1. In the case of agriculture,
a. the demand has shifted to the right more than the supply has shifted to the right
b. the demand has shifted to the right less than the supply has shifted to the right
c. the demand has shifted to the left more than the supply has shifted to the left
d. the demand has shifted to the left less than the supply has shifted to the left
Answer:B
2. The agricultural price support program is an example of
a. a price ceiling
b. a price floor
c. equilibrium pricing
Answer:B
3. If there is a price floor, there will be
a. shortages
b. surpluses
c. equilibrium
Answer: B
4. If there is a price ceiling, there will be
a. shortages
b. surpluses
c. equilibrium
Answer: A
5. If there is a price ceiling, which of the following is NOT likely to occur?
a. rationing by first-come, first-served
b. black markets
c. gray markets
d. sellers providing goods for free that were formerly not free
Answer: D
6. The goal of a pure market economy is to best meet the desires of
a. consumers
b. companies
c. workers
d. the government
Answer:A
7. In a pure market economy, which of the following is a function of the price?
I. provide information to sellers and buyers , II. provide incentives to sellers and buyers
a. I only
b. II only
c. both I and II
d. neither I nor II
Answer: C
8. In a market system, sellers act in ____________ interest , but this leads to behaviors in ____________ interest.
a. self; self
b. self; society’s
c. society’s; society’s
d. society’s; self
Answer: B
9. The law of diminishing (marginal) returns states that as more of a variable factor is added to a certain amount of a fixed factor, beyond some point:
a. Total physical product begins to fall
b. The marginal physical product rises
c. The marginal physical product falls
d. The average physical product falls
Answer: C
10. Why is the law of diminishing marginal returns true?
a. specialization and division of labor
b. spreading the average fixed cost
c. limited capital
d. all factors being variable in the long-run
Answers: C
a. the demand has shifted to the right more than the supply has shifted to the right
b. the demand has shifted to the right less than the supply has shifted to the right
c. the demand has shifted to the left more than the supply has shifted to the left
d. the demand has shifted to the left less than the supply has shifted to the left
Answer:B
2. The agricultural price support program is an example of
a. a price ceiling
b. a price floor
c. equilibrium pricing
Answer:B
3. If there is a price floor, there will be
a. shortages
b. surpluses
c. equilibrium
Answer: B
4. If there is a price ceiling, there will be
a. shortages
b. surpluses
c. equilibrium
Answer: A
5. If there is a price ceiling, which of the following is NOT likely to occur?
a. rationing by first-come, first-served
b. black markets
c. gray markets
d. sellers providing goods for free that were formerly not free
Answer: D
6. The goal of a pure market economy is to best meet the desires of
a. consumers
b. companies
c. workers
d. the government
Answer:A
7. In a pure market economy, which of the following is a function of the price?
I. provide information to sellers and buyers , II. provide incentives to sellers and buyers
a. I only
b. II only
c. both I and II
d. neither I nor II
Answer: C
8. In a market system, sellers act in ____________ interest , but this leads to behaviors in ____________ interest.
a. self; self
b. self; society’s
c. society’s; society’s
d. society’s; self
Answer: B
9. The law of diminishing (marginal) returns states that as more of a variable factor is added to a certain amount of a fixed factor, beyond some point:
a. Total physical product begins to fall
b. The marginal physical product rises
c. The marginal physical product falls
d. The average physical product falls
Answer: C
10. Why is the law of diminishing marginal returns true?
a. specialization and division of labor
b. spreading the average fixed cost
c. limited capital
d. all factors being variable in the long-run
Answers: C
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