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5 Written questions

5 Matching questions

  1. One HEADLINE article in the text has the title "Fed cuts key interest rate half-point to 1 percent." Assuming the economy is in the upward sloping portion of the eclectic aggregate supply curve, what should happen to the price level and output as a result of the Fed's action, ceteris paribus?
  2. Which of the following is an example of labor as a factor of production?
  3. Obstacles that make it difficult or impossible for would-be producers to enter a market are known as:
  4. The demand for such items as salt, sugar and hand soap tend to be:
  5. Which of the following events would cause a rightward shift in the supply curve for automobiles?
  1. a Relatively inelastic
  2. b An improvement in the technology used to produce automobiles.
  3. c Barriers to entry.
  4. d The equilibrium price level and equilibrium output should both increase.
  5. e The skills and abilities of workers.

5 Multiple choice questions

  1. The money supply becomes smaller.
  2. How best to allocate scarce resources.
  3. The limited resources that individuals have.
  4. Charges a higher price than a competitive firm, ceteris paribus.
  5. A recession.

5 True/False questions

  1. The market supply of a particular good:The market price is below equilibrium


  2. For a monopolist, marginal revenue is:Always less than price, after the first unit.


  3. When income decreases, the demand for most products:Maximize total profit.


  4. The chairman of the Federal Reserve Board of Governors:Is the sum of the quantities of the good that all producers are willing and able to sell.


  5. TRUE/FALSE: The goal of economic theory is to explain and predict consumption choices.True