Microeconomics Quiz # 9

Instructions
Quiz: Microeconomics Quiz # 9
Subject: Eight Powerful Ideas
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 # 9
Question 1 of 30
00:00
  • Which of the following statements about economic growth rates is TRUE?

  • North Korea has a ______ economy.

  • What is the most common type of economy in the world today?

  • In a developed country, production is usually ______.

  • Tractors, bulldozers, and dump trucks are all examples of ______.

  • In product markets, ______ flow to the firms.

  • Who are the sellers in factor markets?

  • The simple circular flow diagram shows interactions between ______.

  • In the circular flow diagram, goods and services flow ______.

  • If a point is outside a production possibilities curve, what does it show?

  • If an economy experiences growth, the production possibilities curve will ______.

  • If a nation’s economy operates inside of the production possibilities curve, it is ______.

  • An economy operating at a point along the production possibilities curve represents ______.

  • When an economy experiences growth, ______.

  • During colonial times in U.S. history, ______.

  • ______ are examples of consumer goods.

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

  • What causes a stock to rise?

  • “The law of demand is the law stating that the quantity of a good or service demanded varies inversely (negatively) with its price.” What is wrong with this definition?

  • A market demand curve would show the quantities of coffee demanded by ______.

  • Other things held equal, ______ usually leads to a leftward shift of the demand curve.

  • Which of the following will cause a rightward shift of the demand curve for the listed product?

  • In the acronym PYNTE, the letter “P” stands for which of the following?

  • How does income relate to inferior goods?

  • Which of the following would show the amount of canned tuna that all canneries in Asia are willing to produce at various prices?

  • ______ prices for a good or service provide incentives for producers to make or sell more of it.

  • A shift of an entire supply curve either right or left is called a(n) ______.

  • The price of inputs increases significantly. Which of the following SPENT factors does this relate to?

  • Which of the following pairs are substitutes?

  • Which of the following is an accurate statement about equilibrium quantity?