5 Written questions
5 Matching questions
- A demand schedule refers to the combinations of price and quantity that represent the:
- A natural monopoly is a firm that:
- The multiplier is equal to:
- Unemployment that occurs when there are not enough jobs for the number of people in the labor force is referred to as:
- The law of diminishing returns indicates that the marginal physical product of a factor declines as more:
- a 1 ÷ MPS.
- b Can produce the entire market supply more efficiently than any number of smaller firms.
- c Of the factor is used, holding other inputs constant.
- d Desires of consumers
- e Cyclical unemployment.
5 Multiple choice questions
- Maximizes total profit.
- An increase in equilibrium quantity and a higher equilibrium price.
5 True/False questions
When producing jeans, which of the following is not a variable cost in the short run? → Wages.
Keynes and classical economists disagree about whether: → Government intervention should be used to correct business cycles.
If supply is constant, a decrease in the demand for potato chips will cause: → A decrease in equilibrium price and a decrease in equilibrium quantity.
One HEADLINE article in the text links secondhand smoke to cancer and other health issues. Which type of market failure does the article illustrate? → Oligopoly but not perfect competition.
People find it difficult to get along without necessities, therefore demand for necessities: → Decreases and the demand curve shifts to the left.