5 Written questions
5 Matching questions
- The law of demand states that:
- Ceteris paribus, if the average price level falls, then the _____ effect will result in _____ in the purchases of goods and services.
- Which of the following is not a barrier to entry into a monopoly market?
- If a state adopts a free college tuition program, ceteris paribus, economists expect there to be a:
- Market supply in a competitive market is determined by:
- a The existence of substitute goods.
- b Price and quantity demanded are inversely related.
- c The cost of factor inputs.
- d A shortage of college education opportunities in the state.
- e Real balances; an increase
5 Multiple choice questions
- An oligopoly.
- Investment in telecommunications networks.
- Determining fiscal policy.
- Always less than price, after the first unit.
5 True/False questions
Which of the following is true about the short run? → It must be minted by the government in order to have value
One HEADLINE article in the text links secondhand smoke to cancer and other health issues. Which type of market failure does the article illustrate? → The money supply becomes smaller.
Obstacles that make it difficult or impossible for additional producers to begin producing or selling in a new market are referred to as: → Barriers to entry.
A price floor: → Creates a market surplus.
A monopolist: → Charges a higher price than a competitive firm, ceteris paribus.