Multiple Choice
Inelastic Supply goods tend to be
High tech
Low Tech
Quick to make
Something easily replaced (substitutes
- 18. Multiple Choice
If someone absolutely needs an item, the curve will be more
Elastic
Inelastic
Diagonal slope
Curved
- 19. Multiple Choice
When prices get higher, it is a good sign for which to happen
Producers to supply less
Producers to supply more
Consumers to demand more
Consumers to demand the same
- 20. Multiple Choice
This illustrates a shift in _________, which could be a result of__________
Demand, Input cost increasing
Supply, input cost decreasing
Demand, input cost decreasing
Supply, input cost increasing
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