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5 Written questions

5 Matching questions

  1. A demand schedule refers to the combinations of price and quantity that represent the:
  2. A natural monopoly is a firm that:
  3. The multiplier is equal to:
  4. Unemployment that occurs when there are not enough jobs for the number of people in the labor force is referred to as:
  5. The law of diminishing returns indicates that the marginal physical product of a factor declines as more:
  1. a 1 รท MPS.
  2. b Can produce the entire market supply more efficiently than any number of smaller firms.
  3. c Of the factor is used, holding other inputs constant.
  4. d Desires of consumers
  5. e Cyclical unemployment.

5 Multiple choice questions

  1. Maximizes total profit.
  2. -$76.
  3. $44,100
  4. Recession
  5. An increase in equilibrium quantity and a higher equilibrium price.

5 True/False questions

  1. When producing jeans, which of the following is not a variable cost in the short run?Wages.


  2. Keynes and classical economists disagree about whether:Government intervention should be used to correct business cycles.


  3. 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.


  4. 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.


  5. People find it difficult to get along without necessities, therefore demand for necessities:Decreases and the demand curve shifts to the left.


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