Login
Sign up
Categories
IT & Programming
Design & Multimedia
Writing & Translation
Sales & Marketing
Admin Support
Engineering & Manufacturing
Finance & Management
Website Designing & Development
Database Management
Networking & Troubleshooting
Aviation & Aerospace
Softwares & Applications
Stocks & Investments
Electronics & Appliances
Online Tools
General Knowledge & Aptitude
Mathematics
Educational Subjects & Courses
Business & Organization
Health & Wellbeing
Culture & Ethics
IT Field Knowledge & Experience
Languages & Communication
Entrepreneurship & Leadership
Economics & Development
Mass Communication & Media
Research Methods & Evaluation
Public Relations & Dealings
Educational Methods and Research
Educational Subjects & Techniques
Crime & Justice
Governments & Policies
Cyber Security & Ethical Hacking
Hospitality & Tourism
Soft Skills & Personal Management
Transportation & Driving Rules
Forest and Nature
Religion
Skill Assessment
MCQs
PDFs
Login
Sign up
Categories
IT & Programming
Design & Multimedia
Writing & Translation
Sales & Marketing
Admin Support
Engineering & Manufacturing
Finance & Management
Website Designing & Development
Database Management
Networking & Troubleshooting
Aviation & Aerospace
Softwares & Applications
Stocks & Investments
Electronics & Appliances
Online Tools
General Knowledge & Aptitude
Mathematics
Educational Subjects & Courses
Business & Organization
Health & Wellbeing
Culture & Ethics
IT Field Knowledge & Experience
Languages & Communication
Entrepreneurship & Leadership
Economics & Development
Mass Communication & Media
Research Methods & Evaluation
Public Relations & Dealings
Educational Methods and Research
Educational Subjects & Techniques
Crime & Justice
Governments & Policies
Cyber Security & Ethical Hacking
Hospitality & Tourism
Soft Skills & Personal Management
Transportation & Driving Rules
Forest and Nature
Religion
Skill Assessment
MCQs
PDFs
Login
Sign up
Skill Assessments
>
Economics & Development
>
Microeconomics Skill Assessment
>
Quiz # 9
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.
Start Quiz
Microeconomics Quiz # 9
End Quiz
Question
1
of 30
00:00
Which of the following statements about economic growth rates is TRUE?
Economic growth rates measure the distribution of an economy’s output and income.
A slight difference in growth rates over a long period of time makes a big difference.
A small improvement in economic growth would not help today’s poorest countries.
Today’s richest countries will remain rich even if they experience slower growth rates.
North Korea has a ______ economy.
Socialist
Mixed
Market
Command
What is the most common type of economy in the world today?
Socialist
Mixed
Market
Command
In a developed country, production is usually ______.
Capital-free
Labor-free
Capital-intensive
Labor-intensive
Tractors, bulldozers, and dump trucks are all examples of ______.
Capital
Labor
Wages
Services
In product markets, ______ flow to the firms.
Payments
Services
Goods
Wages
Who are the sellers in factor markets?
Firms
Households
Governments
Tenants
The simple circular flow diagram shows interactions between ______.
Marketers and developers
Rulers and subjects
Governments and firms
Households and firms
In the circular flow diagram, goods and services flow ______.
Diagonally
Upward
Clockwise
Horizontally
If a point is outside a production possibilities curve, what does it show?
An efficient economy
An inefficient economy
An opportunity cost
An economic impossibility
If an economy experiences growth, the production possibilities curve will ______.
Shift outward
Shift inward
Go from a bowed curve to a straight line
Contain more points but not move
If a nation’s economy operates inside of the production possibilities curve, it is ______.
Unregulated
Inefficient
At full productivity
At full employment
An economy operating at a point along the production possibilities curve represents ______.
Waste
Shortages
Efficiency
Growth
When an economy experiences growth, ______.
Trade-offs disappear
Scarcity still exists
Efficiency is impossible to attain
Consumer investment has been high
During colonial times in U.S. history, ______.
Most people worked in customer service
Only three percent of the people worked on farms
Agriculture accounted for most jobs
Manufacturing accounted for most jobs
______ are examples of consumer goods.
Machines and equipment
Education and training
Factories and warehouses
Televisions and sofas
Which of the following is an accurate statement about the market?
It involves few buyers, but many sellers.
It involves many buyers and sellers.
It involves many buyers, but few sellers.
It involves just buyers.
What causes a stock to rise?
When people expect a company to do poorly in the future
When people expect a company to do well in the future
When people realize a company is doing poorly now
When people realize a company is holding steady now
“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?
It should say “positively” instead of “negatively.”
It should say “demanded and supplied.”
It should include ceteris paribus at the end.
It should include a reference to a demand curve.
A market demand curve would show the quantities of coffee demanded by ______.
One individual
One firm
A sampling of buyers
All buyers in a market
Other things held equal, ______ usually leads to a leftward shift of the demand curve.
Declining income
Tastes shifting toward the product
Declining price of a complement
Increasing price of a substitute
Which of the following will cause a rightward shift of the demand curve for the listed product?
Increased demand for apple juice
Increased price of tortilla chips
Steady price of baseballs
Decreased demand for wine coolers
In the acronym PYNTE, the letter “P” stands for which of the following?
Changes in income
Changes in price of related goods and services
Changes in number of products
Changes in purchasing
How does income relate to inferior goods?
An increase in income can often increase the shortage of inferior goods.
A decline in income can often increase the surplus of inferior goods.
An increase in income can often increase demand for inferior goods
A decline in income can often increase demand for 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?
Individual demand curve
Market demand curve
Individual supply curve
Market supply curve
______ prices for a good or service provide incentives for producers to make or sell more of it.
Static
Fluctuating
Higher
Lower
A shift of an entire supply curve either right or left is called a(n) ______.
Change in supply
Change in quantity supplied
Decrease in supply
Increase in quantity supplied
The price of inputs increases significantly. Which of the following SPENT factors does this relate to?
S
P
E
T
Which of the following pairs are substitutes?
Coffee and cream
Coffee and tea
Tea and teapots
Butter and motor oil
Which of the following is an accurate statement about equilibrium quantity?
The quantity demanded is less than the quantity supplied.
The quantity demanded is almost equal to the quantity supplied.
The quantity demanded is exactly equal to the quantity supplied.
The quantity demanded is more than the quantity supplied.
Submit Test
Prev Question
ABCd
Next Question