Archives: Quiz
Chapter 7 4 If a minimum wage is introduced that is above the
Copyright © 2011 Pearson Education, Inc. 71) If a minimum wage is introduced that is above the equilibrium wage rate, A) the quantity of labor demanded increases. B) job search activity increases. C) the supply of labor increases and the […]
Chapter 7 3 E topic Minimum Wage Efficiency skill Level Using Models section
Copyright © 2011 Pearson Education, Inc. 25) An increase in the minimum wage to $15 per hour would lead to A) an increase in search activity for many workers. B) a decrease in search activity for many workers. C) a […]
Chapter 7 2 The above figure shows the market for DVDs
Copyright © 2011 Pearson Education, Inc. 51) The above figure shows the market for DVDs. The government decides that all citizens deserve to watch affordable DVDs so a price ceiling of $12 per DVD is placed on DVDs. After this […]
Chapter 6 6 The Fact That The Marginal Benefit Exceeds
Copyright © 2011 Pearson Education, Inc. 11) In the figure above, the total revenue from pizza per day is A) $60,000. B) $100,000. C) $40,000. D) $80,000. E) $50,000. Answer: B Topic: Total revenue Skill: Level 3: Using models Section: […]
Chapter 6 5 The Government Must Allocate Resources Using Command
Copyright © 2011 Pearson Education, Inc. 45) Obstacles in achieving efficiency in a market include A) public goods. B) the presence of an external cost or benefit. C) competition. D) Both answers A and C are correct. E) Both answers […]
Chapter 6 7 Subsidies Have The Opposite Effect Decreasing The
Copyright © 2011 Pearson Education, Inc. 9) The figure shows the demand curve for hotel rooms at a local resort. a. If the hotel charges $120 per night, how many rooms will they rent? b. If there are only 40 […]
Chapter 6 4 In a figure that shows a supply curve and a demand curve
Copyright © 2011 Pearson Education, Inc. 39) Cost A) is what the buyer pays to get the good. B) is always equal to the marginal benefit for every unit of a good produced. C) is what the seller must give […]
Chapter 6 3 C topic Supply Curve And Marginal Cost Curve skill
Copyright © 2011 Pearson Education, Inc. 40) The figure above shows Lauren’s demand curve for Barbie dolls and the market price for Barbie dolls. In order for Lauren to avoid paying more for dolls than they are worth to her, […]
Chapter 6 2 None The Above Answers Correct answer Atopic Demand
Copyright © 2011 Pearson Education, Inc. 60) Allocative efficiency is achieved when the marginal benefit of a good A) exceeds the marginal cost regardless of how much the difference is. B) is less than its marginal cost. C) is equal […]
Chapter 6 1 Walmart has a limited number of day-after Thanksgiving Day
Copyright © 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 6 Efficiency and Fairness of Markets 6.1 Allocation Methods and Efficiency 1) Walmart has a limited number of day-after Thanksgiving Day special items on sale at prices well […]
Chapter 5 6 Finally The demand Unit Elastic Then The Higher
Copyright © 2011 Pearson Education, Inc. 11) Which of the following is true? I. The easier it is to find substitutes for a good, the more price elastic the demand for the good is. II. The demand for a good […]
Chapter 5 5 Atopic Midpoint Formula skill Level Using Models section Checkpoint
Copyright © 2011 Pearson Education, Inc. 56) If a 5 percent decrease in income leads to a 15 percent decrease in the demand for a good, the income elasticity of demand equals A) -1/3 and the good is an inferior […]
Chapter 5 7 Cross Elasticity Demand skill Level Using Definitions section Checkpoint
Copyright © 2011 Pearson Education, Inc. 32) The table above gives the demand schedule for a good. What is the total revenue at point A? At point B? At point C? At point D? At point E? Answer: The total […]
Chapter 5 4 What is the formula for the cross elasticity of demand
Copyright © 2011 Pearson Education, Inc. 45) Many manufactured goods have an ________ supply if production plans have only a short period to change and as time passes and all production adjustments are made, the supply of the good ________ […]
Chapter 5 3 Using The Midpoint Method The Elasticity Supply
Copyright © 2011 Pearson Education, Inc. 116) If a 20 percent increase in the price of a movie ticket leads to a 16 percent decrease in the quantity of tickets demanded, which of the following is correct? A) total expenditures […]
Chapter 5 2 Percent Change The Price Good Leads
Copyright © 2011 Pearson Education, Inc. 61) If a 4 percent change in the price of a good leads to a 3 percent change in quantity demanded, the price elasticity of demand equals A) 1.33. B) 0.75. C) 4.00. D) […]
Chapter 5 1 The price elasticity of demand is a measure of
Copyright © 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 5 Elasticities of Demand and Supply 5.1 The Price Elasticity of Demand 1) The price elasticity of demand is a measure of A) the equilibrium price of a […]
Chapter 4 7 The Demand Curve Does Not Shift rather The
Copyright © 2011 Pearson Education, Inc. 9) Soft drinks are a normal good. Draw a graph showing the effect of an increase in income on the demand for soft drinks. Answer: Topic: Changes in demand, income Skill: Level 3: Using […]
Chapter 4 6 During 2008 the supply of gasoline decreased while at
Copyright © 2011 Pearson Education, Inc. 101) During 2008 the supply of gasoline decreased while at the same time the demand for gasoline increased. If the magnitude of the increase in demand was greater than the magnitude of the decrease […]
Chapter 4 5 More Information Needed Determine The Effect The
Copyright © 2011 Pearson Education, Inc. 54) Contractors can use plywood or brick to construct walls. Suppose the price of bricks increases. Which of the figures above best illustrates the effect of this change on the market for plywood? A) […]
Chapter 4 3 A topic Shifts The Supply Curve Number Sellers skill
Copyright © 2011 Pearson Education, Inc. 21) It is expected that the price of a bushel of wheat will increase in one month. This belief will result in A) an increase in the current supply of wheat. B) a decrease […]
Chapter 4 2 Scooters are a normal good and buyers’ incomes decrease
Copyright © 2011 Pearson Education, Inc. 59) Scooters are a normal good and buyers’ incomes decrease. Which of the figures above best illustrates how this change affects the demand curve for scooters? A) Figure A B) Figure B C) Figure […]
Chapter 4 4 Market Equilibrium Occurs When a The Quantity Demanded
Copyright © 2011 Pearson Education, Inc. 2) Market equilibrium occurs when A) the quantity demanded equals the quantity supplied. B) the market is changing rapidly. C) other things remain the same. D) buyers get the lowest possible price. E) everyone […]
Chapter 4 1 Which of the following statements is true about a competitive market
Copyright © 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 4 Demand and Supply 4.1 Demand 1) A market is defined as A) a physical place where people buy only goods. B) a physical place where people buy […]
Chapter 3 6 Capital Accumulation The Growth The Nations Capital resources topic
Copyright © 2011 Pearson Education, Inc. 14) The figure above shows a nation’s production possibilities frontier for apples and oranges. a. What combination of goods is represented by point A? b. What combination of goods is represented by point B? […]
Chapter 3 4 A topic Achieving The Gains From Trade skill Level
Copyright © 2011 Pearson Education, Inc. 11) John can make pizza at a lower opportunity cost than Allen, but Allen can make more pizzas per day than John. Therefore, A) John cannot benefit from trade with Allen. B) Allen cannot […]
Chapter 11 The president of a certain university makes three times as much money
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Solve. 1) x + 4.4 =11.3 1) A) 6.9 B) 15.2 C) 6.4 D) 15.7 2) Find the area of the figure. 6x […]
Chapter 3 5 In one hour John can produce 20 loaves of bread or 8 cakes
Copyright © 2011 Pearson Education, Inc. 61) In one hour John can produce 20 loaves of bread or 8 cakes. In one hour Phyllis can produce 30 loaves of bread or 15 cakes. Which of the following statements is true? […]
Chapter 10 Sara has $206 in her checking account. She writes a check for $42
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Simplify the expression. 1) –6– (–27) 1) A) 33 B) 21 C) –21 D) –33 Multiply. 2) 8(–1)(7)(–4) 2) A) 5 B) 224 […]
Chapter 3 3 The table above presents the production possibilities frontier
Copyright © 2011 Pearson Education, Inc. 47) The table above presents the production possibilities frontier for a nation. Using the information in the table, when moving from possibility C to D, the cost of 1 unit of a capital good […]
Chapter 9 On what day of the week was the difference between
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Fill in the table. Round to the nearest degree. Then draw a circle graph to represent the information given in the table. […]
Chapter 3 2 Nothing Free Lunch d Thousand Bottles Wine e Tons
Copyright © 2011 Pearson Education, Inc. 50) The production possibilities frontier is a graph showing the A) exact point of greatest efficiency for producing goods and services. B) tradeoff between free lunches. C) maximum combinations of goods and services that […]
Chapter 8 When two lines intersect, four angles are formed
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Identify the polygon. 1) 1) A) heptagon B) quadrilateral C) hexagon D) pentagon Identify the figure as a line, a ray, a line […]
Chapter 3 1 None The Above Answers Are Correct answer A topic
Copyright © 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 3 The Economic Problem 3.1 Production Possibilities 1) The United States produced approximately ________ worth of goods and services in 2007. A) $14 trillion B) $14 billion C) […]
Chapter 7 How many fluid ounces of medicine should be purchased
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Without actually converting, choose the most reasonable answer. 1) A 55–gal drum has a capacity of about __________ . 1) A) 20.8 L […]
Chapter 2 4 The International Monetary Fund Divides Nations Into
Copyright © 2011 Pearson Education, Inc. 5) Margo orders a MacBook Pro computer from The Apple Store online to use it in her graphic design business. How will this be reflected in the figure above? A) As a flow of […]
Chapter 6 A union contract calls for a 6.2% salary increase for all employees
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Write the percent as a fraction or mixed number in simplest form. 1) 0.9% 1) A) 9 1000 B) 9 2000 C) 9 […]
Chapter 2 3 Us Economy Interact With Those The Rest
Copyright © 2011 Pearson Education, Inc. 25) In the circular flow model with the government sector, taxes A) flow in the opposite direction as do transfers. B) flow in the same direction as do transfers. C) on households flow in […]
Chapter 5 A grocer will refuse a shipment of mangos if the ratio of bruised
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Find the unit price. 1) $2.16 for 8mangos 1) A) $0.27 per mango B) $3.70 per mango C) $2.16 per mango D) $17.28 […]
Chapter 2 2 When Ethan continues his education beyond high school
Copyright © 2011 Pearson Education, Inc. 61) When Ethan continues his education beyond high school he is increasing his A) capital. B) wage rate. C) human capital. D) quantity of labor. E) rent. Answer: C Topic: Human capital Skill: Level […]
Chapter 4 Nick is going to put insecticide on his lawn to control grubworms
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. The table gives the winner of the weekly gymnastics competition for the first eight weeks of the season. Week Last Name, Initial […]
Chapter 2 1 Items that are purchased by individuals for their own enjoyment
Copyright © 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 2 The U.S. and Global Economies 2.1 What, How, and For Whom? 1) Items that are purchased by individuals for their own enjoyment are called A) consumption goods […]
Chapter 3 What fraction of spending goes for education and transportation
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Find the least common multiple (LCM) of the list of numbers. 1) Find the LCM of 18 and 9. 1) A) 1458 B) […]
Chapter 1 7 When The Test Reveals That the Student Actually
Copyright © 2011 Pearson Education, Inc. 2) Why do economists say that even very rich people face scarcity? Answer: A person faces scarcity whenever his or her wants exceed what he or she can obtain using his or her resources. […]
Chapter 2 What fraction of a meter is 10 centimeters
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Identify the number as prime or composite. 1) 44 1) A) Composite B) Prime Multiply. Write the answer in simplest form. 2) 13 […]
Chapter 1 6 To graph a relationship among several variables, we hold all but
Copyright © 2011 Pearson Education, Inc. 108) In the above, in which figure(s) is the slope the same at every point? A) Figure A only B) Figures A and C C) Figure B only D) Figures A, C, and D […]
Chapter 1 8 What is the difference between a positive and a negative
Copyright © 2011 Pearson Education, Inc. 7) What is the difference between a positive and a negative relationship? Answer: Two variables are positively related when an increase (decrease) in one is associated with an increase (decrease) in the other. In […]
Chapter 1 A stock worth $252 per share on July 12 dropped to $75 per share
Exam Name___________________________________ SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Solve. 1) Fill in the missing digits in the problem. 1__,9__1 –449__ 10,4__1 1) MULTIPLE CHOICE. Choose the one alternative that best […]
Chapter 1 5 A curve with a positive but decreasing slope represents
Copyright © 2011 Pearson Education, Inc. 72) The graph shows a A) positive relationship that becomes less steep. B) negative relationship that is linear. C) positive relationship that is linear. D) negative relationship that become less steep. E) None of […]
Chapter 1 4 A graph showing the values of an economic variable for different
Copyright © 2011 Pearson Education, Inc. 24) A graph showing the values of an economic variable for different groups in a population at a point in time is called a A) cross-section graph. B) time-series graph. C) scatter diagram. D) […]