Microeconomics Quiz # 10

Instructions
Quiz: Microeconomics Quiz # 10
Subject: Demand Supply And Market Equilibrium
Total Questions: 30 MCQs
Time: 30 Minutes

Note

  • Do not refresh the page while taking the test.
  • Results along with correct answers will be shown at the end of the test.
Microeconomics Quiz # 10
Question 1 of 30
00:00
  • Which of the following is an accurate statement?

  • An increase in supply and an increase in demand cause a(n) ______ of equilibrium quantity.

  • Which of the following are the foundation of the market system?

  • Which of the following provides a way for both buyers and sellers to communicate about the relative value of resources?

  • A quantity that cannot be predicted with any certainty is said to be which of the following?

  • Which of the following will cause a decrease of equilibrium price?

  • The falling prices of component parts cause the supply curve for HD televisions to ______.

  • Which of the following will cause a shortage of a product?

  • Which of the following is an accurate statement about the free market?

  • If the leftward shift of the demand curve is greater than the rightward shift of the supply curve, the equilibrium price will ______ and the equilibrium quantity will ______.

  • Price ceilings cause persistent ______.

  • Which of the following distorts price signals and incentives to producers and consumers?

  • Price ceilings on rent often cause ______.

  • Which of the following groups would probably have the most-favorable view of using price ceilings?

  • Which of the following age ranges are most likely to be affected adversely by the use of a high minimum wage?

  • The secondary effects of an action that may occur in addition to the initial effects are called ______.

  • Which of the following is an accurate statement about elasticity?

  • Which of the following will tend to have elastic demand?

  • The price elasticity of demand can be defined as the percentage change in quantity demanded ______ the percentage change in price.

  • If demand is ______ to changes in price, it is considered to be perfectly inelastic.

  • The equation ED = 1 shows ______ demand.

  • The equation ED = 1 shows ______ demand.

  • A long-run elasticity of demand means that a consumer has ______.

  • When the price elasticity of demand is ______, total revenues will fall as the price declines.

  • Which of the following price ranges of a linear demand curve will tend to be the most elastic?

  • In the elastic region of a demand curve, when price falls, the total revenue ______, and when price rises, the total revenue ______.

  • Which of the following accurately shows cross-price elasticity of demand?

  • If the price of one good and the demand for the other good move in the same direction, then the cross-price elasticity is ______.

  • In a condition of perfectly elastic supply, the elasticity of supply is ______.

  • Which of the following is an accurate statement about supply?