5 Written questions
5 Matching questions
- If supply is constant, a decrease in the demand for potato chips will cause:
- One reason our full employment goal is not zero percent is because:
- A price floor:
- According to the law of diminishing marginal utility:
- Which of the following is an example of the wealth effect during a period of inflation?
- a Creates a market surplus.
- b Marginal utility of a good declines as more of it is consumed in a given time period
- c Frictional unemployment will always exist.
- d A decrease in equilibrium price and a decrease in equilibrium quantity.
- e You hold money in a savings account that earns 5 percent interest while the price level doubles
5 Multiple choice questions
- The source of the free-rider dilemma.
- A laissez-faire approach.
- Decreases and the demand curve shifts to the left.
- The existence of substitute goods.
5 True/False questions
Which of the following is not true about money? → Property taxes
The study of economics focuses on: → Price and quantity demanded are inversely related.
People find it difficult to get along without necessities, therefore demand for necessities: → A recession.
The goal of most business firms is to: → Price and quantity demanded are inversely related.
Which of the following events would cause a rightward shift in the supply curve for automobiles? → Property taxes